In this episode, we dive into the Patrica hack story and ask the question: Why are Web3 startups shutting down amidst surging adoption?
Patrica was a Nigerian Web3 startup that was hacked in May 2023, resulting in the loss of over $2 million in customer assets.
But Patrica is not alone. In recent months, there have been several other African Web3 startups that have shut down. This has raised the question of why these startups are struggling, even as the adoption of Web3 technologies is growing in Africa.
In this episode, we discuss the following questions:
- What are the key challenges facing Web3 startups in Africa?
- Why are some Web3 startups shutting down, even as adoption is growing?
- What can be done to support Web3 startups in Africa and help them succeed?