RATE Group | Cryptocurrency exchange CEO ‘loses’ private key to user funds — claims it doesn’t really…
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Cryptocurrency exchange CEO ‘loses’ private key to user funds — claims it doesn’t really…

01 Nov Cryptocurrency exchange CEO ‘loses’ private key to user funds — claims it doesn’t really…

Posted at 16:48h in Cryptocurrency News by

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The founder of a Zimbabwean cryptocurrency exchange has apparently lost the password to his company‘s wallet, preventing users from withdrawing their funds.

Tawanda Kembo, founder and CEO of Golix, is said to be claiming he lost the password for a cold wallet in May last year. According to a report from local news outlet Iharare, the wallet contained 33 Bitcoin about $300,000 at today’s exchange rate.

Loss of the password has reportedly been confirmed by two sources that previously worked at Golix.

What’s more suspicious is the timing of the indiscretion.

The password was allegedly lost during a time when customers were trying to remove their funds from the exchange after the Reserve Bank of Zimbabwe (RBZ) ordered Golix to shut down operations. Customers began withdrawing their cryptocurrency after the RBZ banned Bitcoin trading last year.

According to another source that worked at Golix, users that kept their…

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