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Chipper Cash, the African fintech startup backed by FTX and Silicon Valley Bank, has laid off 15 people across various departments. This is its fourth round of layoffs in the past year. Read about it here.
Speaking about layoffs, our Insights team is doing some research on the impact of layoffs in the African tech ecosystem. If you are a founder, please take a minute to fill out this form.
Tether freezes 41 wallets
Image source: Zikoko Memes
On Saturday, stablecoin issuer Tether announced the implementation of a voluntary wallet-freezing policy. Tether has frozen 41 wallets controlled by individuals the United States has sanctioned since December 1, per TheNewsCrypto. These individuals were suspected of engaging in cryptocurrency transactions related to illicit activities, despite no directive from government authorities. This marks a reversal from the company’s previous stance, where it refrained from freezing addresses unless explicitly instructed by authorities.
But why the change? In the US, regulators have been cracking down on crypto businesses, citing concerns that the technology facilitates fraud, scams, and the financing of illicit activities. In its blog post, Tether says that this new policy is a proactive measure that will foster closer collaboration with regulators and law enforcement agencies.
What kind of illicit activities? From 2019 onward, shady characters and individuals with ill intentions have managed to wash around $7 billion in cryptocurrency using Tornado Cash, a technology that allows users to anonymously transfer cryptocurrency on the blockchain. Notably, one of the wallets frozen by Tether is linked to the $625 million Ronin Bridge attack, attributed by the US Treasury Department to the North Korean hacking group, Lazarus Group.
To curb cryptocurrency transactions associated activities such as terrorist financing and illicit fentanyl trafficking, the US Department of the Treasury has adopted the use of a Specially Designated Nationals (SDN) List. This list comprises individuals and companies owned or controlled by sanctioned nations. The 41 wallets frozen by Tether are included in this SDN list.
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Meta launches image generator
Image source: Zikoko Memes
Remember we told you that Meta was allowing users to generate images in group chats with the “/imagine” prompt?
Well, last week, the company released the website version of its AI image generator named “Imagine with Meta AI”, trained on a staggering 1.1 billion photos posted by users of Facebook and Instagram. It enables users generate images using text promptS, just like Open AI’s Dall-E, and it is free to use. The generator is fuelled by Meta’s Emu, the image foundation model, and anyone with a Facebook or Instagram account can use it.
Hold up, they used users’ photos? Yees! A whopping 1.1 billion pics pulled from the public archives of Meta’s platforms. To those concerned about privacy, Meta insists they’ve excluded private posts and messages and sifted out any private info from the data used for training.
But who really owns the images created with the generator? Meta doesn’t snag the copyright, but they do claim a buffet of rights: a “non-exclusive, royalty-free, transferable, sub-licensable, worldwide licence” to do a whole host of things with these AI-spun images.
Yet this adds another layer to the ongoing battle between artists and content creators who feel their work is being gobbled up without permission. Meta recently admitted that artists on its platforms can’t opt out of having their creations slurped up for AI training data.
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Twelve Kenyan edtech startups get $ 1.2 million funding
Image source: Zikoko Memes
Twelve Kenyan edtech startups have secured KSh183.5 million ($ 1.2 million) through the Edtech Fellowship Programme by MasterCard Foundation and iHub. Each of the firms will take home $100,000 (KSh15.4 million) to scale up their enterprises over the next three years.
The 12 edtech startups were a part of a six-month acceleration programme organised by Mastercard Foundation and iHub. Per The Star, the programme which was first announced in February this year offered them support around products, talents, and distribution.
Which startups were involved? The 12 startups include FunKE Science, LoHo Learning, Angaza Elimu, Snapplify, Arifu, Easy Elimu, Elewa, Kidato, Ntemata, Silabu, Smart Brains Kenya, and Virtual Essence. MasterCard Foundation expects the startups and their services to reach at least two million learners by 2026. Before now, MasterCard Foundation has rolled out two such programmes to support the scaling of educational services in South Africa through edtech accelerator Injini, and Nigeria through Co-Creation Hub.
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Africa’s cybersecurity crisis
Africa’s growing digital economy depends on digital tools like bank apps, e-commerce apps, and streaming platforms. However, this shift from physical to virtual comes with significant risks, including a rise in cybercrime. In 2022, internet users in Africa grew by 8.4%, reaching 570 million, yet cyber attacks have also increased. According to the African Union, cybercrime has been on the rise in Africa, particularly in financial fraud and identity theft. A recent report by Checkpoint revealed that organisations worldwide experienced an average of 1,983 weekly cyberattacks in the first quarter of 2023.
Image source: TechCabal Insights
Africa now grapples with a worsening cybersecurity crisis, with approximately 90% of African businesses operating without cybersecurity protocols in place, making them vulnerable to cyber threats, such as hacking, phishing, and malware attacks. Interpol’s new Africa Cybersecurity Assessment Report further revealed an increase in cybercrime in African countries due to the rise in digital technology adoption.
Successful cyberattacks in Africa have severe consequences for organisations and society as a whole, resulting in financial losses, data breaches, service disruptions, and a loss of public trust. The economic impact of cyberattacks in Africa is substantial and could cost the African economy up to $100 billion by 2025, according to a report by the World Economic Forum.
It’s high time African organisations stopped relying on external support and invested in their cybersecurity infrastructure if they really want to combat the increasing threat of cybercrime. The lack of investment goes beyond resources, with stakeholders downplaying its impact. Without immediate action, Africa risks falling behind and becoming a haven for cybercriminals.
According to Olatunji Olaigbe, team lead at CybAfriqué, as the global cybersecurity market grows more secure and saturated, threat actors will be forced to target less secured places such as Africa where there’s a growing use of technology and digital payment solutions—even though it may mean a relatively lower payout. “In developing countries, threat actors might not be stealing at the same scale as in wealthier countries, but carrying out attacks in these places also takes significantly lower effort and skill,” he wrote.
African countries’ lack of prioritisation and commitment to cybersecurity could leave them vulnerable to devastating cyberattacks. Failing to allocate resources to fortify their defences undermines their progress towards digital transformation and risks damaging their economies and societies. Collaboration is important, but ultimately, each African country must take responsibility for securing its digital infrastructure.
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The World Wide Web3
Source:
Coin Name
Current Value
Day
Month
Bitcoin
$43,810
– 0.28%
+ 17.18%
Ether
$2,363
+ 0.29%
+ 13.40%
Cardano
$0.5964
+ 1.76%
+ 56.29%
Terra Classic
$0.0002031
– 10.36%
+ 119.49%
* Data as of 00:08 AM WAT, December 11, 2023.
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Deji Alli ARM Young Talent Award (DAAYTA) 2024 for Innovative Nigerian start-ups (₦12,000,000 in funding) is open for applications. DAAYTA is an ARM initiative in partnership with TechnoVision’s TVC Labs that aims at providing young Nigerians with an opportunity to develop innovative start-up ventures that add economic value to Nigeria. Apply by January 16.
Applications are open for the World Press Photo Contest 2024 for Photographers Worldwide (5,000 euros cash prize). The Contest recognises and celebrates the best photojournalism and documentary photography produced over the last year, selected by an international independent jury. Apply by January 11, 2024.
Applications are open for the Mastercard Foundations Scholars Program 2023/2024 at the Carnegie Melon University Africa. The programme provides generous financial, social, and academic support for students whose talents and promise exceed their financial resources. Apply by January 15, 2024.
The citizens of Commonwealth countries in Africa can now apply for the Commonwealth Africa Cyber Fellowship Programme 2024. Selected experts will serve as fellows for a year, and get exclusive access to academic research opportunities, networking events and annual conferences, with a focus on enhancing cybersecurity policies and institutions across Commonwealth countries in Africa. Apply by December 10.
Applications are open for the Next Generation Social Sciences in Africa: Doctoral Dissertation Research fellowship 2024 (up to $15,000). The Social Science Research Council offers fellowships to support the completion of doctoral degrees and to promote next-generation social science research in Ghana, Kenya, Nigeria, South Africa, Tanzania and Uganda. The fellowships support dissertation research on peace, security, and development topics. Apply by February 11, 2024.
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