Africa's Tech Ecosystem Digest | Issue #7 | May 21, 2025

Hi Thalo Fam, 👋

Welcome back to Thalo, your shortcut to all things happening in Africa’s tech scene. If you’re new here, big welcome!

Last week, Microsoft global layoffs set the internet ablaze while tech workers expressed job security worries, and Nigeria NIMC hike in data modification fees made the headlines.

This week, we’re highlighting Coinbase’s Cyberattacks with hackers demanding $20M in bitcoin, Lagos to release Nigeria’s first AI rules in weeks, FMCIDE Nig release a new National Blockchain Policy and  a fresh batch of opportunities for builders and funders across the continent.

Let’s get into it.

In Today’s Edition

•Coinbase in $20M CyberAttack Battle
• Lagos Al Guidelines to Drop in Weeks
• FMCIDE Nig release a new National Blockchain Policy
• Fresh funding and accelerator programs for African startups
• Events happening this week you should totally bookmark

🌍 Coinbase in $20M CyberAttack Battle

There’s a standoff playing out right now between one of the biggest names in crypto and a shadowy group of cybercriminals. And it’s getting intense.

Hackers bribed overseas support agents and stole sensitive data from less than 1% of Coinbase users; names, addresses, partial financial info. Then they demanded $20 million in Bitcoin to keep it quiet.

Coinbase said no.

Instead, CEO Brian Armstrong flipped the script: $20 million to anyone who helps bring the hackers to justice. Arrest and conviction.

The breach could cost Coinbase up to $400 million, but the company’s holding the line, firing compromised staff, working with law enforcement, and vowing to reimburse affected users.

Check out this video the CEO released

🚀 Lagos Al Guidelines to Drop in Weeks

Lagos is poised to launch Nigeria’s first AI guidelines in weeks, announced by Commissioner Olatunbosun Alake during Dyna.Ai’s Nigeria debut, aiming to promote ethical AI development with flexible guardrails crafted alongside the Federal AI Collective. This pioneering step might establishes Lagos as a leader in Africa’s tech scene, balancing innovation with accountability to set a continent-wide standard for safe, trustworthy AI systems without compromising ethical integrity or trust.

🚀 Nigeria’s Blockchain Policy: Progress or a Policy Reboot?

The Nigerian government just unveiled a new National Blockchain Policy, pitching it as a bold step toward digital transformation, with promises of blockchain integration across finance, identity, and governance.

But not everyone’s convinced.

Almost immediately, critics asked: Haven’t we seen this before? A similar policy was launched by the same ministry years ago. For some, this feels less like innovation and more like policy déjà vu.

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📅 UPCOMING EVENTS

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That's a wrap for this issue! We're just getting started, and we've got tons of exciting stuff planned. See you next week!

Cheers,

The Thalo Team

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