🟠 Flash-in-the-Pan $DAVIDO
Plus: 🌍 Builders builders 👷🏾 x 📰 media virtual call 🇿🇦 South African taxman wants his dues 🇳🇬 Binance exec denied adequate medical care
Oluwaseun here. I am here with updates on the most significant blockchain and digital assets stories that hit the African ecosystem last week.
Let’s dive into the details.
Stay up-to-date with the latest blockchain developments in Africa
Exclusive: Davido received $30K to launch meme coin, influencer claims
Topline: Last week, Afrobeat sensation Davido joined the celebrity meme coin trend by introducing “Timeless Davido” ($DAVIDO). (Details)
- Despite initial excitement and a brief surge in value, rising by over 250% in the first four hours, the coin’s value plummeted shortly after, falling by as much as 75% within the next five hours.
- This sudden drop led to widespread criticism and accusations of fraud against Davido.
- In a chat with Mariblock, celebrity meme coin creator Sahil Arora claimed to be the brain behind the $DAVIDO token, adding that he paid the musician $30,000 as an advance payment to launch the coin.
- Arora has also claimed responsibility for a few other celebrity tokens, including Rich the Kid and Iggy Azalea’s $MOTHER token
It’s unclear how much he has made from his latest crypto venture, if at all. An analysis by X user Lookonchain puts Davido’s profit at 2,783 solana — worth $470,716 as of writing — less than a day after the launch.
- Although Arora told Mariblock the wallet address cited in Looksonchain’s analysis indeed belongs to Davido, it is difficult to ascertain that information. Crypto wallets are pseudonymous, and it can take a long time to link a wallet address to an entity.
- Still, the lack of clarity on the amount the music star has made should not take the spotlight away from the apparent carefree toward the impact of promoting pump-and-dump schemes on his followers.
View from the industry: Experts are concerned about the impact that such adventures have on the industry.
- “Davido has a good level of influence that can affect his followers; it is important that he does not abuse it and, in turn, rub off on the real players in the crypto industry,” said Lucky Uwakwe, the chairman of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN).
The BICCoN chairman urged regulators to deal with this sort of project differently than people who are building useful products.
- “When nonplayers like Davido take such measures it is important that regulators like SEC and CBN note of the difference and not take it out on our industry when such meme project fail or become a subject of debate.”
INVITATION: Building the future of African blockchain media together
Topline: We’re passionate about building the future of African blockchain media, and we want YOU to be a part of it! (RSVP here)
- This call is an opportunity for your voice to shape the stories we tell and the resources we create.
What can you expect?
- Learn more about Mariblock: Discover who we are, what we stand for, and our mission for empowering the African blockchain ecosystem.
- Shape our storytelling: Share your thoughts on the kind of content you want to see and the topics that matter most to you.
Who should attend?
- African blockchain builders, operators, and investors
Why attend?
- Your voice matters! Help us create a valuable resource for the entire African blockchain community.
- Get a sneak peek at what’s coming next for Mariblock.
This is your chance to actively participate in shaping the future of African blockchain media.
Register now and save your spot!
South African taxman is cracking down on crypto traders: report
Topline: Experts at Tax Consulting South Africa have highlighted that the South Africa Revenue Service (SARS) is focusing on cryptocurrency traders to detect potential non-compliance issues. (Details)
- They stress the need for taxpayers to understand the reporting requirements for crypto-related activities and the importance of paying taxes.
The details: In a BusinessTech report, the experts addressed a common misconception amongst taxpayers that crypto profits or gains fall outside the South African tax net.
- The SARS and South African Reserve Bank (SARB) have repeatedly debunked the misconception that crypto profits are not subject to South African taxes. They emphasize that profits from cryptocurrencies are taxable in South Africa.
- In South African tax law, crypto assets are viewed as financial instruments under the Income Tax Act, which means profits from dealing in them may be taxable.
- In addition, cryptocurrency transactions are subject to various tax regulations such as capital gains tax, income tax, and sometimes value-added tax (VAT).
Jailed Binance exec still awaits medical care despite court order
Topline: Tigran Gambaryan, the 40-year-old American citizen and Binance executive detained in Nigeria for three months, remains in Kuje prison despite a court order for his transfer to a medical facility. (Details)
Driving the news: Last week, Gambaryan became unwell during a court hearing at the Federal High Court in Abuja, Nigeria. Following this incident, Justice Emeka Nwite honored a request for the Binance man’s transfer from Kuje prison to a medical facility for treatment.
- His family believes that he is suffering from “a severe throat infection and malaria.” His wife, Yuki, is appealing to Nigerian authorities to comply with the court’s directive.
Go deeper: Binance’s legal representatives in the ongoing trial had written a letter to the deputy chief registrar of the Federal High Court, requesting the provision of medical treatment to Gambaryan.
- The letter emphasized the severity of Malaria for American citizens.
- The court granted the request, but Mariblock understands that Mr. Gambaryan remains in Kuje prison.
Catch up
🇿🇦 South African central bank opts against publishing CBDC study findings (Bitcoin News)
🇳🇬 Nigeria’s interest in Bitcoin unfazed by regulatory restrictions (Cointelegraph)
🇳🇬 Nigeria seeks crypto clarity one year into Tinubu’s tenure (Cointelegraph)
Opportunities
Onboard Global has announced a competition to discover the next great African artist to bring onchain as part of Onchain Summer this year. No NFT or crypto experience is required.
- If you know anyone who makes amazing art and you think the world should know about them, ask them to apply. (https://tally.so/r/nrlx0v)
That’s it for this week.
See you next week.
Cheers,
Oluwaseun.
