Nigerian singer, Seun Kuti has sparked a massive online debate after revealing that his sister lost over ₦50 million in cryptocurrency investments. In a passionate video shared on X (formerly Twitter) on Wednesday, Kuti expressed his frustration with the cryptocurrency market, labeling it a scam and accusing its promoters of exploiting the poor.
In the viral video, Kuti did not hold back in criticizing the financial system behind cryptocurrencies, calling it a “wealth transfer” system that benefits the rich at the expense of the poor. He compared the practice to gambling, emphasizing that it creates more harm than good for ordinary people. “Crypto is a lie. You people are criminals trying to steal from poor people,” Kuti declared. “It’s nothing but a wealth transfer from the poorest to the richest, just like gambling.”
Kuti went on to say that cryptocurrency was nothing more than a tool for the wealthy to amass even more wealth. “You all promote it, you push it, but it’s all about wealth transfer. You’re all part of this plan to shift wealth from the poor to the pockets of the rich,” he continued, adding that many Africans have suffered financially due to their investments in the digital currency market. “There’s no freedom in crypto. More Africans have lost money to this than those who have made a profit from it.”
The singer also shared how cryptocurrency has personally affected his family. “You know how much my sister has lost to crypto. I’ve been warning her, but she didn’t listen,” Kuti said. He revealed that the loss was significant, adding, “I can’t even tell you how much I’ve lost—over ₦50 million. My sister, my own blood sister—this is how many Nigerians have lost millions.”
