According to a report published on iHarare, the founder and CEO of Zimbabwe’s crypto currency Tawanda Kembo lost the password to his golix accounts in May last year. The wallet whose password he lost contains over US 250 000. In spite of having been quiet all along, Kembo has broken the silence and confirmed the loss of the password. He said the loss, however does not affect withdrawals as it happened at a time when the whole bitcoin trading was “cheap dirt”.
The issue of losing the password was confirmed by two separate sources who also worked at Golix. The financial institution has been having vicious battles with the RBZ for some time thereby making it difficult for innocent investors to withdraw their foreighn currency. Financial regulators from the RBZ called for the shutdown of Golix for allegedly flouting some regulations. They even dragged them to court.
However, during the court battle, Golix was still operational and even putting up notices for their initial coin offering. They even launched their own token, called the GLX and stated that they wanted to launch other exchanges in other countries such as South Africa, Kenya and Uganda. It still remains a mystery whether that plan was eventually executed.
Kembo has dismissed claims that Golix is now just a toothless bulldog. He said the company is not profitable now but is stable and will be for at least a couple of years. Most people have however raised a red flag and are trading cautiously. The issue of foreign currency and trading has become quite contentious in Zimbabwe. Lack of foreign currency has led to financial distress and poor decision making for most people with access to foreign currency in Zim.