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Golix CEO Lost Password To Wallet Containing Close To $250 000 Worth Of BTC Last Year

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Earlier this morning we ran a story on the latest update on whether or not Golix had actually managed to give their customers what they owed them. Since breaking that story a number of sources who preferred to remain anonymous reached out to us allowing us to get the bigger picture and details the CEO wouldn’t acknowledge.

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One of the sources a client who was owed around $40 000 – in both RTGS and coins- explained the sequence of events as follows:

  • The client got an acknowledgement of debt which was signed by Tawanda Kembo himself.
  • The CEO of Golix also proposed a payment plan which would ensure payment after 3 months.
  • After the 3 months had passed the client claims they never heard back from the CEO of Golix

The lost password…

Our anonymous source also explained why customers were failing to withdraw cryptos and unfortunately it’s due to what appears to be a rookie mistake by the CEO.

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The source claims Tawanda Kembo told him that he had lost the password to the cold wallet which contained 33 Bitcoin – something we believe is true as it was disclosed to us earlier by a different source (at the time we had no way of verifying how true it was). The source didn’t share when this password was lost but in May 2018 when the Golix fiasco started one Bitcoin was around $7 487 (according to Statista) which means if the password was lost during this period, close to $250 000 was actually lost due to this mistake.

For those who aren’t familiar with how cold storage works here is a pretty good explainer from Investopedia:

Cold storage is an offline wallet provided for storing bitcoins. With cold storage, the digital wallet is stored on a platform that is not connected to the internet, thereby, protecting the wallet from unauthorized access, cyber hacks, and other vulnerabilities that a system connected to the internet is susceptible to.

Investopedia

Whilst the cold wallet is great for security, it comes with high risks since the loss of a password will render all the bitcoin on it inaccessible.

At the time of writing, Mr Kembo’s phone is still redirecting to voicemail and he hasn’t replied to any request for comment via email.


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16 thoughts on “Golix CEO Lost Password To Wallet Containing Close To $250 000 Worth Of BTC Last Year

  1. I was one of the stupid pple to lose $500 usd equivalent with Golix in coins bought through them. I regret ever making a decision to buy digital currency with Golix. I hope Tawanda and his Golix will fail whichever market he goes as he duped us money.

    1. Not necessarily. The passwords for these kinds of wallet are not your ordinary passwords but instead are actually quite complex in length. It’s the type of password you have to store somewhere and storing a password somewhere mans you can lose it. It’s happened a number of times globally.
      It’s hard to truly know whether or not these loses are true or if they are just convenient stories told when it’s time to pay up

      1. You’re contradicting yourself.

        Based on what you said, it actually renders the word “forgot” bullsxxt!

        Forgot implies something you commit to memory. Something that can be committed to memory.

        But you said it’s so complex you will have to store it

        Unless you or he says he “lost” the password or didn’t save it

        It is still a very convenient statement that greatly benefits him

        1. That’s why the title of the story says he lost the password, and at no point in the article did I mention him forgetting the password. In the subsequent comments as well I didn’t say he forgot the password. Read my friend…

  2. as expected with hit and run zimbo. theres no guarantee with any zim company. they should be prosecuted through a class lawsuit.as soon as the rbz gave notice they planned this. what goes around comes around my friends.dont worry about it

  3. These guys were running a Ponzi scheme in my opinion. Anyone with sufficient knowledge of the terminology can create their own “coin”. Put up a website to trade the coins. Arbitrarily increment the value over time. The lure of big profits dissuades buyers from liquidating their coin. Some will, but the scheme will accommodate this, till many people decide to liquidate. Then boom, I lost the password… Hard to refute… Even if you take the chap to court, you’ll probably get tired and give up. Meanwhile, he’s living la Vida loca.

  4. If there Is anyone seeking help in storing their coins on a hard wallet LEDGER NANO to be specific please get in touch with me and i can guide u thru. I can let u use my ledger nano S to create/generate your own password called PHRASE comprising of either 12 or 24 letter words

    I can be contacted on WhatsApp no +447445225349 or direct call on the same number. Caleb Mubango

  5. I’m reliably informed by a source in the company that this wallet actually had $2.5 million and they have tried to understate the value of the loss

    1. Yeah, saw the article this afternoon. Go and read the comments under it. People can read through bogus. Tawanda’s situation is quite disappointing because many believed him to actually be an entrepreneur. His latest article, however, suggests to me that he is something much worse than we envisioned. Heartbreaking…

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