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Alleged BTC Key Loss on Golix Re-Opens Crypto’s ‘Custody Battle’

Just in case users ever forget that they should not be storing their coins on an exchange, it seems that the industry manages to provide some sort of a “reminder” every few months–for better or for worse.


Last Thursday, Zimbabwean news source iHarare reported that Tawanda Kembo, the founder and CEO Zimbabwean cryptocurrency exchange Golix, had lost the keys to one of the exchange’s cold wallets. According to the report, the wallet contained roughly 33 BTC, worth roughly $306,000 at press time.


A number of news outlets reported that Kembo had said that he had lost the keys all the way back in May of 2018–a particularly poignant time in Golix’s history, just as the exchange’s users were beginning to withdraw their funds following the Reserve Bank of Zimbabwe’s (RBZ) alleged decision to force the shut down of the exchange.


Many of the same reports claimed that users were having difficulties withdrawing their funds, or weren’t able to withdraw them at all. Read More...

Alleged BTC Key Loss on Golix Re-Opens Crypto’s ‘Custody Battle’
Losing crypto is a big worry for users

#Custody