According to Bitcoinist, Tawanda Kembo, founder and CEO of the African Zimbabwe cryptocurrency exchange, recently claimed that he lost the private key of the encrypted asset stored in the cold wallet in May 2018 and subsequently lost his whereabouts. It is reported that the platform users have tried to withdraw funds on the exchange but failed. Zimbabwe’s financial regulator has now ordered the closure of the Bitcoin exchange because of a series of violations. During the period of supervision, Golix also launched the ICO for the platform's GLX tokens and advocated expansion plans for other countries such as Uganda, Kenya and South Africa. According to analysis, the Zimbabwean authorities will use this news as a reason to combat the cryptocurrency market.