Back in 2018, I got a cloud mining contract for BTC with Hashflare for a year. A couple of months in, BTC prices tanked and they halted BTC mining and froze withdrawals, so I couldn't get my mined BTC out. Recently, I tried to log in but my account is inactive, and Hashflare support isn't being helpful at all. Is there any chance I can recover my BTC?
Hashflare issues
9 replies 180 views
If you can track down the company, you might be able to get your BTC through legal means.That's probably your best option, as bad as it is. Hash flare was a scam so your probability of success is very low.
diamond_2020Legendary
Posts: 1256 · Reputation: 6502
#3Jan 24, 2019, 12:17 PM
From the latest news that I read about this firm was that its founders Ivan Turygin and Sergey Potapenko sold the project to the Scottish firm Fast Consult LP (later renamed Hashcoins LP, and then Hashflare LP) in March 2016.
They say it was a bogus deal and the police are investigating.
https://rus.delfi.ee/statja/92109505/policiya-rassleduet-deyatelnost-kompanii-osnovannoy-ida-viruskimi-kriptomillionerami-oni-otricayut-prichastnost-k-biznesu
But your chances of getting your coins back are minimal.
Based on the current price of Bitcoin, a large part of the amount may be wasted in an attempt to recover it, so it is better to look for people with similar cases who want to recover their money by legal means and are willing to bear lawyers fees. Then you may have a chance to get your money back.
As time passes, it will become difficult to track and the number of people who will remember their data will be less, so start with that now.
D4rkFalconSenior Member
Posts: 308 · Reputation: 1050
#5Jan 24, 2019, 05:21 PM
How much bitcoin do you have on hashflare ?
i do 2 account on hashflare and total 80USD on there can't be withdraw as well after see your thread and try digging and all message above me is correct hashflare is turn to scam
according to this https://99bitcoins.com/bitcoin-mining/cloud-mining/hashflare-review/ the site not opening new contract since 2018 so maybe will wait till the domain expire
The company is still there, but they are ignoring the request to investigate and reinstate my account and BTC holdings.
That sounds fishy.
Would the authorities over there do anything about them?
I had about $800 USD worth of bitcoin when the price of 1 BTC crashed down to about $3000 USD, so it was around 0.25 BTC at the time, which I was incredibly irate about because the contract I paid for was 1 year SHA-256 (BTC) mining for a contract price of above $3000 USD at the time and they suspended mining 2-3 month into the mining contract and suspended withdrawals as well so I didn't recover the cost of the contract at the time and I couldn't withdraw the BTC amount. They decided to change the contract on their terms but screwed all contract holders over.
diamond_2011Full Member
Posts: 129 · Reputation: 490
#7Jan 25, 2019, 12:30 AM
You can try to sue them if you want too but only if you think the money you have in Bitcoin is worth the procedure. There are several entities doing this as they know that individuals who are struggling has lesser chance of getting their assets from them as long as they just ignore them. I wouldn't suggest giving a bad review as well or ruining their name as based from what I have seen companies such as this one are actively shutting down damaging reviews for them and can go as far as suing what you are doing to them.
sam.cipherFull Member
Posts: 46 · Reputation: 376
#8Jan 25, 2019, 03:14 AM
Look, Hashflare is known for playing dirty games like these.
I remember that they used to offer lifetime mining contracts, but in reality they would expire way before even a year would elapse simply due to the exorbitant maintenance fees that have been inbuilt into their scheme.
Your chances at legal recourse is very slim considering that they are not really a regulated investment entity... Take this as a lesson against cloud mining, and run as far as you can from it.
hodler_ha5hFull Member
Posts: 57 · Reputation: 315
#9Jan 25, 2019, 04:14 AM
I thought that they've already closed down after the bear market. It's ironic that they don't want to help you but on their About Us says that they're happy to answer.
LoneRocketSenior Member
Posts: 363 · Reputation: 1840
#10Jan 25, 2019, 09:13 AM
Most of the cloud mining companies scam, although Hashflare was one of the good and famous cloud mining sites, but unfortunately it seems that it has become like the rest of the sites, I previously subscribed to the Genesis Mining cloud mining site, but after a while they stopped mining Bitcoin and became mining less profitable currencies such as Monero and did not I am able to accumulate my earnings afterwards.
There is no way for you but to write to the company, although I believe that you will not succeed in recovering your Bitcoins.