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Dogecoin Cloud Mining Scheme Cointellect Freezes Payment

Avatar Yashu Gola 5 years ago

The latest broadcasts from various social media circuits are reporting a halt in Cointellect’s payment withdrawal process, further solidifying the company’s “Ponzi scheme” tag.

The Dogecoin-based cloud mining company have always been grilled by its users and onlookers for a series of issues, ranging from exaggerated service claims to hosting malicious entities on its website. And over the last months, customers have constantly been complaining regarding deliberate transaction delays. The latest reports of frozen funds however are ten-steps ahead — probably a final nail in the coffin — that has left users disappointed and agitated.

ponzi scheme

“I was a Cointellect user for several months,” recalled one of the Cointellect customers who said:

“I had three gridseeds running, each with its own raspberry pi as a host and an individual user/worker at Cointellect. I was able to make about 1 million Dogecoin, but lost quite a few by trading on Cryptsy. Unfortunately Cointellect stopped to process payouts three days ago. They show you the “success-site” when you try to withdraw, but they don’t transfer your coins anymore.”

This sentiment has been shared by other Cointellect customers as well, all of whom have reported similar exploitation by the company.

In an interview given to cryptocurrency news website CoinTelegraph last week, Cointellect COO Helder Rodrigues rubbished such reports. He simply blamed the entire thing on the volume of requests which turned out be more than what they originally anticipated during the holiday season. However, there has been no update on the halt in payment withdrawals up until this time of writing. The company’s Twitter page, as we see, is busy promoting their services every 15 minutes.

At press time, we are not sure whether Cointellect has disappeared with users’ money or not. But the entire episode indeed smells like a rotten fish. Stay tuned for more updates on this story.

Image Credits: Cointellect and Flickr

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