Earlier yesterday, Golix sued the Reserve Bank of Zimbabwe and in the court application, Golix believed that the central bank’s instruction for Golix to shut down was unlawful as they have no jurisdiction over Golix.
We got our hands on the chamber application and it makes for some interesting reading. There are a number of interesting facts within the document:
#Bringbackthemoney
It seems customers have been scrambling to get their money out of the crypto exchange as the urgent chamber application that Golix presented to the court states:
Since the ban was announced, Applicants’ (Golix) customers have had a run on the exchange. They are disposing their cryptocurrency on the exchange and withdrawing the equivalent in fiat currency en masse. Since the ban was announced, a total of US$ 30,000 (thirty thousand United States dollars) per day has been withdrawn from the exchange. This represents 30% of all funds that were being traded on the exchange prior to the ban.
The ban was announced publicly on the 14th and this means they customers have attempted to withdraw about $210 000 since then. Customers have been trying to make withdrawals but failing since BOTH Golix’s bank accounts have been shut down (earlier, we had been informed that only one was shut). Golix has taken a hit and since they make their money from trading, the mass withdrawals are a nightmare for the crypto exchange.
[UPDATE]:A Golix official has informed us that the amount stated above are attempts to withdraw which they have been unable to process because their bank accounts have been shut.
The huge withdrawal amount isn’t the only interesting figure we stumbled upon as were checking out the court application:
50k
Golix has almost 50 000 customers. 49 333 if we’re being exact. Golix started running their exchange in September of 2015 which means they have amassed the customers over around two and half years and if they are still around this September they’ll probably have passed the 50 000 mark by the time they turn 3.
US$9.9 million
Since Golix started trading the total value of transactions conducted on Golix’s exchange amount to US$9.9 million. For every transaction, Golix charges 3% of the value of each transaction -1% on the maker of the transaction and 2% on the taker- which means since 2015 they’ve made $297 000 in revenue.
Those are some of the numbers which would not normally be in the public domain if things were normal but as you probably know things are far from stable in Zimbabwe’s crypto scene.
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11 comments
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Pleasing to find that Golix is fighting this injustice.
Is the Bitcoin ATM still accessible?
hmm, some guys never learn! Here, from a proper investor, with REAL investments: Warren Buffett on cryptocurrencies: “When you buy something because you’re hoping tomorrow morning you’re going to wake up and the price will be higher, you need more people coming into it than are leaving. And you can get that and it will feed on itself for a while, and sometimes for a long while, and sometimes to extraordinary numbers, but they come to bad endings, and cryptocurrencies will come to bad endings. And along with the fact that there’s nothing being produced in the way of value from the asset, you also have the problem that it draws in a lot of charlatans and that sort of thing, who are trying to create various sorts of exchanges or whatever it may be. It’s something where people who are of less-than-stellar character see an opportunity to clip people who were trying to get rich because their neighbor’s getting rich buying this stuff neither one of them understands. It will come to a bad ending”
Boo hoo, you are the clown. You take Warrens words as if they are God’s words. You certainly take no lessons from history. Disruptive technologies always leave people like Warren and yourselves behind. Ask Kodak, they will tell you.
Not all disruptive technologies are successful. It is very naive to assume that disruption is equivalent to progress or success. …. and yes, some opportunists are taking advantage of ignorance (which is now ubiquitous) and stealing from unsuspecting folks!
Good luck with you craptocurrency !
Well golix one fully well they bring used to clean RTGS and get more for usd… They cannot operate anywhere but zim… Secondly this is not about bitcoin or crypto… How much did they invest how many jobs did they create… How much Forex are they bringing in… Let’s see the figures before we judge…
I don’t know how much forex they brought in, but they did create about 20 jobs. Check out https://golix.com/ under Team
you may call it about 20 jobs but honestly speaking more indirect jobs were actually created by these guys ………Zimbabwe why why why
Obviously The government is looking for ways to get a stake and or just regulate. I’m thinking it’s a tactic to buy time before people make huge bucks from it.