[Official] Cryptsy Response to lawsuit allegations

[BitJohn]

http://blog.cryptsy.com/post/100831839452/response-regarding-lawsuit

Response regarding lawsuit

There was quite a bit of PR pushed out yesterday from a law firm that stated that they were filing a lawsuit against Cryptsy and myself. The complaint alleges that Crytpsy misled users and was negligent in security. They represent a single user.  We have close to 300,000 users at this point. We have reviewed the unofficial complaint and believe that it is without merit. We intend to defend the case vigorously.

We would like to note that we have not received any documentation or official notification concerning any lawsuit yet.  We also find it unprofessional that the law firm decided to push out such a large PR campaign prior to serving any notice.  It should also be noted that according to the user terms of our site, disputes are to be handled via arbitration. 

We realize that there have been a few ”Bad Actors” in the crypto-currency space running exchanges and other services.  Cryptsy strives for transparency and doing what is right.  This lawsuit attempts to place us in the same group as many of these bad actors, but this is simply not how we operate.  We are not a fly by night operation, we are a company that plans to be around for a long time.   Our desire is to be the model of how to operate a crypto business.

As I’m sure many of you are aware, we take security very seriously.  We pride ourselves on being one of the most secure places to trade on the internet.  The crypto-currency space has been the target for a lot of hackers over the last year due to the increase in value of Bitcoin.  These hackers  not only target Cryptsy users, but users of many other Bitcoin services.   

In this case the attack on the user making the claim came from within their own computer.  This is currently one of the most common attacks by hackers.   While we try to educate our users on how to secure their local environment, we ultimately have no control of a users computer system.

So as a reminder I’d like to reiterate a few security tips:
- Do not leave your computer logged into your Cryptsy account when you are away from your computer
- Do not install browser extensions from unknown developers
- Do not install mining software from unknown developers on the same computer you use to access Cryptsy
- Run a virus scan regularly. 
- Make sure you use 2FA on your Cryptsy account

Paul Vernon
"BigVern"
Cryptsy.com

[1714929272]

1714929272

[sgi02]

Big Vern sure knows how to handle PR with no BS. I like this!

[BombaUcigasa]

I would also like to add that small projects/sites never start with a full team of 7 security specialists plus standards officers and only then proceed to code the web project. You start with a working prototype and keep improving it. Congratulations on being so good that you got so far without any big security incidents.

[defaced]

This is why I will only trade at cryptsy. Call me a shill if you want but cryptsy is the only exchange I dont worry about losing coins.

[pr9me]

This is why I will only trade at cryptsy. Call me a shill if you want but cryptsy is the only exchange I dont worry about losing coins.

Same here. Not that I trade alts much anymore, but when I start back doing so it will be at Crypsty, and honestly it's the only alt coin exchange I feel comfortable leaving coins on for any extended amount of time.