Posts Tagged ‘Cryptsy exchange


It seems that the source of all the trouble people had with Cryptsy in the last months were caused by a hack of the crypto currency exchange that has happened over 1 year ago in which there were about 13000 BTC and 300000 LTC stolen. The big question is why Cryptsy is coming clean to its users just now and all this time they were trying to basically lie them about the various issues with coin withdraws at the exchange. It seems that they tried to cover up things expecting to recover the lost coins, but they were not able to and as a result they only prolonged the inevitable. It could be also this announcement that has resulted in the decline of the Bitcoin price we are now seeing on US and EU exchanges, while at Asian exchanges the price of BTC is still higher.

To read the full explanation of the real issues by the Cryptsy staff on their blog…


In the last few months things with the crypto currency exchange Cryptsy haven’t been good at all, there have been a lot of complains from users that they cannot withdraw their coins and the support is not responding to them for days or solving their issues at all. Updates from Cryptsy regarding issues and user complaints haven’t been good either with mostly some reports claiming that the problems are caused by various technical issues. Users however are still reporting that they are not able to withdraw coins, mostly BTC, but others as well in either large or small amounts and thus concerns are rising about the future of the exchange. There are already speculations that Cryptsy is following in the footsteps of MtGox and it is just a matter of time before everything falls down. The exchange is reporting that the last 24 hour volume is about 264 BTC, so apparently quite a few users are still using it, but we would still advice you to try to get your coins out of the exchange if you have not initiated withdraws yet while you still might actually get something out. Some users had more success converting BTCs to other crypto coins and then withdrawing altocoins instead of directly withdrawing in Bitcoin, so you might try using multiple currencies and in multiple transactions to move any coins you might have in Cryptsy. We have not personally used Cryptsy for quite some time as there have been a lot of other more user friendly and problem free altcoin exchanges available for a while already…


One of the most annoying issue that Cryptsy alternative crypto currency exchange had was the minimum number of coins that you needed to have in order to be able to execute a trade. Sometimes mining for alternative crypto coins you could easily get something like 0.00123456 from a given crypto that you were not able to sell and you had to keep it on the exchange or buy more coins and then sell after meeting the minimum coin requirement. So good news if you were annoyed by the minimum order quantities that were a bit too high for some coins anyway. The only requirement now is the order total to be higher than 0.00000010 and the minimum fee for any order cannot go below 0.00000001. This could lead to some “higher fees” with very small trades, but then again you will not have to be bothered by some alternative crypto currencies with very small amount in your account balance anymore. We have finally cleared our account from a few of these such as the very little CAP that we’ve had left for quite some time.