Musician Seun Kuti has fiercely criticized the cryptocurrency market, calling it a “scam” that takes advantage of vulnerable people. In a viral video, Kuti shared a personal story about his sister’s devastating financial loss in a cryptocurrency investment, revealing that she lost over N50 million.

Kuti accused cryptocurrency promoters of being “criminals” who exploit the poor and enable the transfer of wealth from the less fortunate to the wealthy. He described the system as a scheme designed to benefit the rich at the expense of the disadvantaged.

“Crypto is a lie. You people are criminals trying to steal from poor people. It’s just a wealth transfer from the poorest to the richest, like gambling,” Kuti said in the video. “You promote it, push it, but it’s all about shifting wealth into the pockets of the rich. There’s no freedom in crypto. More Africans have lost money than those who have made a profit.”

Kuti went on to explain how his sister lost a significant amount of money to crypto, despite his warnings. “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 added.

Kuti’s remarks reflect growing concerns over the risks and unregulated nature of the cryptocurrency market, particularly in Nigeria, where many have fallen victim to investment schemes.

"Crypto is a fcc*ing lie... My sister lost over 50 million to crypto"

- Seun Kuti pic.twitter.com/4oIgbORKMq

— @𝗼𝗻𝗲𝗷𝗼𝗯𝗹𝗲𝘀𝘀𝗯𝗼𝘆 (@OneJoblessBoy) January 29, 2025