By Damilola Adeleke

Nigerian musician Seun Kuti has strongly criticized cryptocurrency, labeling it a criminal venture after revealing that his sister lost over N50 million to trading.In a video circulating on social media, the afrobeat singer likened crypto to gambling, calling it a system designed to transfer wealth from the poor to the rich.

He accused promoters of misleading the public and causing financial losses for many Africans, particularly Nigerians.

“Crypto is a lie! It’s nothing but a wealth transfer scheme—just like gambling. More Africans have lost money to it than those benefiting from it,” he lamented.

Seun Kuti’s remarks have sparked mixed reactions, with some agreeing with his concerns, while others defend cryptocurrency as a legitimate financial opportunity.