- After this incident, the price of the memcoin fell drastically, and the firm claims that funds from the community were neither harmed nor accessed.
- Ivaibi mentioned that the cases have been surging mainly because Uganda does not have officially recognized cryptocurrencies.
Festo Ivaibi, the founder of a pivotal educational hub for Africans, Mitroplus Labs, has become a crypto figure to lost his capital to criminal gangs and has been abducted. The gang demanded a capital worth $500,000 with access to the crypto wallet of the founder.
They posed as Ugandan security officers and caught the founder a few meters from his home, and drove him to a town south of Kampala. As per the statement issued by Mitroplus Labs, criminals demanded around $500,000 with access to his wallets.
Once the fund got transferred, the criminals first left Ivaibi and then the founder’s vehicle. Soon after this event, criminals reportedly emptied the Afro memecoin, which was introduced by the firm in 2024.
After this incident, the price of the memcoin fell drastically, and the firm claims that funds from the community were neither harmed nor accessed at the time of the attack.
No Official Recognition Boosting The Attacks
Not long ago, the criminals attempted to kidnap the daughter of the CEO of a crypto exchange in Paris, France.
However, they failed to do so. Before that, various crypto influencers and persons holding millions of dollars in crypto were the target of criminals and lost their funds, apparently functioning in France.
The recent incident pressured the government of France to publicize measures focused on safeguarding crypto entrepreneurs and their families. In Africa, around 48 cases have been reported, out of which seven were directly linked to the same criminal group.
Ivaibi mentioned that the cases have been surging mainly because Uganda does not have officially recognized cryptocurrencies. He further added that the Police have rejected these cases, quoting unregulated crypto and individual risk.
“Mitroplus Labs has contacted the Uganda Revenue Authority on crypto taxation and engaged in knowledge-sharing sessions on blockchain, AI, and cryptocurrencies. I am a crypto trader registered with the revenue authority. Also, I have filed tax returns and faced penalties for late filings.”
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