Blockchain Trail Helps Police Arrest Suspect in Crypto Instructor’s Abduction

Ugandan police arrested Phineous Biira for the May 17 abduction of crypto educator Festo Ivaibi after tracing stolen funds to her wallet.

Biira, who has a criminal record, initially resisted arrest. The kidnapping involved a gang linked to the Ugandan Defense Forces and Chinese businessmen laundering stolen crypto. About $500,000 was stolen from Ivaibi’s wallets, including $18,000 from a related memecoin, causing its price to drop.

Mitroplus Labs praised the police but warned of military involvement. Ivaibi, a tax-compliant crypto entrepreneur, urged continued government support.

Clever Robot News Desk 28^th May 2025