Cointellect


#1

Heh, I have had dealings with Cointellect and things are starting to come to a head now.

I had a cheap contract which they arbitrarily cancelled in February. It was due to run until the end of March, but of course they couldn’t pay! I also had an affiliate who had a starter, then a basic contract. They’re still running, but the payout is severely hobbled.
Current affiliate live balance = 26 Euro
current affiliate pending balance (held for 14 days) 26 Euro

My current live balance 0
My current pending balance (held for 14 days) 85 Euro

Firstly, our pending balances have been that way for over 5 weeks now and show no signs of being released.
Secondly, even though my affiliate is “earning”, any attempt to withdraw is defeated because of the 26 euro available, only 0.35 is allowed to be withdrawn. The minimum limit is 10 Euro !

I gave up worrying about it a long time back. But I do keep an eye on it just in case, much like that other site. Anyway, I emailed them yesterday, asking when things were going to change.
Today I got a response -

This is an automatically generated Delivery Status Notification

THIS IS A WARNING MESSAGE ONLY.

YOU DO NOT NEED TO RESEND YOUR MESSAGE.

Delivery to the following recipient has been delayed:

support@cointellect.com

Message will be retried for 2 more day(s)

Technical details of temporary failure:
The recipient server did not accept our requests to connect. Learn more at http://support.google.com/mail/bin/answer.py?answer=7720
[(10) mail.cointellect.com. [212.47.196.80]:25: socket error]

Well that’s one way of avoiding questions I guess :hear_no_evil:


#2

I had one of the demo contracts and it did not even break even when they added the what was it 10% withdraw fee?


#3

the annoying thing is that my contract broke even, but I am 1 euro short of withdrawing the break even amount :smile:
Also, the affiliate had just made a small profit on the starter contract and signed up for the basic just as they started the shut down. So they’re 99 Euro down :frowning:

I really don’t hold any hope of getting more funds out of them, despite their “news” articles promising “Soon” and such forth.


#4

Dont use them, they pay only new customer for some days!


#5

In the middle of November I was boring a little, so i send I think 1 BTC here for Pilot contract (25Mh for 299Eur)
Later I passed this account to my soon to be wife, because she likes dogs :smile:
We were lucky to break even + some profit, but the contract “expired”, because of low BTC.
I remember, that they clearly stated, that if BTC rise above some value, which i don’t remember now, they will restart the contracts…I´m sure, that this threshold was already met…

and, there you can see the statement:
There is a 97.4 Eur “PENDING” (funny word) for more than a month:
We don´t care about this anymore, I almost forget till i see your post.
If there will be any development, please post it here…thank you.


#6

The best thing to do is to try and milk them, if you still have a fury or gridseed that’s not doing anything.

In my experience, they pay out for the first days, but that was a while ago.Might be worth a shot though and try daily withdrawals.

Back in the days, I made up to 1,50€ per day, non regarding what kind of miner I pointed at it, as long as it was a “new” account. The old baiting game, really, to convince you to go for a contract. But it’s always nice to milk a scammer…


#7

Can’t you make a deposit to match the amount and then withdraw it?

Yes, with BTC close to $300 there is no “real” reason to not resume the contracts.

Sad part is that their platform is actually nicely done. So would the current situation qualify for Cointellect to be added to our planned bad actors category? @k317x what you reckon?


#8

That should have happened a long time ago. It was known that they operate a bait and switch thing since the beginning.


#9

I seriously will not be putting any more into that company. Besides which. the money is already there. I have 85 Euros in there. I withdrew 98 euros while the site was paying out on a contract costing 99. Hence the 1 euro defecit :smile:


#10

I think there’s a good way to include everything from a “watch list” to “outright scam” & I’ll have more on that in the suggestion thread later tonight or early tomorrow.


#11

I got my answer -

Hello, thanks for choosing CoIntellect!

We apologize but please note that the 14 days holding of your funds only
applies to your affiliate earnings. The Live Balance that was
previously moved to Held does not fall under the 14-day timeline.

Your previous balance will be held indefinitely until we are confident
about covering more user withdrawals through better mining performance
and a return of BTC prices to pre-crisis levels.

However, as we announced on our recent update https://cointellect.com/news/view/?id=53,
we are doing everything from our side to increase mining performance.
We expect to have an additional 30 GH/s added to our overall capacity
this month and an additional 50 GH/s by April. We are also acquiring
assets from other mining companies that have already closed and
co-locate them in Georgia.

If Bitcoin prices continue its steady increase, we are confident about
restoring regular payouts in the coming weeks. Your patience is
appreciated as we continue to upgrade equipment and increase our hash
rate in order to be fully recovered in 2-3 months.

Feel free to let us know if you have any additional questions or concerns.

Sincerely, Kristine.

CoIntellect Customer Support & Sales

cointellect.com | mining done right |

■■■■ off !


#12

LOL, interesting.


#13

looks like the cookie has finally crumbled. site is down on my end, anyone else?


#14

not loading here either …


#15

aaannnnd…gone… :wave:


#16

And it’s back.
All my funds still on hold, but the site is back up.


#17

They are most obviously insolvent. I have outstanding about 99EURO with a withdrawal limit of about 0.025EURO per day (so have to wait 4 days to reach the minimum withdrawal amount) and guess what - after 2 withdrawals of 0.12 to 0.15EURO each of the subsequent 4 are sitting “waiting execution”.

If they can’t even pay 0.05% of what they’re owe they are officially broke.

EDIT: fixed cr*p typing…


#18

I guess no news or update or announcement from their side?


#19

No, they haven’t updated anything news-wise. I think Chris will pay before they do.
Coincidence ? :smile:


#20

:laughing: yeah right…