Latest in crypto Africa from across the Africa crypto industry, the CAR crypto meme coin is now a scandal. Nigeria has an epidemic of crypto scams, and DCI was hacked in a Kenya crypto scam.
Crypto is indeed a hotbed of innovation, but being a community-led industry, controversy is inevitable. The launch of MELANIA and TRUMP meme coins inspired many, including the president of the Central African Republic (CAR).
After launching the CAR meme coin, prices soared before crashing in a classic shitcoin spectacle, drawing criticism.
Meanwhile, Kenya and Nigeria face different challenges, mostly related to crypto-related hacks, which dent their respective reputations. This review covers some of the biggest crypto stories in Africa.
Central African Republic Crypto News: Innovation, Scam, or Crypto Profiling?
A week after the account of Tanzania’s billionaire Mohammed Dewji was hacked and a meme coin launched this week, the X account associated with the president of CAR, Faustin-Archange Touadéra, promoted yet another meme coin, CAR.
It came as no surprise. CAR is open to crypto and even adopted BTC as legal tender before repealing the decision.
The CAR meme coin promised to help accelerate national development, including refurbishing a campus and promoting national unity.
(Source)
However, questions began to be raised when the project’s website went offline, and its associated account on X was suspended shortly after.
A few hours later, a new website and social media presence were released, undoubtedly raising concerns from the always vigilant crypto community.
A deepfake detection tool flagged the second promotional video as a deepfake, raising more red flags. Additionally, security experts picked out phishing links associated with the token.
(Source)
Following this revelation, the CAR market cap dipped from $600 million to as low as $35 million, meaning CAR holders lost money.
Yet, some think the crypto world is biased toward initiatives from Africa.
They argue that while Western projects, such as meme coins launched by the Trumps, were openly received without a doubt despite the obvious ethical concerns, those from Africa are perceived differently and even considered scams.
In their view, the skepticism of the CAR meme coin reflects double standards and the wrong perception that projects from Africa are risky.
An important question arises: Was CAR dismissed because of genuine security concerns, or is it a form of profiling and crypto discrimination?
Nigeria Crypto News: A Hackers Playground?
Crypto is not immune to hacks, and billions are lost every year. A recent report reveals that Nigeria, one of Africa’s powerhouses, led in crypto-related fraud. With a fraud rate of 8.3%, the country tops other countries, surpassing Uganda, Kenya, and Tanzania.
According to crypto security research, most scams include forgery, phishing, and account takeovers.
For this reason, experts warn that crypto platforms on the continent should consider integrating AI-powered tools for detection and deterrence while being generally vigilant. This should be the case, especially now that crypto adoption continues to explode.
Doing so helps accelerate onboarding while reducing verification time by as much as 46%.
Kenya Crypto News: DCI Hacked
While CAR was likely a meme coin following another X hack, cybercriminals took over the Directorate of Criminal Investigations (DCI) social media accounts to promote another fraudulent meme coin: DCI coin.
DCI is the country’s investigative agency and part of the Kenya Police. The token, DCI, claimed to be part of an initiative to save the country millions of dollars.
For legitimacy, hackers even manipulated social media engagement. As such, many were caught offside, believing that the DCI token was legit.
SECURITY ALERT!
For some moment this evening, we experienced a cyber-attack on the DCI digital platforms (X and Facebook), but have since regained full control.
During the short period, the cyber criminals who attempted to take over the accounts posted the information captured on… pic.twitter.com/X2IEw4h1Ci— DCI KENYA (@DCI_Kenya) February 9, 2025
Fortunately, the DCI eventually regained control, deleted this promotion, and added that it would investigate the incident.
Smart scammer hacked in to DCI Kenya's account, created a sol memecoin, put in 20 Sol , promoted it on their page and cashed out 64.7 Sol.
That's $4K to $13K in just 35 minutes. 💀 pic.twitter.com/5CIibPJ939
— Mutua B (@Mutuabrian_M) February 9, 2025
However, DCI investors ended up being rugged at the end of the day.
Africa Crypto News in Brief
- CAR meme coin rallies before dumping. Security experts pick out red flags
- Nigeria leads in crypto fraud ahead of Uganda, Kenya, and Tanzania also
- Kenya’s DCI website hacked as a scam token, DCI, promoted
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