Festo Ivaibi, the founder of Mitroplus Labs, a company focused on blockchain education, was kidnapped and forced to send cryptocurrencies worth $500,000 to unknown attackers.
According to a statement shared in X’s post on May 19, Ivaibi was kidnapped on May 17 near his home on Bunamwaya Road in Kampala.
The attackers wore military-style uniforms and claimed to be part of Uganda’s national defense force. They reportedly held Ivaibi at gunpoint and demanded that he give them access to his crypto wallets.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Terra Luna? History & Crash Explained (ANIMATED)
A share of the funds came from Afro Token, a meme coin that Mitroplus Labs had issued on the Tron blockchain using the SunPump platform. The company said the attackers sold some Afro Token during the incident. Other funds were reportedly sent to a wallet on Binance
$14.34B
Mitroplus Labs said the group behind the attack may include fake traders, dishonest law enforcement officers, and two Chinese nationals.
According to their statement, this group has targeted other crypto users in similar ways. The company claims that nearly 50 other cases have been identified. Many of those investigations were dropped or ignored, possibly due to influence from people connected to the attackers.
Additionally, Mitroplus Labs described the incident as more than just a personal attack. They stated in a post on X:
What happened to our founder was not just an attack on one man, it was an attack on innovation, on education, and on the future of Africa’s digital economy.
On May 9, authorities in Las Vegas charged three teenagers with abducting a man and stealing $4 million in digital assets. How did the case unfold? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
