Remember the wild, wild west era of cryptocurrencies? Cryptsy was there, squeezing its own play in the bustling market. Established in 2013, it didn’t take things slowly. It was the same as that shady friend who suddenly throws a big party downtown–at which no one is prepared. Learn how
Though few outside the early adopters of crypto would know it today, there once was a merrymaking place called Cryptsy. In its heyday, Cryptsy had an assortment of altcoins. It was a table full of dishes for those digital money lovers who had begun to tire, in spirit, of the odd one out. With Bitcoin, Litecoin, and Dogecoin, Cryptsy threw out the appetizers. Users would often log in with a sense of excitement, as if they were entering a digital casino featuring the latest in coin offerings that day.
Indeed, theman shady undercurrent began to emerge. There were small problems here, small problems there, like an overgrown garden full of weeds. Users reported withdrawal troubles, with pots of money stuck in a pipeline that hadn’t been built to drain. As you can imagine, this greatly increased the visibility of Cryptsy in the eyes of traders, but not for reasons it wanted.While at the end of 2015 everything turned sour.
Cryptsy announced a hack, saying that digital bandits ran off with millions. This hit users like a snake bite so sudden and sharp. Bitter people unable to get back their money took to social media to paint a very dire picture, telling others about risks they might face. One may as well try to get an answer from a leprechaun about where to find gold at the end of a rainbow as find customer support here.Legal actions ensued, much as rain-filled clouds gather in the sky.
Cryptsy’s founder, Paul Vernon, was accused of mismanagement and misappropriation of funds. As the lawsuit picked up momentum that rocky cliffs. Vernon disappeared from sight like a good magician’s trick. There is a rumor that he turned up in China, but details are as thick as morning mist.When Cryptsy collapsed, so did much that depended upon it: faith is hard-won but easily taken. And while new exchanges thereafter began sprouting up like mushrooms after rain, Cryptsy’s history remains a stern warning to tread with care. Thus Cryptsy’s epic goes from a bright star falling to earth to become but one more numbing learning exercise.