Investigators in Uganda apprehended a suspect upon discovering the theft of the blockchain educator's cryptocurrency during his abduction.

Authorities in Uganda have arrested Phineous Biira in connection with the May 17 abduction of Festo Ivaibi. Forensics discovered that Biira's wallet on a large centralized exchange received stolen cryptocurrency, leading to arrest.

The blockchain learning institution, Mitroplus Labs of Ivaibi, announced the arrest of Biira, citing her prior convictions for similar activities. When questioned, Biira did not say why she had the money from the stolen funds in her account.

According to media reports, those responsible for abducting the people were a gang armed and backed by rebels in the Ugandan Defense Forces (UDF). Unnamed Chinese businessmen reportedly collaborated with the gang to quickly sell off stolen digital assets. The efforts of the forensic experts and the exchange allowed officials to quickly recognize and arrest the suspect who had used crypto.

Although Mitroplus Labs highly valued the professionalism of the Ugandan police, they pointed out that these cases have implicated members of the UDF. The group said that hackers stole nearly $500,000 from Ivaibi’s wallets, including $18,000 in Afrotoken which then briefly lowered Afrotoken’s price.

Based on his compliance with tax rules, Ivaibi emphasized that he supports letting cryptocurrency businesses continue paying taxes, saying it is the patriotic thing to do. His story shows that blockchain entrepreneurs in Uganda face many ongoing issues and threats.