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CEO of Golix admitted losing password to 33 Bitcoin (BTC)s

Crypto enthusiasts in Africa were shocked by a statement made by the CEO of Golix — Zimbabwean cryptocurrency exchange. He admitted losing the password to the BTC wallet in 2018.

Tawanda Kembo, the founder and chief executive officer of the once flourishing Golix misplaced the password last May. The wallet contained 33 Bitcoin (BTC)s, which is about $300,000 today. Two separate sources who worked with Golix before confirmed the password fiasco in local media.

Back in 2018 Golix users started to withdraw their funds from the exchange because of the financial regulations at the Reserve Bank of Zimbabwe, which ordered the exchange to be shut down for violating regulations. Golix has shut down communication with its users and failed to process customer’s withdrawals due to bankruptcy.

According to Kembo, complications occurred because crypto firms were denied to access bank account in Zimbabwe. He claimed the password issue did not affect the operation of the exchange.

Zimbabwe is not the only country that restricted the use of foreign currency, setting a favorable environment for Bitcoin peer-to-peer trading. BTCMEX reporter last week, that crypto trading burst out in Argentina.

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