Blockchain – Africa Tech Digest

Hackers steal $600m in major cryptocurrency heist

12Aug

By Africa Tech DigestNo Comments

Cryptocurrency

Hackers steal $600m in major cryptocurrency heist

Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever. Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether. In a letter posted on Twitter, it urged the thieves to "establish communication and return the hacked assets". Hours after the hack, the attacker started returning the funds - first in small amounts and then in millions. They started sending back small transfers totalling a few dollars to the online wallets controlled by Poly - but then began making much larger deposits, totalling hundreds of millions. Continue reading (Image Credits: Unsplash)

Raise, a startup building Africa’s Carta, gets backing from 500 Startups

8Aug

By Africa Tech DigestNo Comments

Start-ups

Raise, a startup building Africa’s Carta, gets backing from 500 Startups

As startups in Africa continue to grow and raise money at a ridiculous pace, so too will their cap tables expand. Most African startups’ bulk of VC money is from foreign investors, making it imperative for African startups to incorporate abroad, especially in the U.S. The processes for incorporation are quite complicated, and even though most founders still get the hang of it, they risk the chance of messing up their cap tables. For instance, some Nigerian startups are guilty of issuing preferred shares in naira and then canceling to issue dollar-denominated SAFEs when they get incorporated in the U.S. Raise, a startup building Africa’s Carta is tackling these challenges and has received backing from 500 Startups to scale its technology. Continue reading (Photo Credits: Raise...

31Dec

By Africa Tech DigestNo Comments

Africans in Tech, East Africa

Inside the world of a Kenyan cryptocurrency miner

Eugene Mutai is well aware of the risks of mining virtual money. "Sometimes I ask myself: will the bubble pop? "He's right to be, cryptocurrencies are volatile. That hasn't stopped him from operating in this shadowy and controversial corner of the global financial system. A few years ago Mutai was working odd jobs on farms in rural Kenya. Now he's a cryptocurrency miner in Nairobi. His apartment where he mines, is dimly lit blue and drowned with the low drone of a self-made cryptocurrency computer rig. Mutai began researching cryptocurrencies last year. "I was curious about what was making these alternative coins drive. "Bitcoin was hard to mine by that point in time," Mutai tells CNN. There were already many Bitcoin miners. Instead, Mutai started mining Ethereum, a similar but less we...

Venture capital, global expansion, blockchain and drones characterize African tech in 2018

29Dec

By Africa Tech DigestNo Comments

Trends

Venture capital, global expansion, blockchain and drones characterize African tech in 2018

2018 saw Africa’s tech sector become more dynamic and international. VC firms on the continent multiplied. There were numerous investment rounds. And startups pursued acquisitions and global expansion. Here’s a snapshot of the news that shaped African tech over the last year. Surge in VC funds A notable 2018 trend was Africa’s VC landscape becoming more African, with an increasing number of investment funds headquartered on the continent and run by locals, according to Crunchbase data released in this TechCrunch exclusive. Drawing on its database and primary source research, Crunchbase identified 51 viable Africa-focused VC funds globally with at least 7-10 investments in African startups from seed to series stage. Of the 51 funds, 22 (or 43 percent) were head...