Zimbabwe’s digital asset designed to work as a medium of exchange dubbed ZASH which recently took the digital market by storm is seriously under threat from scammers, the company has revealed.
Zimbocash, a community where people meet to trade using ZASH (cryptocurrency) was launched in November 2018.
Founded by South African based chartered accountant Philip Haslam, the platform has to date signed up more than 30 000 members.
Now it appears the much talked about initiative needs to tighten its security system amid revelation that scammers are creating multiple accounts causing identity crisis.
The attack has prompted the company to suspend payment gateways as it focuses on tightening the security system.
Members are currently unable to make any transactions.
“ We unfortunately , have had to put payments gateway in maintenance mode you won’t be able to make transactions for the time being.”
“We have had some challenges with respect to identity validation of users , some users were creating multiple accounts we had originally been relying on cellphone numbers as a proxy for identity , but a few subscribers were creating scam accounts unfortunately ,it always is just a few individuals who spoil it for others,” reads the company’s email to its customers.
The company further assured its clients that their ZASH balances are safe.
“ We highlight that you will not lose your ZASH . Your balance is safe.”
It’s called the Network Effect and is the reason why bitcoin and other cryptocurrencies have so much value.
The more people who join the community, the more value ZIMBOCASH will have for everyone.
To join the community, you visit https://www.zimbo.cash/ and click the sign-up button and follow the instruction.
New subscribers will automatically receive 3125 ZASH which is equivalent to USD$10 redeemable to ZASH registered agents.