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Crypto Founder Abducted in Uganda, Forced to Transfer $500K at Gunpoint
Crypto Founder Abducted in Uganda, Forced to Transfer $500K at Gunpoint
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Festo Ivaibi, founder of crypto education firm Mitroplus Labs, was kidnapped near his Kampala residence on May 17 by armed assailants posing as security personnel. The attackers compelled him to transfer cryptocurrency holdings worth approximately $500,000.
Local reports indicate this incident forms part of a broader pattern, with Mitroplus Labs claiming over 48 similar crypto-related abductions occurring in Uganda—though most cases go unreported due to victims’ fears of retaliation.
Security experts emphasize the growing need for integrated protection strategies that address both physical safety and digital asset security in high-risk jurisdictions. The incident underscores the tangible risks facing crypto entrepreneurs in emerging markets.
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