From Decrypt · By Jose Antonio Lanz
In brief
Protesters in Asunción forced former presidential candidate Payo Cubas out of a march outside Ueno Bank headquarters on Thursday night.
Congress never accepted President Santiago Peña’s resignation; the lower house voted 78-0 to impeach him and the Senate refused him 72 extra hours to prepare a defense.
Two senior officials have resigned, eight Ueno executives are under arrest, and prosecutors have opened a criminal probe into Peña.
Thousands of Paraguayans marched through Asunción this week demanding their money back after Ueno Bank, a digital lender, locked about 3 million customers out of their accounts, according.
That is about 60% of Paraguay’s adults. The bank also held $800 million to $850 million in public money, including state pension and health funds, according to the AP, so the fallout reaches the pension system.
Anger boiled over Thursday night outside Ueno’s headquarters in Asunción, where savers burned debit and credit cards. Paraguayo “Payo” Cubas, a former presidential candidate, tried to join and was booed, shoved, and forced out.
PredictCryptoBTC Highs in November
80,00050%YesNo82,50036%YesNo85,00024%YesNo87,50014%YesNo90,00010%YesNo+6 more outcomes+5 more outcomesNEW$96.13 volumeCloses: Dec 1, 2026, 04:59 UTCCloses: Dec 1, 2026, 04:59 UTCProtesters shouted “divisor” and “oportunista,” meaning divider and opportunist, accusing him of trying to profit politically from public rage, according to the same report.
Diario Hoy reported that protesters also blamed him for the Senate’s current makeup, saying Cubas put Zenaida Delgado and Javier Vera on his party’s legislative ticket, the slate of candidates voters choose from, and that both joined the government’s side soon after taking office.
#Nacionales | 😱 Echan a "Payo" Cubas de la manifestación
🔹 Paraguayo “Payo” Cubas fue rechazado por los manifestantes cuando intentó acercarse a la protesta. Los presentes lo increparon y le gritaron “divisor” y “oportunista”.
➡️ Además, cuestionaron su responsabilidad en el… pic.twitter.com/odHzVvGPO3
— Universo 970 AM (@Universo970py) November 6, 2026
President Santiago Peña, a shareholder in Ueno’s holding company until March 2025, submitted his resignation Thursday, but a joint session of Congress called to accept it adjourned without a quorum, according to La Nación. He then said he would face impeachment—a trial in Congress to remove a president—and defend himself.
The lower house had already voted 78-0 to open impeachment, and on Friday the Senate rejected his request for 72 extra hours to prepare his defense. The Senate planned a removal vote for Friday night, ABC Color reported, with Vice President Pedro Alliana next in line.