Nigerian singer, Seun Kuti, has stirred up a wave of controversy after revealing that his sister allegedly lost over N50 million in a cryptocurrency investment scheme.

The shocking revelation was made in a viral video posted on X (formerly Twitter), where Kuti passionately condemned the crypto market, accusing it of being a scam.

In the video, Seun Kuti expressed his frustration and disbelief at the impact of cryptocurrency on ordinary Nigerians.

He strongly criticized cryptocurrency promoters, calling them “criminals” who exploit vulnerable individuals, especially the poor.

“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,” he said.

He went on to describe the cryptocurrency system as a “scheme” designed to funnel wealth into the pockets of the wealthy, leaving the less fortunate at a loss.

Seun Kuti also shared a deeply personal account of the toll cryptocurrency has taken on his own family.

“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 added.

The video quickly gained traction online, with many social media users voicing their concerns about cryptocurrency and its risks.