Bitcoin (BTC) rose 4% on Monday after a hacked X account of Paraguayan President Santiago Peña posted a statement saying that BTC has been approved as the country's legal tender. The post was deleted after the Paraguayan President's Office flagged the information as false.

According to a notification from the official account of the President's Office, the X account of Paraguayan President Santiago Peña was hacked on Monday.

The notification was published after a suspicious post was published on Peña's account, which stated that Bitcoin has been approved as the country's "legal tender." The post also mentioned that the president approved a $5 million Bitcoin reserve and provided bond access to crypto citizens. The message, written in English, asked investors to immediately secure your stake in Bitcoin and included a wallet address.

A few minutes later, the account of the Paraguayan President's Office flagged the message, and the post was subsequently deleted. It is worth noting that although no investors have reported losses due to the post, crypto community members said that the wallet address used contained only $4.

This is not the first time that the X account of a public figure has been hacked in an attempt to scam followers through Bitcoin. Former U.S. Presidents Joe Biden and Barack Obama also suffered similar Bitcoin hacks in 2020, when more than $100,000 was stolen from their supporters.

Bitcoin rose 4% on the day, rising to over $110,000 following the announcement. The positive performance came after a meeting in London between a U.S. delegation led by Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessant and a Chinese delegation led by Vice Premier He Lifeng.

The two sides met to discuss tariffs following a phone conversation between U.S. President Donald Trump and Chinese President Xi Jinping on Thursday. The dialogue between the two representatives is likely to continue on Tuesday.

Major cryptocurrency tokens also rose slightly following the announcement, including Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA), which rose 7%, 5%, 6%, and 6%, respectively.