Africa Crypto Week in Review: Nigeria Crypto Firms Raise $20 Million, CBEX Exits In Kenya and Nigeria, South Africa To Host Crypto Event

In the latest Africa crypto news: Nigerian crypto firms secure $20M in 2024 as CBEX collapses leave victims in the Nigerian and Kenyan web3 space. It is estimated that victims lost over $800 million, with the most impact felt in Nigeria. Meanwhile, the Wiki Finance Expo is set for Johannesburg on August 16. Some top crypto influencers and founders invited include Justin Sun of Tron.

Nigerian crypto startups are holding steady despite a turbulent year in Africa’s largest market. This assessment is based on statistics related to funding for crypto startups. Meanwhile, another “too good to be true” crypto platform has unraveled, leaving potential victims in its wake. Finally, the Wiki Finance Expo is coming to South Africa in August 2025.

Let’s explore these stories shaping the continental crypto headlines for the week.

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Nigeria Crypto News: Web3 Firms Raise $20 Million in 2024

A report by VC firm Hashed Emergent confirms that blockchain startups in Nigeria raised at least $20 million in 2024. The report found that Nigeria accounts for approximately 3% of global blockchain developers. Some of them contributed to building the top 1000X crypto projects in 2025.

This figure is robust for an industry that faced unprecedented regulatory scrutiny in 2024. The Nigeria blockchain scene closely monitored moves by authorities following a public crackdown on Binance, which sparked concerns about a broader crackdown.

The amount is slightly lower than in 2023 but still reflects significant research and innovation in this market. As the largest crypto market on the continent, Nigeria offers substantial untapped potential for crypto development.

Nigeria and Kenya Crypto News: CBEX Collapse Leaves Victims

The list of dubious crypto platforms that collapsed dramatically grew longer this past week. CBEX, which claimed to be a crypto investment platform, collapsed and sank with customer funds.

➥ Aftermath and Reactions

The collapse led to widespread outrage, to the extent that customers in Ibadan & Kenya started looting from the CBEX office in Oke-Ado

Now people decided to dig deep for information on CBEX

After which they realized CBEX wasn’t registered pic.twitter.com/q1scIOZIUM

— Invincible (@Thee_invincible) April 16, 2025

The platform promised an astonishing 100% return on investment each month, matching the performance of some of the top Solana meme coins in the last leg up. This claim far exceeds those of legitimate investment platforms and is likely indicative of an unsustainable business model.

CBEX now faces allegations of operating as a Ponzi scheme. Historically, Ponzi schemes lure users by using funds from new investors to pay older ones until they reach a critical mass, leading to a rug pull where the operators disappear with users’ funds.

This model appears to be CBEX’s story, affecting users in Kenya and Nigeria. The collapse has added thousands of users to the unfortunate statistics of crypto fraud victims.

South Africa Crypto News: Wiki Finance Expo Comes to Johannesburg in August

The Wiki Finance Expo will be held in Johannesburg, South Africa, on August 16, 2025. Organizers have booked the Sandton Convention Centre for the event, aiming to host the largest Web3 and Fintech event on the continent.

The event expects up to 10,000 participants and will bring together thousands of leaders in Web3, Fintech, AI, payment systems, and related sectors to network and share ideas. High-profile guests include Justin Sun of Tron and social media influencer Mario Nawfal.

(Source)

Blockchain and Fintech summits offer international startups opportunities to enter the growing African market and provide a platform for local entrepreneurs to showcase their ideas on an international stage.

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