Crypto Founder Abducted in Uganda, Forced to Send $500,000 at Gunpoint
Festo Ivaibi, founder of Mitroplus Labs, was abducted in Kampala, Uganda, on May 17 by armed individuals posing as security operatives. The attackers forced him to transfer $500,000 in cryptocurrency from his wallets. They also coerced the sale of a portion of Afro Token, a meme coin. Mitroplus Labs reported that this incident is part of a larger trend of crypto-related kidnappings, with at least 48 similar attacks identified. The value of Afro Token dropped approximately 16.7% following the incident. Experts suggest implementing security measures like multi-factor authentication and monitoring unusual transaction patterns to mitigate risks associated with wrench attacks. The rise in such attacks is attributed to increasing income disparity and the growing value of cryptocurrencies, while concerns about data transparency may expose crypto holders to further risks.
