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Akon

Akon is the Senegalese-American singer and producer who in 2018 launched the Akoin cryptocurrency and the "Akon City" project in Senegal. The city project was officially cancelled by the Senegalese government in 2025 and the token has effectively disappeared from the market.

Riccardo CuratoloBy Riccardo Curatolo 2 min read How we work
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Who he is

Akon (Aliaune Thiam) is a Senegalese-American singer, producer and entrepreneur, author of global hits such as "Smack That" and "I Wanna Love You", with more than 35 million albums sold and five Grammy nominations. In the crypto world he is known for two connected initiatives: the Akoin cryptocurrency, presented in 2018 as a "currency for Africa", and Akon City, a $6 billion futuristic city to be built in Senegal that was to use Akoin as its reference currency. Even earlier, with "Akon Lighting Africa" (2014), he had brought solar electrification projects to several African countries. The arc of Akon City — from the laying of the first stone in 2020 to the revocation of the land — is today one of the most cited cases of a failed crypto-celebrity project.

Current role

Akon remains active mainly as a musical artist and entertainment entrepreneur. The Akon City project no longer exists: the Senegalese government, through the tourism development agency SAPCO, formalised the cancellation in July 2025 after years of delays and a final formal notice sent in August 2024; Akon retains around 8 hectares (of the ~800 originally granted) for a scaled-down and more conventional project agreed with SAPCO. (Verified: September 2026)

The Akoin token is effectively dead: as early as 2024 it had been removed from the few exchanges that listed it and it is considered worthless. (Verified: September 2026)

Career path

  • 2000s-2010s — International music career; founding of the Konfidence Foundation and, in 2014, of the "Akon Lighting Africa" initiative for the continent's solar electrification.
  • 2018-2020 — Launch of Akoin and announcement of Akon City in Senegal (~$6 billion); symbolic laying of the first stone in 2020.
  • 2024-2025 — The project stalls: in June 2024 the Senegalese government repossesses the land over contractual breaches; in July 2025 SAPCO declares the project closed.

Recent developments and controversies

  • Cancellation of Akon City (Verified: September 2026): after the final formal notice of August 2024, SAPCO head Serigne Mamadou Mboup confirmed in July 2025 that "the Akon City project no longer exists". In its place a scaled-down tourism development on 8 hectares is planned, without the crypto component.
  • The end of Akoin (Verified: September 2026): the token, which was meant to power the city's economy, has been delisted from exchanges and effectively has no market. There are no legal proceedings against Akon connected to the project.

FAQ

What happened to Akon City? The government of Senegal officially cancelled the project in July 2025, after repossessing the land in 2024 because work never began. Akon retains 8 hectares for a scaled-down tourism project, without cryptocurrencies. (Verified: September 2026)

Does the Akoin token still exist? Formally yes, but it has no market: as early as 2024 it had been removed from the exchanges that traded it and today it is considered effectively worthless. (Verified: September 2026)

See also

Verified sources

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