Crypto Ransom Kidnapping: Founder of Mitroplus Labs Abducted & Held for $500K

The founder of Mitroplus Labs, Festo Ivaibi, has been abducted in a ransom scheme involving crypto. The kidnappers demanded a hefty sum of $500,000 and access to his cryptocurrency wallets. This incident led to the dramatic fall of the firm’s Afro memecoin, which was launched in 2024 by Mitroplus Labs after its official creation of their educational hub for Africans. The kidnappers then left Ivaibi behind before fleeing with the founder’s vehicle and emptying the Afro memecoin. The company claims no funds from community members were impacted during the attack, according to the statement released following the incident.