Africa Crypto Week Recap: Nigerian Crypto Companies Secure $20 Million, CBEX Withdraws from Kenya and Nigeria, South Africa Set to Host Crypto Gathering

In the most recent updates on African cryptocurrency: Nigerian digital asset companies have raised $20M in 2024 while the collapse of CBEX has left many affected within the web3 communities of Nigeria and Kenya. Victims are estimated to have lost more than $800 million, with Nigeria suffering the most. Additionally, the Wiki Finance Expo is scheduled for Johannesburg on August 16, featuring prominent crypto figures including Justin Sun from Tron.

Nigerian crypto asset startups are remaining resilient amid a challenging year in Africa’s largest economy, according to funding statistics. Meanwhile, yet another “too good to be true” crypto site has fallen apart, resulting in potential victims. Lastly, the Wiki Finance Expo is slated to take place in South Africa in August 2025.

Let’s delve into these developments that are influencing continental crypto announcement this week.

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Nigeria Crypto Update: Web3 Enterprises Garner $20 Million in 2024

A report from the VC firm Hashed Emergent affirms that blockchain firms in Nigeria have secured at least $20 million in 2024. The report indicates that Nigeria is responsible for about 3% of blockchain developers worldwide, many of whom are contributing to the top 1000X crypto ventures set for 2025.

This amount is commendable for an industry that endured significant regulatory pressures in 2024. The blockchain landscape in Nigeria closely observed government actions after a public crackdown on Binance caused fears of a wider regulatory assault.

Although this figure is a bit less than the previous year, it still signifies considerable research and innovation within this sector. Being the largest crypto asset market in Africa, Nigeria presents a vast unexploited prospect for crypto evolution.

Announcement from Nigeria and Kenya: CBEX Demise Affects Many

The roster of questionable crypto platforms that have dramatically folded recently expanded, with CBEX—advertised as a crypto investment site—collapsing and disappearing with customer money.

➥ Reactions and Consequences

The collapse incited widespread anger, prompting customers in Ibadan & Kenya to loot the CBEX office in Oke-Ado

People quickly began digging for information on CBEX

Only to discover that CBEX was unregistered pic.twitter.com/q1scIOZIUM

— Invincible (@Thee_invincible) April 16, 2025

The protocol claimed to offer an incredible 100% monthly return on investments, rivaling the performance of some of the top Solana meme coins during their recent upswing. Such claims are far beyond those of legitimate platforms and likely reveal an unsustainable business model.

CBEX is now accused of operating as a Ponzi scheme. Traditionally, Ponzi schemes attract users by using new investor funds to pay returns to earlier ones until a tipping point is reached, resulting in a scam where operators abscond with user funds.

This appears to be the narrative of CBEX, impacting users across Kenya and Nigeria. The aftermath has added thousands to the dismal statistics of crypto fraud victims.

South Africa Crypto Update: Wiki Finance Expo Scheduled for Johannesburg in August

The Wiki Finance Expo is set to take place in Johannesburg, South Africa, on August 16, 2025. Organizers have secured the Sandton Convention Centre for the occasion, with plans to host the continent’s largest Web3 and Fintech event.

The event anticipates drawing up to 10,000 attendees, aiming to unite numerous leaders in Web3, Fintech, AI, payment systems, and related fields for networking and idea trading network. Noteworthy guests include Justin Sun of Tron and social media personality Mario Nawfal.

(Source)

Distributed database and Fintech conferences provide a chance for international startups to tap into the expanding African trading market and allow local innovators to highlight their ideas on a global network.

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The post Africa Crypto Week in Review: Nigerian Crypto Firms Secure $20 Million, CBEX Exits in Kenya and Nigeria, South Africa Set to Host Crypto Event appeared first on 99Bitcoins.