Highlights:

African Exchange Golix’s CEO has suddenly disappeared with the funds of its customers

Sources report that the CEO had recently lost access to the Cold Wallet

Over 50,000 users are now in a state of panic as their funds are lost or stolen

News hit the scene when Zimbabwe’s Golix Exchange told local media 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.

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.

“But we understand he has told some of our old colleagues that he has now lost the keys and disappeared, which is something I find to be very unlike the Tawanda Kembo I know”, said a source close to the exchange.

This follows a long tradition of exchanges ‘losing’, ‘misplacing’ and even disappearing with the funds held by them Mt. Gox, QuadrigaCX, and now Golix Exchange has hit the news. Using this, the community should note that instead of putting all their faith in the hands of centralized entities, but should actually move towards holding their own funds. As it is said in the community, “Not your keys, not your crypto”