Things have been rather tumultuous for Cointellect over the past few weeks, as many customers have voiced their negative feelings towards the company. When we wrote our article yesterday about the contract payouts being changed all of a sudden, the mood turned even more sour than it already was. However, Cointellect made another announcement today that could offer a glimpse of hope to their customer base.
Cancelled & Frozen Cointellect Contracts
As mentioned yesterday, Cointellect’s contract structure would undergo some drastic changes, both in regards to payouts and availability. Older lower tier contracts have been effectively cancelled as of now, simple for the reason of them being obsolete and unprofitable due to the rising mining difficulty and falling Bitcoin price.
Recently purchased contract (recently as in January 1st 2015 or later) will remain active for the time being, but they will be subject to a variable payout based on the current Bitcoin price. Higher tier contracts are frozen for the time being, until the Bitcoin price rises to “normal levels” (US$320 or better) at which point Cointellect will decide on how to proceed with those contracts.
Payouts Being “Held” For 14 Days
All pending withdrawals will be voided and cancelled, and the amounts will be returned to the user’s balance, especially if you are a client who has withdrawn an amount bigger than your original investment. Live balance earnings have been put on hold for 14 days, even though one of their representatives mentioned these funds can be held for an undetermined period of time. This might depend on your contract type and amount in your balance though.
But there is good news as well, of sorts. All withdrawal fees have been waived! Unfortunately, none of the payout options is available at this point, but once they are enabled again, everyone should be able to get funds out without any additional costs. Speaking of withdrawal options, CryptoPay has been enabled for Basic, Starter and Pilot contract owners as well (which includes myself, woo!).
However, CryptoPay has not been enabled as of yet, as the status is “Waiting for funds” on the Cointellect website. According to their representative, this should not take too long, so we will have to keep checking back regularly in order to give this withdrawal option a try. No official word on re-enabling Paypal and Dogecoin withdrawals at this point in time.
Cryptocurrency Debit Swiss Card Available Now
In our earlier Cointellect interview during Bitcoin Expo 2015 in London, we mentioned how Cointellect was working on implementing some form of prepaid/debit Mastercard branded cards for their customers. The First Swiss Card seems to be exactly that, bt Cointellect has not announced any more information in regards to monthly or withdrawal fees. The cards themselves are available for pre-order free of charge though.
Note from the author : I have requested my First Swiss Card a few minutes ago, and I will keep our readers informed in regards to the process and fees.
Refunds For Existing Contracts
Cointellect is actively offering refunds for customers whose contracts have not ROI’ed at this point in time. Do keep in mind that requesting such a refund will void and nullify your existing contract(s), but your Cointellect account will remain active. This is done in order to allow users continual access to the platform for solo mining and potential future contract purchases.
Cointellect customers who paid by credit card can receive a partial refund through Cointellect themselves, depending on when the purchase was made. If unsuccessful, card holders can start the chargeback procedure through their card issuing bank, and reclaim their money that way.
Everyone else can send a screenshot of their account statement along with their username to Cointellect, and then will determine if you are eligible for a refund. if so, your refund will be processed through First Swiss Card, which will be shipped to you completely free of charge. No ETA was given on how long this refund process will take.