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Seun Kuti has publicly condemned the cryptocurrency market, calling it a “scam” after his sister reportedly lost over N50 million in a digital investment scheme. The musician, in a viral video, criticized cryptocurrency promoters for exploiting vulnerable people and accused them of facilitating a wealth transfer from the poor to the rich.
According to Kuti, his sister’s financial setback was a wake-up call, as he had repeatedly warned her against investing in cryptocurrency. He shared that he himself had also lost a significant amount, further emphasizing the risks involved in the market.
“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.
Kuti called out those behind cryptocurrency promotions, labeling them as “criminals” who are taking advantage of the poor. He pointed out that the promises of wealth and financial freedom associated with crypto were misleading, with the majority of investors ending up with substantial losses instead.
