Seun Kuti Slams Cryptocurrency After Sister Loses Over ₦50 Million, Calls It a Scam

Nigerian singer Seun Kuti has stirred intense debate online after revealing that his sister lost over ₦50 million to cryptocurrency.

In a viral video circulating on X (formerly Twitter), Kuti passionately criticized crypto, branding it a scam designed to exploit the poor. He accused its promoters of orchestrating a massive wealth transfer from struggling individuals to the wealthy, likening it to gambling.

“Crypto is a lie. You people are criminals stealing from the poor. It’s just another scheme to shift wealth from the poorest to the richest, just like gambling,” he declared.

Expressing frustration over his sister’s loss, he added, “I’ve been warning her, but she didn’t listen. My own blood sister lost over ₦50 million. Do you know how many Nigerians have lost millions to this?”

His viral post has ignited mixed reactions online, with many weighing in on the risks and realities of cryptocurrency investments.

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See some reactions below:

@lyndeloff: “Africa this Africa that… Like say dem design crypto to milk Africans…. Pan-Africanists do too much a times.”

@OGUCCHE: “Ur sister has no brain to have invested 50m without diligence research.”

@glitch_8200: “It takes 2 bull runs to be rich in crypto, which is 5 years of learning and extreme patience… Do not invest in anything without first, taking time to learn… My advice to your sister is for her to first and foremost go and read the Bitcoin white paper before anything else.”

@Elvissantaviou1: “This one doesn’t know anything about crypto. your sister was scammed by fake mentors, lol, same crypto weh I use buy house?”

@ARCHangel0_1: “She doesn’t know how to do crypto Oga. No day shout up and down, go and sit down.”

@olisaobioha: “Crypto is only a scam when you don’t understand how to approach it. Y’all buy any coin and come and cry.”

@icecyclone: “He is talking about something he knows little or nothing about, and he is wrong. Most people go into crypto and stock trading without knowledge, and they get burnt.”

@MRFLOYD_247: “If you don’t know, kindly ask questions oga. You don’t go into investment with ignorance, or greed.”