Concerns Mount Amid Issues at Digital Currency Exchange Cryptsy
The controversy surrounding the digital currency exchange Cryptsy has shown little sign of abating amid problems with customer withdrawals, allegations of fraud and mismanagement, user frustration and a lack of clarity from the exchange. Founded in 2013, Cryptsy is a digital currency exchange that lists bitcoin and a variety of alternative cryptocurrencies, or altcoins, and for months, customers of the exchange have voiced concerns about delayed withdrawal requests. Some customers claim that their funds have been unavailable for weeks or more at a time. Many of these complaints have....
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The popular cryptocurrency trading site Cryptsy.com has been having some noticeable issues these past few hours. Users of Cryptsy have been reporting negative balances, frozen transfers, suspended withdrawals. Speculation is that a recent update is causing the issues. Cryptsy is aware of the issues, but no official statement has been released yet. Who's been hit? I spoke to BlackDogeOfWallSt, one of the developers of BlackCoinPool.com (BCP), which has probably been the hardest-hit community from Cryptsy's problems. BCP has had to delay their payments due to the problems. BCP's payouts have....
Cryptsy, the digital currency exchange that has been dogged by rumors of insolvency amid persistent issues related to user withdrawals, has said that it has suspended its trade engine. "Trade engine and withdrawals paused while we investigate cause of lag. Your patience is appreciated. Thank you," a message on the main Cryptsy page read at press time. The exchange, which specializes in the trading of alternative cryptocurrencies (altcoins), has long been the subject of controversy. The exchange reported roughly 235 BTC in volume over the past 24 hours, but has long faced criticism over....
Users of the Cryptsy digital currency exchange were likely sweating upon logging in and seeing incorrect balances listed on their accounts Wednesday night into Thursday. As is common in the bitcoin community, a number of of the site's traders took to social media to report of their findings, leading some to question whether the service was compromised. Turns out it wasn't. Cryptsy has published a post-mortem report on their blog with an explanation as to what was causing inaccurate client balances. It started with what was a plan to make their system more efficient: "As we have grown, the....
For nearly twelve hours, Cryptsy.com, an elder "alt coin" exchange which has been the subject of semi-regular community outrage for various reasons, has been inaccessible. According to one of the exchange's proprietors, Paul Vernon, the site has suffered a DDoS attack not unlike the one CCN has been experiencing as of late. Website offline due to denial of service attack. We are working to mitigate. - BigVern (@cryptsy) November 25, 2015. The difference is that CCN has managed to come back online in a matter of a couple hours, not half a day. More importantly, CCN isn't holding onto....
Today, the Cryptsy team has a total liability of 10,000 BTC, which based on the price of bitcoin at the time of writing is equivalent to US$3.8 million. As of now, the Cryptsy team is is trying to find a new owner or an investor to take over the exchange. The Cryptsy team considers “Spread the loss to all users in the system and allow trades to continue.” The alleged operator of Cryptsy stated that many suggested this option for the Cryptsy team to implement. However, by the looks of the users, it seems like not many users will be willing to adapt to this “solution.” Cryptsy, amid various....