Africa’s crypto boom draws cybercriminals

Africa’s rapid adoption of cryptocurrency has made it a prime target for cybercriminals, who are increasingly hijacking the social media accounts of prominent figures and institutions to promote fraudulent tokens.

Recent attacks have compromised accounts belonging to high-profile entities, including Kenya’s law enforcement agency, South Africa’s parliament, and Ghanaian President John Mahama.

Hackers often retain control of these accounts for up to 24 hours, spreading fake cryptocurrency promotions before victims can regain access.

The continent’s high cryptocurrency adoption rate, driven by peer-to-peer (P2P) transactions and limited traditional banking access, is a key factor attracting scammers.

Anthony Anzalone, CEO of XION, explained that Africa’s economic challenges and enthusiasm for cryptocurrency create an environment where fraudulent schemes can thrive.

“The genuine enthusiasm for cryptocurrency as a solution to currency instability and limited banking access means promotional messages find receptive audiences,” Anzalone stated.

Experts argue that regulation alone cannot deter cybercriminals.

Instead, they recommend stronger social media security measures and user education campaigns to combat scams.

Anzalone emphasised the importance of teaching users to verify token promotions across multiple trusted sources rather than relying on single posts by celebrities or influencers.

“Creating this verification mindset within communities is ultimately more resilient than relying solely on technical solutions,” he said.

Jason Brink, CEO of Datagram.network and a recent hacking victim, echoed the need for better digital hygiene practices.

He urged users to avoid reusing passwords, clean up old app connections, and monitor account permissions.

“We need stronger security habits, better tools, and smart collaboration between the industry and local regulators—just enough to help without killing innovation,” Brink added.

To mitigate risks further, Anzalone suggested implementing robust know-your-customer (KYC) procedures and establishing regional rapid-response networks to quickly alert communities about scams.

These measures aim to protect users in Africa’s growing cryptocurrency market, which saw $125 billion in on-chain value in 2024.