Seun Kuti, the youngest son of late Afro-beat maestro, Fela Anikulapo-Kuti, has claimed that his sister lost over N50 million in cryptocurrency.

Cryptocurrency is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it

Speaking in a video that has since gone viral, Kuti voiced his frustrations at the currency, accusing its promoters of exploiting the poor.

While describing it as a scheme that transfers wealth from the poorest to the richest, he likened 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.” (Daily Trust, but headline rejigged)