Ugandan executive kidnapped, tortured for ‘crypto'
A Ugandan digital asset executive who was recently kidnapped and forced to transfer his 'crypto' is appealing to the country's authorities to bring the criminals to justice.
Festo Ivaibi was kidnapped outside his home on May 17 by individuals he alleged posed as security agents. The criminals, who were dressed in police uniforms and bore arms, demanded a $500,000 ransom before later forcing him to transfer his digital assets to their wallets.
Ivaibi is the founder of Afro Token, a local memecoin project, and Mitroplus Labs, a blockchain and artificial intelligence (AI) education initiative.
CRYPTO ABDUCTION IN UGANDA.
On Saturday, May 17th 2025, our founder @IvaibiFesto was abducted by individuals posing as security agents(@MODVA_UPDF) and forced under duress, to release his crypto assets. We thank God he is now safe, and all systems have been secured.
This is… pic.twitter.com/ipZkrwTv95
In a statement, Afro Token assured its token holders that the project had not been affected despite the founder being forced to sell $18,000 worth of the token.
It also alleged that the criminal gang behind the attack conspires with security agents and 'two Chinese businessmen' to target digital asset entrepreneurs in the East African nation. It added that there had been 48 similar cases of 'crypto' abductions, but the gang had used its influence to have the investigations suspended.
Just days later, the startup revealed that security agents had arrested a suspect: Phineous Biira. The suspect was allegedly tracked down using blockchain forensic tools, which revealed he controlled the address that had received the stolen coins.
'This incident highlights the urgent need for stakeholder engagement and clear policy formulation for blockchain and crypto technologies in the African continent,' the project stated.
'The technology is already here, and the risks, if left unregulated or misunderstood, are too great to ignore.'
'Crypto' abductions skyrocket
The incident is just one of many in a rising trend that has the digital asset sector on edge. On Wednesday, authorities in New York arrested a second suspect accused of kidnapping and torturing an Italian tourist for three weeks for his digital assets. The first suspect was arrested last Friday. The suspects had been conducting digital asset business with the victim for years, and after building trust, they lured him to New York to rob him.
Still, this week, French authorities charged 24 suspects in a multi-million-euro digital asset kidnapping case. The crime ring has been targeting digital asset traders, prompting one French industry leader to call on authorities to 'stop the Mexicanisation of France,' France 24 reports.
'It's becoming a thing because people think it's an easy way to get cash. Instead of robbing a bank, they can kidnap someone and get access to their Bitcoin wallet or crypto wallet,' David Seltzer, a cybercrime attorney, told CBS.
Adam Healy, a former United States Marine, concurs, noting that criminals view attacking digital asset owners as 'effectively easy money.'
Healy now heads Station70, a digital asset security solutions firm whose clients include CoinShares, Flipside, and Magic Eden.
'It's a lot easier, lower risk, and it's a much bigger payout than, say, robbing a bank or robbing a convenience store. You're not going to get in a gunfight while you're trying to leave the bank,' he told the New York Post.
Watch: Tech redefines how things are done—Africa is here for it
title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
30 minutes ago
- BBC News
EasyJet captain suspended after getting 'drunk and naked' in hotel
EasyJet has suspended one of its captains after he was reportedly seen roaming a luxury hotel drunk and unnamed pilot was witnessed walking through common areas of a five-star resort in Cape Verde without any clothes on in the early hours of the morning on 5 August, after an extended drinking session in a bar, according to the was due to operate a return flight to Gatwick more than 36 hours later, but was grounded after the budget airline received complaints about the incident and a replacement pilot EasyJet spokesman told the BBC the pilot now faces an investigation and that the safety of passengers and crew was its "highest priority". The captain arrived at the Melia Dunas Beach Resort and Spa in the West African island nation on 4 August and proceeded to begin drinking, the Sun around 02:30 local time (04:30 BST) the following morning, hotel guests reportedly saw him strip off and wander into the reception, before moving onto the gym and spa, according to the newspaper."The pilot did not have a stitch on and reeked of alcohol," an anonymous source inside the airline was quoted by the paper as saying."Anyone who saw the pilot cavorting naked in the early hours on the day before a flight would not dream of getting on a plane with him at the controls."He was scheduled to helm the 2,332-nautical-mile (4,318km) trip back to Gatwick on the afternoon of 6 August, but was removed from the EasyJet spokesman said: "As soon as we were made aware, the pilot was immediately stood down from duty, in line with our procedures, pending an investigation."The safety of our passengers and crew is EasyJet's highest priority."
Reuters
31 minutes ago
- Reuters
African Development Bank to finance $500 million of Ethiopia's new airport
ADDIS ABABA, Aug 11 (Reuters) - The African Development Bank will contribute $500 million towards the financing of a new airport in Ethiopia - which is expected to be Africa's largest when completed in 2029 - it said on Monday. State-owned Ethiopian Airlines has signed an agreement for the design of the four-runway airport near the town of Bishoftu, around 45 km (28 miles) southeast of the capital Addis Ababa. The airline has said it will provide 20% of the funding for the $10 billion project and the rest will come from creditors. "The bank has itself earmarked up to $500 million, subject to board approval, to anchor the funding of this transformational regional integration project," the development bank said in a statement. Last week, it said it was leading efforts to raise $7.8 billion for the project, which will have the capacity to handle 100 million passengers per year.
Finextra
an hour ago
- Finextra
Finastra and NTT Data forge cloud collaboration
Finastra, a global leader in financial services software, has announced the expansion of its longstanding partnership with NTT DATA, a leading global IT infrastructure and services company. 0 This collaboration will support Finastra's Lending Cloud Service, strengthening the delivery of managed services for financial institutions across the MAAP (Middle East, Africa, Asia Pacific) and LATAM (Latin America) regions. Financial institutions across the region are set to benefit from faster deployments, smarter automation, and a more agile lending experience. NTT DATA will now lead application lifecycle management for Finastra's Lending Cloud Service, driving scalability, standardization, and operational efficiency across the platform. 'This is a natural evolution of our relationship with NTT DATA, a partner that deeply understands our technology landscape and shares our vision for delivering world-class, cloud-based lending services,' said Andrew Bateman, EVP for Lending at Finastra. 'By partnering with a company familiar with our architecture and operating models, we can accelerate client onboarding and provide a resilient, high-performing service.' David Gold, Vice President for Cloud Services and IT Modernization at NTT DATA, added, 'We are proud to extend our partnership with Finastra as part of a broader strategic vision. Our experience in large-scale financial environments positions us well to help Finastra deliver highly automated, reliable cloud services to banks across these regions. This partnership brings together innovation and operational excellence to transform the banking experience.' The jointly developed solution includes integrated tools to measure, report on, and fulfill service-level commitments. For NTT DATA, the partnership also represents a strategic opportunity to expand its product portfolio, with a joint go-to-market strategy already underway to scale the solution and broaden its impact across the financial services industry. This move holds particular significance for APAC markets, where the pace of cloud transformation in financial services is accelerating. According to Finastra's recent Financial Services State of the Nation survey, over a quarter (27%) of financial institutions globally have improved or deployed cloud solutions in the past year. In APAC, countries such as Vietnam (56%), Hong Kong (46%), and Singapore (44%) are leading the way in modernizing their operations. These markets have recognized that enhancing cloud capabilities and adopting API-led technologies are not just strategic advantages, but essential to remaining competitive. As Finastra and NTT DATA deepen their collaboration, they are poised to reshape lending infrastructure across APAC and LATAM - delivering modern, compliant, and scalable solutions that meet the demands of today's fast-moving financial markets. This expanded partnership not only reinforces Finastra's leadership in managed services but also underscores its client-first approach and bold vision to bring cloud-native innovation to institutions worldwide with unmatched speed and agility.
