There is little doubt that the recent issues at Cryptsy are a result of the new users who obviously came from the "class act" exchange which now offline.
In the cryptoworld, today's hot topics will be yesterday's news in less than a day. Therefore, there is no telling if the "class act" will become the next class clown or the next Nobel Prize winner. At the last minute, someone may steal all that grade C code and the rest of us fee bag holders will have a new bag of fees to raise so we can pay our electric bill.
What is the status of this project and the bounty? I am finding it relatively easy to fork the bitcoinj and bitcoin-wallet projects and modify them for any proof of work coin.