ScryptCube: Outage Chronology & Refunding Program
On March 15th we received great news: Scryptcube made a responsible decision to refund the money invested to its users.
For my part, I can say that it convinced me that this service can be trusted and I will certainly work with them in the future when the situation returns to normal and they return with new contracts.
On March 12, Friday
The site became inaccessible to all users. Two statements have been posted on the project status page:
These statements have generated a lot of concern among users. Investors wondered if the accruals would be reduced during the period of unavailability of the site.
On March 13, Saturday
A new statement was made - the situation has escalated. Users began to feel uncertainty and angry messages about the service scam began to emerge.
On March 14, Sunday
The situation is out of control. A message was posted that made so many users worry about their investment.
In the official telegram chat, a mess began to occur. Users were very angry in a situation of uncertainty. And they can be understood. I think that such an ambiguous statement should not have been published. It was necessary to give certainty in it that no one would lose money in connection with the situation that had arisen.
A little later, they decided to reassure users and wrote in the telegram channel (20:11 UTC)
This reassured users and we began to wait for future news.
On March 15, Monday
Another statement came out early Monday morning asking users to wait a bit. (09:07 UTC)
And later, all Scryptcube users received emails and a link to the article was published (11:13 UTC), in which Scryptcube guaranteed a refund to all users.
This article raised a lot of questions: when the site will work, what will happen to the balance, and how will the return to the Payeer system be made. We got an Update (12:45 UTC):
A little later, we received news that the website was back online. In addition, it was explained how the payments made by the users in BTC will be returned.
Personally, I didn’t pay for contracts by BTC. I bought 20 THs with credit cards and 2.2 THs with reinvestment.
Thus, my reinvestment contracts were canceled and now my personal account looks like this:
Now I am awaiting a refund on my credit cards. It is not difficult to guess that 980 USD will be credited to me.
If you're expecting credit card refunds as well, don't do anything. As the official statement said:
No actions are required to be taken from the users’ side. Depending on the bank, receipt of funds to your account may take up to 30 working days.
What if I paid by BTC?
The situation here is a little more complicated. The fact is that they set a refund rate of 57,332 USD, not a refund rate at the time of your purchase.
Let's say you bought 20 TH/s on February 1, when the BTC/USD rate was 34437. So your contract cost you 0.02845776 BTC. And today, at the return rate of $ 57332, you will be credited with 0.01709342 BTC.
You are lucky if you did not reinvest, but saved BTC on your balance sheet or did BTC withdrawals.
But if you were consistently reinvested like me, you would receive less return. In addition, I could just buy BTC for $ 980 at the old rate and without investing in cloud mining now have 0.02845 BTC, and now, when my $ 980 is returned to me, I can buy only 0.01709 BTC on the exchange.
Unfortunately, all users have lost some of the Profit.
Yes, of course, most of the users who did not withdraw BTC from the balance or reinvested their accumulated profits lost part of their profits. But!
I am very happy that most of the investment will return to users. After such an act - Scryptcube is a company you can trust.
I will look forward to their return with new contracts and will be happy to invest further with them.