HashFlare Reports & Reviews (1)
HashFlare Contacts
If you know any contact information for HashFlare, help other victims by adding it!
Add new contacts
SCAMPULSE
|
SCAMPULSE
If you know any contact information for HashFlare, help other victims by adding it!
Total money lost $490
Type of a scam Investment
I used a credit card for the purchase (then paid the amount off with cash) to help protect myself from identity theft. (Why worry about identity theft when you’re just handing someone money in a scam? I didn’t realize it was a scam at that point.)
An invoice for an initial purchase was provided to my email. It stated the Product Name was SHA-256 Hash rate and QTY was 3.5 but there was no indication as to whether it was GHz or THz (both of which the company sells). Though it is referred to as a contract on the website, a copy of a written contract is never provided. Periodically, the company will take actions such as imposing sudden and unpredictable size limitations on reinvestments and withdrawals. There is no contract to reference as far as what actions are permissible. The company is in total control. They like to attempt to shift blame and play the “it’s out of our hands” and the “we follow the averages” cards.
Additionally, invoices are not provided if the user decides to reinvest with BTC to purchase more hash rate through the site. Though there is a detailed log in the “History” tab of the website, if the website should ever go down (or the place closes up shop), there is no official receipt, statement or proof of those purchases. The log shows contract numbers but to reiterate, invoices or contracts are not provided on reinvestment purchases. (Or any kind of tax documentation.)
The AVERAGE DAILY FEE on SHA-256 (Bitcoin) production cited as “maintenance” has averaged out to 16.4% over the past 33 days (using my account). This does not count transaction fees.
Up to this point, I would just chalk it up to poor decision making on my part for a high-risk investment in a volatile market through a small company [where the money is sent to Edinburgh, Scotland (per the invoice), for operations in Tallinn, Estonia (per Google searches) to gain mining profit through supporting a Chinese bitcoin mining pool] that didn’t turn out, but then…
An announcement on the main website page showed up informing users **The ability to create new Bitcoin withdrawal requests was disabled. ** (Surprise, you can’t get BTC out.) The user cannot transfer Bitcoin to a wallet or an exchange where BTC can then be converted to traditional currency. The website states this is temporary, but it’s been MULTIPLE WEEKS. For a period, reinvestment purchases were suspended but they have since restarted.
There was an update stating that supposedly BTC withdrawals are enabled in test mode and that the minimum withdrawal is 0.05BTC with a 0.0006BTC fee. If you want to make a withdrawal but have less than $761.53 worth of BTC (using today’s exchange rate) … tough, you can’t. (Feel free to reinvest any amount though.)
The money I “invested” is gone and I can’t withdraw the Bitcoin I’m supposedly making through the hash rate in an attempt to break even. (There’s not even a contract for me to review.) I would have to make more than 1.5 times the original investment amount (after the daily 16% maintenance fees on payouts) to meet the minimum withdrawal amount (that was not there at the time of purchase/investment). There’s nothing keeping the company from changing the withdrawal limit to something higher/unattainable, raising fees all the way up to 100% of the daily output, or shutting down withdrawal requests again for any amount of time they see fit… preventing the customer from ever seeing a return. I got scammed by this cloud bitcoin mining site – don’t let it be you too.