The founder of the African blockchain project Mitroplus Labs was kidnapped, resulting in a loss of $500,000 in cryptocurrency assets

ChainCatcher news, according to Bitcoin.com News, Festo Ivaibi, the founder of the Ugandan blockchain and crypto education institution Mitroplus Labs, was kidnapped by armed criminals on May 17 and forced to transfer $500,000 worth of cryptocurrency assets. The criminals disguised themselves as Ugandan security personnel and abducted him near his residence to the Bunamwaya area south of the capital Kampala. After forcing him to transfer funds to their Trust wallet, they released him. Mitroplus Labs stated that this incident did not affect the safety of community funds.

The founder of Mitroplus Labs stated that there have been 48 reported cases in Africa, of which 7 are related to the same criminal gang. He mentioned that these cases have not received much attention mainly because Uganda has not yet officially recognized cryptocurrency.