Paraguay's Santiago Pena impeached after Ueno froze nearly 3 million accounts
Big shakeup in Paraguay: President Santiago Pena was impeached and stepped down after the sudden collapse of Ueno, a popular digital bank that froze nearly 3 million accounts in just 5 days.
Vice President Pedro Alliana has now taken over, while Pena faces breach of trust charges, which he says aren't true.
Carlos Carvallo resigns amid Ueno scandal
Ueno launched in 2021 and quickly grabbed millions of users, but risky lending led to its downfall.
The central bank only stepped in when things got really bad, trying to cover customer losses with $160 million from the state.
The scandal also pulled in Carlos Carvallo, Ueno's ex-president, who resigned as head of the central bank and now faces charges too.
Protests have erupted over corruption worries, putting Paraguay's investment image on shaky ground and exposing deeper problems with how things are run.