<ul><li>Festo Ivaibi, the founder of Mitroplus Labs, has been kidnapped by criminal gangs demanding a $500,000 ransom and access to his crypto wallets, causing a drastic fall in the price of the Afro memecoin introduced by the firm in 2024.</li><li>The criminals posed as Ugandan security officers, abducted Ivaibi, demanded the ransom, and emptied the Afro memecoin after the funds were transferred, although the community funds were reportedly unharmed.</li><li>The incidents reveal a surge in crypto-related crimes in Uganda, where the lack of officially recognized cryptocurrencies has contributed to the challenges faced by individuals like Ivaibi and other crypto entrepreneurs.</li><li>The situation has raised concerns leading to measures by governments to protect crypto entrepreneurs, with seven out of 48 reported cases in Africa being linked to the same criminal group targeting individuals with significant crypto holdings.</li></ul>

Mitroplus Labs Founder Kidnapped in $500K Crypto Ransom Plot

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