A crypto founder in Uganda was kidnapped, coerced at gunpoint to transfer $500,000 in crypto to attackers. Festo Ivaibi, founder of Mitroplus Labs, was abducted near his home in Kampala. The armed group, posing as UPDF security operatives, forced him to unlock wallets and transfer funds. Afro Token, a meme coin, was also sold under duress. The incident is part of a series of attacks involving fake traders, law enforcement, and Chinese nationals. Wrench attacks, threatening physical harm to obtain private keys, have been on the rise. Security measures like multi-factor authentication and monitoring transactions are crucial. Despite the challenges, maintaining security through techniques like VPNs is essential in the face of increasing crypto value and government demands for transparency. Read more AI-generated news on: https://app.chaingpt.org/news