Festo Valbi, the founder and leader of Mitroplus Labs, a crypto education hub in Africa, was abducted on Saturday, May 17. According to a statement released by Mitroplus Labs, Valbi was attacked around 7:00 p.m. near his home by individuals posing as security operatives.
The attackers, dressed in uniforms and armed with guns, forced Valbi to transfer $500,000 from his wallets, including those held on Binance, to a wallet under their control.
Afro Token was impacted during Mitroplus Labs scams
The company confirmed that a small, coerced sale of Afro Token also occurred during the incident. “We want to assure the community that this was done under coercion and not as a decision or action by the team or the founder,” Mitroplus Labs stated.
Mitroplus Labs reported that they took immediate action following the abduction. “All compromised devices were wiped clean. We now have full and secure access to all wallets. No community funds were accessed or compromised beyond the forced sale. A formal report has been filed with police and relevant security agencies, and investigations are underway.”
The company further alleged that Valbi’s abduction was masterminded by a syndicate which had connections with the police and many informants.
“To our knowledge it’s a ring of informants that pose as traders, conniving with security operatives, police and two known Chinese business men. At least 48 cases like this have happened in Uganda and have been dismissed at the influence of their ring. Pictures of these people and several victims have been shared with security to help on the matter.”
Calls for stricter crypto regulation in Africa
The abduction of Valbi has ignited renewed calls for stricter regulation of the cryptocurrency sector in Africa. Mitroplus Labs, in its statement, emphasized the growing risks faced by those in the industry.
“Crypto entrepreneurs are becoming targets, and we must talk about it. It’s time we take digital and physical security seriously in this space,” the company posted on X on May 20.
They added, “What happened to our founder was not just an attack on one man, it was an attack on innovation, on education, and on the future of Africa’s digital economy. We will not be silenced or stopped. But this is a wake up call: We urgently need stronger protection for innovators and clear regulation for the crypto space. Africa cannot afford to lose its builders to fear.”
The incident highlights the increasing vulnerability of individuals and businesses involved in the cryptocurrency space in Africa, where the industry has experienced rapid growth alongside a rise in fraudulent activities.
Mitroplus Labs urged its community to enhance its security practices. “Tighten your security protocols, both physical and digital. Practice safe wallet storage, 2FA, and secure password management. Be cautious in conversations both online and offline about your assets.”
Rising crypto crime in Africa
The problem of cryptocurrency crime is rapidly increasing, particularly in countries like Nigeria, Tanzania, Kenya, and now Uganda.
Tanzania has seen a 250 percent surge in crypto fraud, while Kenya has recorded more than double the previous number of cases.
In many of these schemes, perpetrators rely on fake identification—41 percent of cases in Tanzania involved edited ID cards, while 61 percent in Nigeria used forged ones.
Nigeria remains heavily impacted, with a 59 percent increase in IT services fraud and a 46 percent rise in fintech-related scams. A recent Nigerian police operation uncovered crypto fraud schemes affecting over 5,000 victims.
The authorities in Uganda have yet to comment on Valbi’s disappearance, particularly if investigations are underway to track his abductors.
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