Ugandan authorities have arrested Phineous Biira, the mastermind behind the kidnapping of Festo Ivaibi, CEO and Founder of Mitroplus Labs.
The breakthrough came after forensic experts traced the stolen digital assets to Biira’s verified wallet on a major centralized exchange, underscoring the growing sophistication of law enforcement’s response to crypto crime.
On May 17, Ivaibi was kidnapped near his home on Bunamwaya Road in Kampala by assailants dressed in military-style uniforms, claiming to be Uganda People’s Defence Forces (UPDF) operatives.
Held at gunpoint, Ivaibi was forced to unlock his crypto wallets and transfer approximately $500,000 in cryptocurrency—including Afro Token, a Mitroplus Labs-issued memecoin on the Tron blockchain—to his captors.
After the incident, the projected posted on their social media, calling this a blatant attack on innovation, education and on the future of Africa's digital economy.
Mitroplus Labs alleges the attack is part of a coordinated pattern of “wrench attacks”—where victims are physicially coerced into giving up private keys or authorising crypto transactions—linked to a syndicate involving fake traders, rogue law enforcement, and two unnamed Chinese nationals who allegedly assist in laundering stolen assets.
The company claims at least 48 similar attacks have occurred in Uganda, with many cases dismissed or ignored due to the influence of the criminal network.
Biira, who reportedly has a history of similar offenses, initially resisted arrest and demanded to speak with a senior military official before being taken into custody.
During interrogation, Biira refused to explain the source of the funds traced to her account.
Apparently, the kidnapper quickly liquidated the Afro Tokens they stole shortly after their attack, causing a brief yet short in the token's price and market cap.
On-chain data reveals that Afro Token has declined approximately 16.7% since the day of the attack, with a continual drop of 1.24% in the following days.
Its market capitalisation now stands at around $1.6 million, down sharply from a peak of over $7.3 million in December 2024.
Mitroplus Labs later reassured investors that no community-held funds were compromised.
The incident has reignited debate over the urgent need for regulatory frameworks and security protocols to protect digital asset entrepreneurs in the region.
Ivaibi, who is a registered crypto trader and taxpayer, has highlighted the challenges of seeking justice in a country where crypto remains largely unregulated.
Despite facing penalties for late tax filings, he expressed hope that his compliance would encourage authorities to take his case seriously.
“Paying taxes is a patriotic duty. My compliance aids my abduction case. Many authorities are going all out to help me."
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