Customers of Golix Exchange Can’t Access Funds

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A cryptocurrency exchange in Zimbabwe known as Golix is under fire after its CEO allegedly lost the private keys to the company wallet, thereby preventing customers from withdrawing their funds. What’s the Trouble with Golix? Twanda Kembo, the founder and primary executive of the Golix exchange, says he lost the password to the company’s cold storage unit in May of last year. Wow… So, it didn’t occur to you to inform your customers six months ago when this happened? You decide to wait until November to inform your customers? Two additional sources have confirmed that the password is nowhere to be found, leaving $300,000 in BTC unavailable or “lost.” In addition, the disappearance of the password comes at a time when the Zimbabwean government issued an order requiring that the exchange shut down its operations. The Reserve Bank of Zimbabwe (RBZ) initiated a ban on bitcoin trading late last year,…

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