Festo Ivaibi, the founder of Mitroplus Labs, was abducted in Kampala, Uganda, on May 17, 2025, by armed men posing as military personnel. They forced him to transfer approximately $500,000 in cryptocurrency from multiple wallets under coercion. Mitroplus Labs has reported over 48 similar crypto-related kidnappings occurring in Uganda, many of which go unreported. The attackers demanded access to crypto wallets and sold a portion of Afro Token, a meme coin, during the incident. This event highlights the rising trend of 'wrench attacks,' where individuals are physically threatened to reveal private keys or authorize transactions. Experts advocate for enhanced digital asset protection measures, such as multi-factor authentication, to mitigate risks. Despite growing concerns, wrench attacks persist alongside the increasing value of cryptocurrencies, with discussions about government regulations and privacy for crypto holders.

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