Bitcoin Forum

What is happent to cryptsy?

a withdrawal of all coins with high volume is no longer possible or the amount paid has been severely limited.
the altcoins where a withdrawal is possible where the price is about 30-50% higher than the normal rate.

Cryptsy was removed from coinwarz and coinmarketcap

I think so. We cannot withdraw and trading there any more. If you still have coins there, you should request to withdraw.

OP check out the recent threads here about Cryptsy, you'll see that this has been in the making for quite a while now. One of the threads is in the scam accusation section.

yes probably is a scam exchange, there is a couple of post about it in scam accusation board

Have't you seen the latest interview with one of the Cryptsy founders?They were requesting on the camera to not put this interview in public because they're scared people might start showing up in their office.One of the reasons I feel they moved their office.Its over for me the day I withdraw my bitcoins.If you still have a chance please withdrew your coins.

but why they become insolvent if are free?

Don't understand what you mean? Could you be little more specific ?If you want to about the scam they were pulling out I suggest you to go through the comments on this link https://www.reddit.com/r/Bitcoin/comments/3hvhb5/cryptsy_withdraw_problems_be_aware_of_cryptsy_scam/

I think That this is market a joke, "big vern cryptsy" has always thought of taking "bribe" to add altcoin in his exchange, this is a result

Their services are not free, if that's what you mean.  You pay each time you make a trade, but I have no idea why they or any other exchange becomes insolvent.  You'd think that there's two sides to each trade and an exchanges function is to match buy and sell orders and not to take either side of the trade.  Am I totally ignorant??

Although we don't know exactly what's going on with Cryptsy, some possibilities are, in order from least to most scam-oriented:

1. Bad Business Practices:  Sloppy accounting, lack of professional standards, poor cost containment.  I.e., what happens when an immature person tries to run a company. 
2. Bad Trades:  In order to make markets, they were taking the other side of customer trades (acted as principal in the transaction).  The trades went bad on a large scale.
3. Liquidity problems:  They ran into problems settling trades.  They ended up with a big inventory of alts that was declining in value.   
4. Misfeasance:  They "borrowed" from customer accounts to pay ongoing operating expenses, fully intending to pay the customers back.  It didn't work out that way.
5. Malfeasance: Assets in customer accounts were expropriated for personal use, possibly with intention of repayment, crossing fingers that they could repay.
6. Ponzi:  Despite what was displayed on the website, they didn't really have an inventory of coins.  The transactions were faked.  When deposits net of redemptions stopped
   growing, the music ended, leaving account holders to scramble for chairs (withdraw their coins).
   

got my last coins with xpm out there.

NMC payout halved repeatedly until settlement
VTC has stopped in the middle of pay
PPC has stopped in the middle of pay
xpm with up to 4x 3000 coins were successfully paid off

what big vern is saying in regard to this? i always thought he was a nice guy and honest, and suddenly they turned into scammer, seems strange

look at this
http://courtcon.co.palm-beach.fl.us/pls/jiwp/ck_public_qry_doct.cp_dktrpt_frames?backto=P&case_id=502015DR009881XXXXSB&begin_date=&end_date=

What to find?

And this news ::)
http://bitcoinist.net/cryptsy-has-moved-out-of-their-building-unannounced-nowhere-to-be-found/

Cryptsy is not dead yet, but he is sure dying slowly in a painful way by taking other people money :(

Excellent analysis.   I suspect they got caught taking one side of the trades.  Also point 1 is on the money.

This is so sad.. i used to do my trades here..
the withdrawal also got processed almost instantly.. why.. oh why...

Anybody have any luck getting any type of withdrawal in the past week or so? USD by check or any particular crypto?

cryptsy gave more warning than even Mt. Gox.  If you still have btc there, you are incredibly naive.

It can be brother...
Because crypto don't have market as well as btc...
So their prices are too low and transaction fees can also... so in case of crypto if you can have a bulk amount then it should be profitable..
But never mind.. bitcoin is always thwr to beat everyone..
Trade between btc usd dash ltc coins...

I took what i had out a few months ago, but i had approx 0.5 BTC left in there, trying to withdraw it yesterday, i noticed that they have reduced the (unverified) withdrawing limits to the equiv of $25 a  day and $100 a month. i tried to withdraw the BTC equiv of $25 yesterday, and this morning i notice the transfer is still pending. hmmm

THis is the same as when a bank goes down, aka "capital controls" not letting people take their money out

http://4.bp.blogspot.com/-JnWLGE0zn_Y/VL8OGK7fY8I/AAAAAAAAJqQ/Cy8Xbgalcrg/s1600/James-and-Giant-Pasty-3.jpg
"Somebody Photoshop me, please!"

I cannot doubt your topic assertion because nobody can withdraw any coin from their website not only bitcoin but they are still receiving deposits.

I don't know how many threads we already have of this topic, been seeing and saying to trade at cryptsy with caution. its been a time bomb for YEARS...

I think it will not make the end of this month.
Honestly prices of coins are unrealistic, the support team is gone.

And Vern is on the bahama's

Try to withdraw from cryptsy as altcoins as fast as possible. Seems they are insolvent at the moment.

So this is really the end? I have been reading about cryptsy dying for months I think, but whenever I entered the site it seemed to work. It is true that some coins were overpiced, though.

Fortunately (it seems) I have nothing in cryptsy right now.

It's the end..
No office
No withdrawals
No news/updates
No support.

All the signals are there, vern wanted to get out and decided to get out like a thief.

At last i got all my funds out of the sinking cryptsy boat, i feel much better now.

This is a good learning curve for people who have been into cryptos after gox disappearance. For the past two years, cryptsy have been in exchange business. Many times, I have heard about poor performance of cryptsy. The trades are done slowly. Many people were aware of the current issues which might arise. They have kept their funds out of the exchange. Still now, you need to admit some loss to withdraw your currency. Who knows, they can come up with their faults and find out solution for all the issues. No one can assure.

Their services are not free, if that's what you mean.  You pay each time you make a trade, but I have no idea why they or any other exchange becomes insolvent.  You'd think that there's two sides to each trade and an exchanges function is to match buy and sell orders and not to take either side of the trade.  Am I totally ignorant??   

This problem might have started unnoticed during the lawsuit or the judgement passed by the judge but most important thing is to try and withdraw your funds even if you will loose some funds.

Important System Notification

NOTICE: UNTIL WE ARE ABLE TO DETERMINE EXTENT OF ATTACK, ALL WITHDRAWALS AND MARKETS ARE PAUSED

....... I was using Cryptsy as a site to hold all my alt coins mainly Doge and Lite, and now what? There isn't much balance in there though, so now that Cryptsy is gone (most likely), what exchange site do we switch to? They sent an email saying you can claim your remaining balance at cryptsy-refund.com, but it doesn't work for me. :/

Hoping for the best, and hope not another site that turns out to be a scam.

It is a real shame that Cryptsy has fallen in this way, I always saw them as one of the better exchanges, once I started to read about withdraw issues I removed the small amount of altcoins I had left in there.

This is another reminder that large amounts of bitcoin should not be trusted on exchanges, Bittrex is a good alternative for altcoin trading and also poloniex.

I  got this mail today, so yeah I guess it's over:

A divorce, investigation from the sec and now the 'Hack'

Hi, Cryptsy ceases its activities in the wake of the theft of most of Bitcoins from the COLD storage.

You can start a refund procedure at the link:
https://cryptsy-refund.com/

Please accept our apologies.

Cryptsy

i've always hated craptsy since a year ago they held 10,000 of my litecoins hostage when i tried to withdrawal them. took me 3-4 weeks and much frustration to finally get them to release my coins.  i vowed to never use them again.   Looks like this is the new gox.   You can always tell the shady exchanges - they're the ones who like to dick you around or hold onto YOUR coins when you want to withdrawal them.   this could drive BTC down below 400.

what i dont get is how a professional exchange gets their cold storage hacked.  i mean isnt that the purpose of "cold storage" to begin with? Since cold storage is not connected to the internet specifically to safeguard the coins?   smells like another inside job to me.

No mate, this is just made up.
So they got hacked + investigated + there's is his divorce.

Either they got hacked or they did something wrong and want to stop the investigation.

I disagree. Why should they keep this up for so many months then pull the plug.
For me they got hacked and tried to survive but then failed.

That must be some kind of record for #R3KT.   ;D

https://i.imgur.com/JtNfLgs.png

Probably this all started when they tried to expand into USD. You know, getting into that takes a lot of legal expenses and repercussions. Plus the digital Mintsy thing, I remember their service there was real bad.

I think the claim from them about their cold storage getting hacked and theft is some made up story by them to get away with possible investigation.

Yeah i feel that's another lie of them. Like more lies they gave birth too.
Don't ever though this company would be so shady.

it started when big vern smelled money from the Paycoin scam. Guess he was lured into the scam game from that moment.

It's final now.
Very bad they ended an exchange like this.
Before they were my no.1 exchange for bitcoin and altcoin. Now they lost all my respect.

This has been going on since last November. Today they give us the final blow and inform all customers that they have stopped all trading, deposits and withdraws because of a spam attack. Strangelly, I have been able to go into my account and request a withdraw. Needless to say, this withdraw hasn't been confirmed yet.

It's been a long time, but it still sucks.
Taking losses of a force sale + huge withdrawal fee. But it seems we've lost our funds completely now.

The cryptsy is dying now. But it will go away with our money. Will it possible to sue the owner/operator and get our money back?

According to their website, that link and email is a phising attempt. I hope you didn't fill out any important account information there..

Anybody who still held coins on their exchange after November just put their head into the sand.. It was clear from every angle you looked at it that they would go down or atleast face major problems. If you didn't take action at that time, unfortunately, you now have to deal with it.

Sue?  Yes.

Get money back?  No.

You can withdraw some altcoin now from Cryptsy. But not the bitcoin.