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This week, Africa’s cryptocurrency landscape has been marked by significant events, particularly in Nigeria, highlighting both the challenges and advancements within the sector.

1. Major Crackdown on Crypto-Romance Scams in Nigeria

In a substantial operation, Nigeria’s Economic and Financial Crimes Commission (EFCC) arrested 792 individuals involved in elaborate romance and cryptocurrency scams. The raid targeted a seven-story building in Lagos, known as the Big Leaf Building, which functioned as a call center orchestrating fraudulent activities aimed primarily at victims in the Americas and Europe. Among those detained were 148 Chinese and 40 Filipino nationals. The scammers employed social media platforms to deceive victims into investing in non-existent cryptocurrency schemes, resulting in significant financial losses.

2. Release of Detained Binance Executive

Tigran Gambaryan, an American executive at Binance, was released by Nigerian authorities after being detained for eight months on money laundering charges. The charges were dropped due to health concerns and diplomatic interventions. Gambaryan, who served as the head of financial crime compliance at Binance, was arrested alongside a colleague in February. While he has been released, the case against Binance in Nigeria continues, with allegations including tax evasion and operating without a license.

3. Renewed Search for the ‘Cryptoqueen’ in South Africa

The international search for Ruja Ignatova, dubbed the “cryptoqueen” for her role in the $4.5 billion OneCoin scam, has intensified in Cape Town, South Africa. German investigators are exploring leads suggesting she may be hiding in affluent neighborhoods of the city. Ignatova disappeared in 2017, and despite the capture of several accomplices, she remains at large, allegedly under the protection of the Bulgarian mafia. The FBI has increased the reward for information leading to her capture, indicating the global commitment to bringing her to justice.

4. Rising Adoption of Stablecoins in Africa

Stablecoins are gaining traction across Africa as a solution to currency shortages and economic instability. Cryptocurrencies pegged to the US dollar are becoming popular among businesses and individuals seeking to preserve value and facilitate cross-border transactions. This trend reflects a growing reliance on digital assets to navigate financial challenges on the continent.

5. Ethiopia’s Growing Role in Bitcoin Mining

Ethiopia has emerged as a notable player in the Bitcoin mining sector, now accounting for approximately 2.5% of the global hash rate. This development underscores the country’s increasing involvement in the cryptocurrency ecosystem and highlights Africa’s potential in the digital asset space.

Conclusion

This week’s events underscore the dynamic nature of Africa’s cryptocurrency landscape, characterized by both significant challenges and promising developments. As the continent continues to grapple with issues such as fraud and regulatory hurdles, it also demonstrates resilience and innovation in adopting digital assets to address economic needs.