On Monday, the X account of Paraguay’s President Santiago Peña was hacked, spreading false news that the country would recognize bitcoin as legal tender. The tweet claimed that Paraguay was establishing a bitcoin reserve and would be issuing bitcoin bonds, along with a call for investments towards a designated bitcoin wallet.

“Investors: your investment today will determine the scale of this rollout. Secure your stake in Bitcoin.”

This message, issued in English, followed numerous previous posts from the account that were in Spanish.

The Presidency of Paraguay quickly confirmed that the information was inaccurate, suggesting that an unauthorized individual may have gained access to the account.

While Paraguay is known for substantial bitcoin mining activities, it still lacks a solid regulatory framework for cryptocurrencies.