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Author Topic: BEWARE OF CRYPTSY MANIPULATING NEW COINS- VERTCOIN SCREWJOB!!  (Read 40079 times)
Revelations86 (OP)
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February 05, 2014, 08:08:45 AM
 #1

I am starting this thread in order to expose the unethical conduct in which Cryptsy chose to conduct themselves today right after the introduction of Vertcoin on their exchange (as the price was rapidly rising). It appears as if they intentionally started freezing everyone's VTC deposits so that they could artificially manipulate the price of this coin and allow a "select" few to dump it as it continued rising.   In the process, they screwed many VTC holders including myself by freezing up our deposits and thus stopping us from conducting any trading. Additionally, many of us initially tested our deposits by sending small amounts of VTC into the VTC wallet which all apparently made it through WITHIN MINUTES and only after we attempted to deposit the rest of the balance, did they freeze our VTS. As of this moment (10 HOURS), our deposits have STILL HAVE NOT made it into our VTC Wallets in Cryptsy.   Angry Angry


As a result of this, I WILL NOT BE CONDUCTING ANY MORE TRADING at Cryptsy. I am also quite active in the NYC Bitcoin community and will do MY EVERY BEST to bring this unethical behavior to public light and dissuade everyone I know from trading there.   

I urge everyone to do the same and BOYCOTT these scam artists and AVOID using their exchange like the plague!   

Please Please continue to post if you've been screwed over by Cryptsy!!!!  This is the only way to bring attention to the entire CryptoCurrency community of what these scam artists pulled off today!
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Wolf Rainer
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February 05, 2014, 08:13:44 AM
 #2

Fucking Crypty, i deposited VTC SEVEN HOURS AGO, and still have nothing, my deposits are not showing even at pending, NOTHING!
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February 05, 2014, 08:16:12 AM
 #3

I wrote to tech support many times.... and the money came...after 7h
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February 05, 2014, 08:16:34 AM
 #4

I agree with this.  Not so much as a word from Cryptsy on why this delay is happening.  If the excuse is the coin just came out then it shouldn't have been listed on the site until it was ready to accept deposits.  This is a very unprofessional way of doing business and I will be using one of the many other exchanges to pick from this point forward.
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February 05, 2014, 08:17:15 AM
 #5

no problem when i used it with moon,tips,btc,ltc in last 3 weeks..

now..my 2 vtc passed thru but not the rest..
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February 05, 2014, 08:19:05 AM
 #6

I am starting this thread in order to expose the unethical conduct in which Cryptsy chose to conduct themselves today right after the introduction of Vertcoin on their exchange (as the price was rapidly rising). It appears as if they intentionally started freezing everyone's VTC deposits so that they could artificially manipulate the price of this coin and allow a "select" few to dump it as it continued rising.   In the process, they screwed many VTC holders including myself by freezing up our deposits and thus stopping us from conducting any trading. Additionally, many of us initially tested our deposits by sending small amounts of VTC into the VTC wallet which all apparently made it through WITHIN MINUTES and only after we attempted to deposit the rest of the balance, did they freeze our VTS. As of this moment (10 HOURS), our deposits have STILL HAVE NOT made it into our VTC Wallets in Cryptsy.   Angry Angry


As a result of this, I WILL NOT BE CONDUCTING ANY MORE TRADING at Cryptsy. I am also quite active in the NYC Bitcoin community and will do MY EVERY BEST to bring this unethical behavior to public light and dissuade everyone I know from trading there.   

I urge everyone to do the same and BOYCOTT these scam artists and AVOID using their exchange like the plague!   

Please Please continue to post if you've been screwed over by Cryptsy!!!!  This is the only way to bring attention to the entire CryptoCurrency community of what these scam artists pulled off today!

+ 1 will never use cryptsy again
coinmarket and other trade sites are much better and they have support. YOU HEAR ME crptsy SUPPORT is when you answer tickets !
already tok out all of my funds from cryptsy just waiting for my vtc to show up and pull em off.

jeez feeling better now Smiley
dspair
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February 05, 2014, 08:22:44 AM
 #7

I've been waiting for 8 hours already.
jox
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February 05, 2014, 08:40:11 AM
 #8

Same problem. Bad move Cryptsy, you loose your clients.
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February 05, 2014, 08:52:15 AM
 #9

Hate to break your bubble guys, but you never would have sold your coins at 0.015 if they had let deposits go through as they came through. Or 0.01. Only reason it went that high was because a lack of supply.

They did pump the shit out of it though.
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February 05, 2014, 08:59:22 AM
 #10

the same here.
waiting for my vtc for 5 hour already.
-1 client at cryptsy.
IL MinaTore
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February 05, 2014, 09:22:55 AM
 #11

same shit cryptsy this is last trade with this fuckers   Cool

QORA | 2ND GEN | NEW SOURCE CODE | QcjYLdE5Nia3EDpqDkKR7GwXYTNNP4xAT2
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February 05, 2014, 09:24:06 AM
 #12

Well my whole account got hacked as stated in another thread too.
Deposited funds were sold right after they were deposited and cashed out immediately.
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February 05, 2014, 09:28:02 AM
 #13

Waiting 9 hours on MEOW and VTC. Test sends went through fine. Then they held the real transfers.

Next time I am leaving the coins on coinedup and wallet. I suggest everyone does the same.
This is like the 10th chance I gave them. Looking forward to new exchanges coming.
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February 05, 2014, 09:30:58 AM
Last edit: February 05, 2014, 11:20:19 AM by drakoin
 #14

Same here, parts of my mining efforts are stuck in nirvana.
Sent x tickets into the helpdesk already.

They cannot not know.

And it's all documented, the block explorer
shows exactly when the money got where.

While my precious is in cryptsy nirvana, I cannot trade with it.

Cryptsy's fault not mine. They hide my money until it's boring to trade with it.


I would really like to know what's going on, there are several possibilities:

It's
(a) a technical problem, or
(b) a jump the queue scam, or
(c) a direct market manipulation.
(d) they protect me from selling now for an undervalued price
(e) a reason that I don't understand.

(f) thieves


Let's have a closer look:

(a) a technical problem
could have well been the reason - but then they had fixed it within an hour or two.
A company like cryptsy cannot afford to not have programmers on standby 24/7.
And by now, they could have 10 people working on it.

We are talking big money that we customers are loosing right now.

CRYPTSY CAN YOU PLEASE PUT MORE AND BETTER PROGRAMMERS ON YOUR PAYROLL.



(b) a jump the queue scam
is not improbable, but would mean that cryptsy is completely corrupt, and can never
be trusted ever again. Either you would belong to that select group that is allowed
to jump the queue, and trade before anyone else does ...

... - or you loose out a lot whenever you use cryptsy.

I would be sad if that were the case, really.

Then: LET ME INTO THAT GROUP PLEASE, CRYPTSY.

But I don't think such a corruption is necessary, just with normal business,
cryptsy can get so incredibly rich that they don't need to play foul games.



(c) a direct market manipulation.

It would be quite clever, actually.

For 6 hours, Cryptsy allows less coins through than are asked for
- the logical consequence is a huge increase in price.

Their gain? As they control the inflow, they can cash-out at the peak.  Clever clever.

The question here is rather: if not, why are they not using (c) *hahahaha*

AS SOME OF US COULD NOT BENEFIT FROM THIS,
PLEASE REPEAT IT IN THE NEXT WEEK.
And friends: Please alert me then, please :-)


If I get my turn, e.g. later on today
- that strategy of hiding my money from myself would actually be in my interest,
as strange as that might sound: Cryptsy is slowing down our dumping,
in order to keep the price up. Thank you, Cryptsy!



(d) they protect me from selling now for an undervalued price
Cryptsy is on my side, and feels with me, and knows how important this will be for me.
And they sense how much more the price will climb today;
and by hiding my money, they protect me from selling prematurely.

Let's just hope that is true.
My guess is the real peak will be at 16:00 GMT.



(e) I don't understand it yet
Then please enlighten me.
I am really curious.



EDIT: What I would never have expected, naive me:
It could be plain and simple, I didn't come up with it, but several others report:

(f) theft.
Someone on the inside of cryptsy is stealing money.
(s)he would get be able to get the private keys of the deposit target address.

So far I have found these reports of theft, allegedly proven by having seen the sum moving through wallets:
#17 https://bitcointalk.org/index.php?topic=449762.msg4948468#msg4948468
#3083 https://bitcointalk.org/index.php?topic=404364.msg4947616#msg4947616
#3096 https://bitcointalk.org/index.php?topic=404364.msg4947959#msg4947959
#3117 https://bitcointalk.org/index.php?topic=404364.msg4948689#msg4948689

But to steal would not make sense, for the same reasons as in (b).
Cryptsy's profit model is better than any shortsighted illegal scam could ever be.



I still hope it's (d).
Or (a) and they invite me to work for them.
Or (b), and they invite me to the priviledged group who can jump the queue :-)


What a fascinating day!

 Smiley


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bitcerto
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February 05, 2014, 09:34:40 AM
 #15

Thanks for the heads up. I deposited VTC on Cryptsy to sell about 3 hours ago and nothing has gone through. Transaction has 90 confirms.

I'm hoping this is an explainable technical glitch. I'm also hoping that another, better exchange takes on VTC soon.
gonzzo
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February 05, 2014, 09:50:30 AM
 #16

Thanks for the heads up. I deposited VTC on Cryptsy to sell about 3 hours ago and nothing has gone through. Transaction has 90 confirms.

I'm hoping this is an explainable technical glitch. I'm also hoping that another, better exchange takes on VTC soon.

you can use https://www.coinmarket.io/ (very fast deposits and wd) and https://poloniex.com/exchange to trade vtc and other coins
i have good experience with both
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February 05, 2014, 09:51:54 AM
 #17

Same problem. Bad move Cryptsy, you loose your clients.

A more detailed explanation:

My VTC deposit on Cryptsy wallet someone moved right after confirmation through two wallets. I think, I never see coins back. Thank God only 3 VTC.
Revelations86 (OP)
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February 05, 2014, 10:06:22 AM
 #18

The good thing about them being based in Florida is I have many friends who practice law there who may be able to help put together a class action against them.
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February 05, 2014, 10:07:00 AM
 #19

Traffic is always their excuse and they should know on all new releases to have at least 2 wallets for deposits...and if the volume is to little then scale it back, but whatever you do...do not try and scale up after the fact. That is either ignorance or intentional.  

They added a second wallet to doge with the traffic from the ~250 spike and 12+ hour deposit times so they know how to do it.

You only make a mistake once, after that it is a choice.

Now why would an exchange whose whole business model revolves around getting more users selling and buying prevent that from happening every time there is a major long lived spike in price?

 Huh

“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State BlockNet can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State BlockNet to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State BlockNet.” - Joseph Goebbels
Revelations86 (OP)
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February 05, 2014, 10:09:17 AM
 #20

Traffic is always their excuse and they should know on all new releases to have at least 2 wallets for deposits...and if the volume is to little then scale it back, but whatever you do...do not try and scale up after the fact. That is either ignorance or intentional.  

They added a second wallet to doge with the traffic from the ~250 spike and 12+ hour deposit times so they know how to do it.

You only make a mistake once, after that it is a choice.

Now why would an exchange whose whole business model revolves around getting more users selling and buying prevent that from happening every time there is a major long lived spike in price?

 Huh

I highly doubt that it was unintentional.  Many people including myself sent a small VTC amount as a test and that went through within minutes but not the rest of the balance. 
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