Crypto Founder Abducted Uganda Ransom Demand

Crypto Founder Abducted in Uganda, Forced to Transfer $500,000

• Festo Ivaibi, founder of Mitroplus Labs, was abducted on May 17 near his home in Kampala, Uganda.
• The attackers forced Ivaibi to transfer approximately $500,000 in cryptocurrency.
• The assailants posed as security operatives from the Uganda People’s Defence Forces (UPDF).
• Mitroplus Labs reports over 48 similar crypto-related attacks have occurred in Uganda.
• A portion of Afro Token was sold under coercion during the incident.

On May 17, Festo Ivaibi was abducted and forced to transfer $500,000 worth of cryptocurrency. This incident is part of a series of at least 48 similar attacks reported by Mitroplus Labs in Uganda.