On November 3, Paraguay’s central bank took over digital bank Ueno. Nearly 3 million customers, about 60% of the country’s adults, could not access their accounts.
The central bank said Ueno’s solvency ratio had fallen below half the statutory minimum. Investigators found suspicious loan operations and defects in credit files and accounting.
The takeover set off a political crisis. Thousands of people protested in the streets. President Santiago Peña tried to resign before impeachment and was then arrested on charges of breach of trust and using his office for personal gain.
Local peer-to-peer crypto markets registered the disruption at once. Some sellers priced USDt at premiums as high as 13%. The guaraní fell 12.3% over the week. Some residents shifted toward stablecoins to hold value or keep payments moving.
David Eisenmann, founder of Paraguayan crypto exchange X4T, said the takeover landed at the start of the month, when salaries, rents, and supplier invoices fall due. Many business owners could not pay wages.
By November 9, the central bank said 93.1% of Ueno deposit customers had been repaid.
The documented sequence is a solvency shortfall and loan-file defects, a takeover on November 3, locked accounts colliding with month-start payment dates, street protests and the president’s arrest, then currency weakness and USDt premiums, followed by repayment of most depositors within days. Those market moves are reported as responses inside that window. The original account supplies no historical parallel, no evidence on leverage or forced liquidations, and no basis for calling a cycle top or bottom.
This account follows reporting published November 11, 2026, by TechFlowPost, citing Cointelegraph: https://www.techflowpost.com/zh-CN/newsletter/144180.
