My goodness! A digital bank's app going offline, and in just two days, it forced a country's president to resign. Paraguayan President Peña announced his resignation on Thursday, triggered by the shutdown of Ueno Bank. According to Decrypt, this bank claimed to have approximately 2.9 million customers, more than 60% of the country's adult population. Even more chilling is that it's not just ordinary people's wages that are affected, but also pension funds. According to Decrypt, on November 3rd, after a round of accounting adjustments, the Paraguayan Central Bank found that Ueno's solvency ratio had fallen below half of the legal minimum requirement, and immediately placed it in disposal proceedings. The app, bank cards, and transfers were all suspended. Decrypt, citing the Associated Press, reported that Ueno held approximately $800 million in public sector deposits, including pension and healthcare funds. The central bank emphasized that this was an isolated case and did not represent a problem with the entire banking system, but people on the street clearly don't think so. The fire reached the president because he was too close to the bank's owner. Cointelegraph, citing the Associated Press, reported that Peña, a business partner of the Vázquez Group that controls Ueno until March 2025, denied any wrongdoing, saying he had already sold his shares. On Thursday, he posted a video on X saying his resignation was to "maintain national stability, social peace, and democratic institutions." According to Decrypt, citing the Associated Press, minutes later the House of Representatives passed impeachment by a vote of 78-0, sending the case to the Senate, where Vice President Alianás is preparing to take over. One protester told the Associated Press that they "stole all our savings." (Imagine you're an ordinary office worker in Paraguay, and your salary and rent are all in this app.) According to the rules published by the central bank, each depositor is guaranteed up to 228.3 million Guarani, approximately $36,000. However, the first batch of payouts will be for those with balances not exceeding 10 million Guarani, no outstanding debts with Ueno, and accounts with other institutions. Roughly calculated using the central bank's exchange rate cited by Cointelegraph, 10 million Guarani is only about $1,600. In other words, those with larger deposits will have to continue waiting in line. In her resignation speech, Peña could only offer the statement that her "greatest wish is that this money will be returned." The reaction in the cryptocurrency community is probably predictable. Decrypt directly headlined it "Can Bitcoin Solve This?", even dredging up the newspaper headline from the Bitcoin genesis block about the second bailout of British banks. Cointelegraph recorded that on Thursday morning, 1 USDT was worth 6,942 Guarani on the local P2P market, about 13% higher than the central bank's reference exchange rate the previous day, although the report did not mention a direct link to the crisis. Honestly, what's truly frightening about this isn't the collapse of one bank, but the fact that 2.9 million people simultaneously discovered that their access to their money depends on others' approval. However, self-custody isn't a panacea either. Decrypt itself warns that once the private key is lost, the money is gone forever. If your salary card suddenly becomes inaccessible tomorrow, who would you contact first: the bank, the government, or your cold wallet? Other key points for today are shown in the image. Paraguay Bitcoin Crypto Daily Briefing This article is sponsored by AVE https://share.ave.ai?lang=en&code=nancy.c0813