Seun Kuti Accuses Crypto of Scamming Poor People After Sister Loses N50m

LAGOS, NIGERIA – Nigerian singer Seun Kuti has sparked a wave of controversy after revealing that his sister lost over ₦50 million in cryptocurrency investments.

The explosive revelation was shared in a passionate video that quickly went viral on X (formerly Twitter), recently.

In the video, Kuti expressed his deep frustration, fiercely denouncing cryptocurrency as a scam. He accused promoters of the digital currency of exploiting the poor, asserting that it functions as a system that shifts wealth from the impoverished to the wealthy, likening it to gambling.

“Crypto is a lie. You people are criminals trying to steal from poor people. It’s nothing but a wealth transfer from the poorest to the richest, just like gambling,” he declared.

Kuti went on to criticize those promoting cryptocurrency, claiming that they are part of a broader plan to concentrate wealth in the hands of the rich.

“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.

He also highlighted the personal toll the situation had taken on his family, saying, “You know how much my sister has lost to crypto. I’ve been warning her, but she didn’t listen. 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.”

Kuti’s video has sparked an outpouring of reactions online, with many weighing in on the heated debate. Some defended cryptocurrency, while others supported Kuti’s views on the risks of investing in it without proper knowledge.

Kuti’s emotional outburst has reignited discussions on the growing popularity of cryptocurrency in Africa, a continent where many have turned to digital currencies in search of financial independence and wealth.

His video reflects the skepticism some have about the true impact of crypto on the continent, as well as the risks involved for those who may not fully understand how to navigate it.