Bitcoin Scam Risk Warning – HashOcean

There are so many different scams and Ponzi Schemes in the world of cryptocurrency; it has become very difficult to keep track of all of them. In this new series of articles, we will highlight some of the websites which appear to be paying, but may collapse at any time. HashOcean has been running for quite some time, but the company is less than transparent about their revenue.

HashOcean – A Platform Waiting To Collapse?

There is something to be said for companies which have been paying out for over a year now. HashOcean is certainly doing everything they can to uphold their legitimate status. Moreover, users are getting paid on time without any issues. But that does not make them completely legitimate and trustworthy all of a sudden either.

Cloud mining services are rather difficult to judge regarding reliability. At the time of writing, HashOcean’s website was completely offline, and users could not access their funds. That is one of the many downsides of centralized services where funds are kept in third-party wallets. However, that does not make HashOcean a scam by definition.

In fact, HashOcean has been given an excellent rating throughout the years. They offer a large ROI – usually five months or less – with reasonable contracts and low maintenance fees. Plus, there is an affiliate program, rewarding users with up to 5% of their affiliate’s hashpower. This latter part is a serious concern, as legitimate affiliate programs would just pay a portion of the transaction payment. Sustaining this hashpower indefinitely and out of thin air seems like a very strange business decision.

There are also reports to be found about how HashOcean is a scam, though. According to the company, they have several data centers all over the world, and over 160,000 registered users. Since they use Scrypt mining, their total hashpower exceeds a dozen gigahash per second. Back in 2015, the statistics on the website seemed incredibly fake, as they allegedly paid out over 46,000 Bitcoin in 39 days.

When browsing the Internet, particularly in Bitcoin-related forums or Facebook groups, there are plenty of people advertising hashOcean as well. There is nothing wrong with trying to raise awareness for a legitimate company. However, HashOcean does not fall into this category as there are more questions than answers regarding this company. The address listed on their website cannot be their headquarters.

Moreover, they had pictures of their staff on the website in the past, even though these images belonged to other companies. Their statistics look incredibly fake to this very day, despite them paying out users.  It certainly appears HashOcean is a lot more fishy than people assume, but for now they are paying. Be warned when dealing with this company, though, as they may disappear at any given time. Make sure to check out this Bitcointalk thread for some up-to-date information.

Note from the Author: Once the site becomes accessible again, I will invest 0.2 Bitcoin into HashOcean and check their returns.

Images credit 1,2

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