Ugandan Crypto CEO kidnap, dem force transfer $500K; Afro Token price drop due to security wahala
Festo Ivaibi wey be CEO of Mitroplus Labs wey dem get for Uganda, dem kidnap am near im house for Kampala on May 17, 2025 by armed people wey put on cloth wey dey like security officers. The people wey carry am talk say dem dey represent Uganda People’s Defence Forces and some of dem na Chinese people, dem hold gun force am make e transfer $500,000 for cryptocurrency. Plenty of the money wey dem con take na Afro Token, na meme coin wey Mitroplus Labs make for Tron blockchain. The kidnappers sell am sharply, which make Afro Token value drop by 16.7% and market cap con fall from $7.3 million for December 2024 to about $1.6 million. The project talk say no community money lose. This kin thing na part of plenty kidnap wey dey happen for Uganda wey dey target crypto holders, and authorities no dey do much because no regulation dey. Security people talk say make dem dey use strong authentication to stop forced crypto transfer. This gbege show say security wahala no dey finish and dey increase for crypto founders and traders worldwide, and e bring worry again about market wahala, especially for small token dem.
Bearish
The kidnappin of Mitroplus Labs CEO and forced move of $500,000 crypto assets directly affect the value of Afro Token, cause sharp 16.7% fall and big drop in market cap. The quick sell-off show how market dey vulnerable immediately to high-profile security wahala, especially for small, community-driven tokens like Afro Token. Same kind attacks come again and weak regulatory protection dey make investors worried, fit make people withdraw more or trade less. Short term, e go mean prices go dey low and Afro Token go still dey unstable. Long term confidence go fit recover if dem improve security and regulation strong, but now, people no dey happy about am.