From $6 Billion Dream to $0.003 Reality: How Akon’s Crypto City Fell Apart

Akon’s grand vision of building a $6 billion futuristic city powered by his own cryptocurrency, Akoin, has officially unraveled. Launched in 2020 with the promise of creating “Akon City” on 800 hectares near Mbodiène, Senegal, the project produced little more than a single incomplete reception center after seven years.

Akoin, once priced at £0.23, has lost over 98% of its value, now trading around $0.003. Facing both financial collapse and public disappointment, Akon admitted, “It wasn’t being managed properly. I take full responsibility.”

On top of management failures, Akoin faced a major legal hurdle: Senegal’s official currency, the CFA franc, is regulated by the Central Bank of West African States (BCEAO), which rejects cryptocurrencies as legal tender.

Akon’s failed crypto experiment now serves as a stark reminder that celebrity hype isn’t enough to overcome poor planning, regulatory blocks, and market realities.