Crypto-related abductions are now targeting Africa, with a Ugandan blockchain founder attacked by armed criminals posing as law enforcement.
Festo Ivaibi, founder of Uganda’s Mitroplus Labs, was kidnapped on May 17 by armed criminals posing as security officers. They demanded $500,000 and access to his crypto wallets, transferring funds to a Trust Wallet before releasing him. The attack briefly impacted the Afro memecoin launched by Mitroplus.
This follows similar abduction attempts in France, signaling a growing global threat to crypto holders. Ivaibi claims 48 related cases exist, with 7 linked to the same gang—allegedly involving fake traders, rogue officers, and two Chinese nationals.
Ugandan police reportedly dismissed past cases due to crypto’s unregulated status. However, the Uganda Revenue Authority, which recognizes Ivaibi as a registered trader, is aiding the investigation. The incident highlights urgent security and regulatory gaps in Africa’s growing Web3 space.
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