Dogecoin Cloud Mining Scheme Cointellect Freezes Payment Withdrawal Process; Users Smell Scam

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

  • Masno Govedo

    Lol 😀
    Anyway, thank you! 4 rigs with one 7970 (load balance) makes 2000 euros for 3 months. 😉
    Cheers!
    Enjoy at Carribean islands with earned money, or wherever you are!

  • At a certain point either too many funds start to drop off or the scheme has become too big too manage. Whatever the case, once the official excuses start popping up they passed the point of no return. If the scheme wasn’t collapsing already, it will once payouts are resumed (the drop off rate would increase significantly).

  • demon

    Ive invested €2600 and ive withdraw about €2800 .. whether they are turning to scam it doesnt matter to me now but Since 2015 the are Not paying On time and about €700 are withdrawal in process.. from 15 days…

  • Tobey Collins

    I’ve had a 25 Euro pending payment for over 2 weeks now. Make your own mind up.

  • POWER23

    HELLO COINTELECT NOT SCAM ,,,THE BEST COMPANY !!! CRYPTOPAI ENEBLE ALL IS OK ,AWAITING FOR

    SWITC CARD !!

    • WORTHLE$$ PLASTIC – JUST LIKE THEIR CONTRACT$ NOT WORTH THE PDF’s THEY ARE PRINTED ON!!

  • Cristina

    Attention! Scan!
    At the moment not are paying and the delay of payment will amount to 2 months for some users.

  • fuck

    I lost my 99euro fuck cointellect

    • Zed Gucci

      yup they are fuck up.. they cannot deduct any single cents from my pocket..

  • Zed Gucci

    this is totally scam they are now asking for creditcard for cashout and deducting some amount of euro by failed payment api.

  • Thanh Justin

    Fuck off cointellect im lost 10eu

  • Zed Gucci

    its a piece of code shit! the real scam rumble numbers as it is real but fake..

  • msaettone

    COINTELLECT IS A FRAUD !!
    I have made a payment for OKPAY the day 03/01/2015
    at 18:15 , to buy a contract. but the contract has not been activated .
    OKPAY make the payment and was deducted from my account but my contract was not active .

    It really is very annoying , I feel cheated . this problem have a month without solution

  • lorenzo

    I can give you my usernam and password
    to prove it

  • didoo

    COINTELLECT IS A SCAM


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