Musician Seun Kuti has strongly condemned the cryptocurrency market, calling it a “scam” that preys on vulnerable individuals.
In a viral video, Kuti shared a personal account of his sister’s significant financial loss in a cryptocurrency investment scheme, revealing that she lost over N50 million.
Kuti criticised cryptocurrency promoters, labeling them “criminals” who exploit the poor and facilitate wealth transfer to the rich.
He described the cryptocurrency system as a “scheme” designed to benefit the wealthy at the expense of the less fortunate.
“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.
“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.
“There’s no freedom in crypto. More Africans have lost money to this than those who have made a profit from it.
“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,” he said.
