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 fi
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