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Festo Ivaibi, founder of Mitroplus Labs, was abducted at gunpoint in Uganda and forced to transfer $500,000 in crypto. This incident highlights the rising threat of wrench attacks targeting crypto holders. Experts warn of inadequate security measures amid increasing crypto-related crimes.
- Armed attackers abducted Festo Ivaibi, forcing him to transfer $500K in crypto and sell Afro Token holdings.
- Mitroplus Labs alleges 48 similar crypto-related kidnappings in Uganda, often unreported due to criminal influence.
- Experts suggest multi-factor authentication and transaction monitoring to combat rising wrench attacks.
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