A new year, the same old storylines. It now appears that bitcoin and altcoin exchange Cryptsy has ceased operations after admitting to a major hack. The assailants managed to take over 13,000 bitcoins and 300,000 litecoins. To make matters worse, Cryptsy admitted to running a fractional reserve after they discovered the hack, essentially operating a business that could be rendered insolvent on any given day. To add a final insult to the injury Cryptsy dealt to users, the blog post by “Big Vern” chose to blame a report published by CoinFire as the root of their current troubles, attempting to divert blame from Cryptsy’s unethical and incompetent business practices.
https://coinreport.net/tales-from-the-cryptsy/
