• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
bitcoin zimbabwe

African Bitcoin Exchange Founder Vanishes, Claiming Lost Wallet Password

Martin Young
by Martin Young
5 years ago
·
Posted in News, Bitcoin, Bitcoin News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin by design is secure, for people to be their own banks it needs to be. Responsibility for your own assets and private keys is of paramount importance, even more so if you are a custodian of assets for others. Clients of one African crypto exchange have found out the hard way.


Bitcoin Exchange Boss Does a Runner

Africa is primed to be the next frontier for bitcoin adoption. According to Binance research search trends for bitcoin in Africa have increased dramatically. However, the nascent African crypto scene has had its share of bad news.

A little more came from Zimbabwe yesterday when local media reported that the founder of the Golix exchange had lost his password. Tawanda Kembo, founder and chief executive officer of the once flourishing exchange is claiming to have lost access to a cold wallet back in May 2018.

iHarare has attempted to reach Kembo but he has proven to be elusive. This is not surprising considering the wallet held 33 BTC worth an estimated $300,000 at today’s prices. Two of the exchanges ex-employees confirmed the story.

Doubts are mounting as the timing dates back to when clients were trying to withdraw their crypto from the exchange which was under regulatory scrutiny. Financial regulators at the Reserve Bank of Zimbabwe ordered the bitcoin exchange to be shut down for a number of violations.

Golix continued to battle but ultimately lost, as did any customer who left their crypto assets on the exchange. During the period of regulatory pressure, Golix proceeded with its own ICO for GLX token. It also touted expansion plans into other countries such as Uganda, Kenya, and South Africa.

At the time the press release stated;

Golix has been operational in Zimbabwe as an exchange for 3 years already and boasts of over 50,000 customers having transacted over US$20m to date. The funds raised will see them opening exchanges in more African countries as well as expanding their portfolio of services offered.

It was reported that the exchange raised between $2 and $10 million in the ICO. It has been very guarded about how the funds were used and did not open any other branches in Africa. Since then Golix has gone dark with no communication at all with its customers leaving those unfortunate enough to have any crypto left on the platform in limbo.

The wider fear now is that authorities will use this news to justify a crackdown on crypto exchanges and bitcoin trading in Zimbabwe.

Will Golix customers ever get their bitcoin back? Add your thoughts below.


Image via Shutterstock

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Martin Young

Martin Young

Follow

Martin has been writing on technology for 15 years, he has a keen eye for emerging cryptocurrency news, blockchain developments, and market sentiment.

Full Profile

Related Posts

Bitcoin

Bitcoin Foundation Has Changed: Cycle 4 Is Redefining Long-Term Market Trend – Here’s How

4 hours ago
Биткоин

Биткоин сохраняет импульс — рынок не перегрет

6 hours ago
Bitcoin vs NASDAQ - ATH voor aandelen, wanneer BTC koers $200k?

Bitcoin vs NASDAQ – ATH voor aandelen, wanneer BTC koers $200k?

12 hours ago
Luxembourg Bets On Bitcoin As Sovereign Fund Adds 1% Exposure To BTC ETFs

Luxembourg Bets On Bitcoin As Sovereign Fund Adds 1% Exposure To BTC ETFs

12 hours ago
加密市場即時新聞:Bitwise低費ETF領漲、基金流入創59.5億美元新高(10月10日)

加密市場即時新聞:Bitwise低費ETF領漲、基金流入創59.5億美元新高(10月10日)

5 hours ago
นักลงทุนฉลองในห้องโถงอนาคต ท่ามกลางรูปปั้น Bitcoin

Bitcoin แกว่งใกล้ 121K ดอลลาร์ นักลงทุนลุ้นเงินกองทุนไหลเข้าอาจหนุนราคาทะลุแนวต้านสู่ 130K

14 hours ago
Please login to join discussion

Premium Sponsors

Press Releases

  • BNB

    ChatGPT предвижда BNB да достигне $2,500...

    11 hours ago
  • Maxi Doge นักสู้เหรียญมีมยืนโพสท่าในสังเวียนมวย

    Binance-Peg DOGE นำโด่ง Top 11...

    1 day ago
  • Find Out Why Whales are Rushing to Buy Bitcoin Hyper’s $22M Presale—Plus, Our $HYPER Price Prediction.

    Find Out Why Whales are Rushing to Buy Bitcoin Hyper’s...

    2 days ago
  • ...

    2 days ago
  • Your Chance to Win Up to 10% Deposit Bonus and Up to 21K $USDT Bonus Prizes at KCEX

    Your Chance to Win Up to 10% Deposit Bonus and Up to 21K...

    3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.