On May 17, Festo Ivaibi, founder of the Ugandan blockchain and crypto education institution Mitroplus Labs, became the latest crypto figure to be abducted and lose funds to criminal gangs. Armed criminals, allegedly posing as Ugandan security officers, accosted Ivaibi just a few meters from his home and drove him to a secluded area in Bunamwaya, a town south of Kampala.

According to a statement issued by Mitroplus Labs, the criminals demanded $500,000 and access to Ivaibi’s wallets. After transferring the funds to their Trust wallet, the criminals dumped Ivaibi and later his vehicle. Immediately following the incident, the gang is believed to have unloaded the Afro memecoin, which Mitroplus Labs launched in 2024, briefly causing its price to fall. However, the statement claimed that no community funds were accessed or compromised during the attack.

The targeting of an African crypto entrepreneur comes just days after a failed attempt to abduct the daughter of the CEO of a cryptocurrency exchange in Paris, France. Prior to that, several crypto influencers and individuals known to hold millions of dollars in crypto were also targeted and lost funds to criminal gangs seemingly operating in France.

The latest incident ultimately forced the French government to announce measures aimed at protecting crypto entrepreneurs, their families, and the industry as a whole.

Although Ivaibi’s abduction is one of the first reported in Africa, the Mitroplus Labs founder told Bitcoin.com News that 48 cases had been reported, with seven linking the same criminal ring. He suggested that these cases had received little attention primarily because Uganda does not officially recognize cryptocurrencies.

“Police have dismissed these cases, citing unregulated cryptocurrency and individual risk. However, as Mitroplus Labs, we’ve engaged with the Uganda Revenue Authority (URA) on crypto taxation and participated in knowledge-sharing sessions on blockchain, AI, and cryptocurrencies. I’m registered as a cryptocurrency trader with the Revenue Authority, have filed tax returns, and faced penalties for late filings,” Ivaibi said.

Following the incident, Uganda’s revenue agency reportedly granted Ivaibi access to its police command center to review street camera footage in hopes of advancing the investigation.

Meanwhile, the Mitroplus Labs statement suggested a criminal network involving informants posing as traders working alongside rogue security officers and two unnamed Chinese businessmen to orchestrate the abductions. The institution shared photos of the suspected gang members and other victims with law enforcement.

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