According to local media reports on November 1, the CEO of the first cryptocurrency exchange in Zimbabwe reportedly lost his password in May last year. The accident was confirmed by two people familiar with the matter.
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Earlier reports said that the financial regulator of the central bank of Zimbabwe had ordered the exchange to cease operation on the grounds of violation of regulatory requirements. The central bank of Zimbabwe has been paying close attention to Golix for years because it believes the exchange is a risk for the country and has been working hard to close the exchange.
After that, Golix lost contact with the user, and most of the users of the exchange still could not retrieve their funds from the exchange.
In the article, Kembo responded to the allegation that the exchange failed to process user withdrawals.
Kembo denied that his company was unable to process the withdrawal due to insolvency. He said: "99% of the withdrawal requests have been successfully passed." Kembo added that only 1% of the people have been unable to withdraw funds.
However, Kembo did not deny that the wallet password was lost. There were 33 bitcoins in the wallet, which was worth more than $307,000 at the time of publication. Kembo claimed that the entire incident was taken out of context.
Kembo also claims that Golix "basically never encountered any challenge in handling cryptocurrency withdrawals." According to him, the problem is because the customer does not know how to use the cryptocurrency. However, there is no mention of whether Golix has provided customer support in this situation.
As for the lost password, Kembo does not deny this, but claims that this situation has been taken out of context and does not affect Golix. He said that he was an early adopter of Bitcoin because his account could only be accessed through a Linux terminal, resulting in a loss of password. He said that the cost of buying bitcoin in the wallet is very low, so the actual value of the loss is not large.
In July this year, the Zimbabwean government banned the use of foreign currency in this African country, which led to a surge in Bitcoin transactions. According to reports, people in Zimbabwe have been using Bitpal, Western Union and Moneybookers to trade Bitcoin at a high premium abroad.