Seun Kuti, the youngest son of late Afrobeat legend Fela Anikulapo-Kuti, has revealed that his sister lost more than N50 million in cryptocurrency.
Cryptocurrency is a digital currency that operates on a computer network without the need for a central authority like a government or bank to manage or regulate it.
In a video that has since gone viral, Kuti expressed his frustrations with cryptocurrency, accusing its promoters of exploiting the poor.
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He described it as a system that transfers wealth from the poorest to the richest, comparing it to gambling.
He said: “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 and 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.”
Sharing the personal toll it had taken on his family, he said: “Should I tell you how much my sister has lost to crypto. I warned her, but she didn’t listen.
“I can’t even tell you how much she has lost. Over N50 million!. My sister, my own blood sister. This is how many Nigerians have lost millions.”
See video below:
https://whatsapp.com/channel/0029VaihFajBadmT29ufud2Z
