Tag Archive: cryptsy

Cryptsy Implodes with Bizarre Blog Statement

High profile online crypto exchange Cryptsy (the subject of much speculation over the last few weeks), finally published a blog ‘addressing’ the issues it has been having. The foremost requirement in the minds of customers was an explanation detailing the reasons withdrawals have not been possible recently.

In a bizarre blog post Cryptsy admitted that the previously published ‘phishing’ attack was not the reason for the current issues and instead claimed that a Hack in 2014 by the Devs behind Lucky7coin had caused the platform to lose thousands of bitcoins. The blog by Paul Vernon also went on (incredibly) to say that it saw no need to inform customers about the hack as it thought it could ‘recover the funds’ through profitable trading conditions!

Vernon is offering a 1000 btc reward for information directly leading to a recovery of the missing funds.

The blog at http://blog.cryptsy.com states that the site is looking for a resolution:

“Here are our options:

1. We shut down the website and file bankruptcy, letting users file claims via the bankruptcy process and letting the court make the disbursements.

– or –

2. Somebody else comes in to purchase and run Cryptsy while also making good on requested withdrawals.

– or –

3. If somehow we are able to re-aquire the stolen funds, then we allow all withdrawal requests to process.

I’m obviously open to any other ideas people may have on this.

If you have information, you can email reward@cryptsy.com”

Our view:

Another major setback for crypto and a spectacular failure by Cryptsy.

 

CEX.IO Bitcoin commodity exchange announce trade fee

cex.io trade fee introduction graphic

In preparation for it’s expanded currency exchange features (including USD/BTC), CEX.IO the cloud mining and commodity exchange has announced that a trade fee will become applicable in the next 2 weeks.

Up until now it has been possible to exchange BTC and LTC etc for Hashing power with no transaction fee. CEX.IO have only charged a fee for maintenance of their mining facility and hardware.

CEX.IO argue that their new exchange features will negate the need for it’s user base to use 3rd party exchanges such as Cryptsy and Coinbase to convert alt coins and FIAT currencies into BTC before being able to use their services.

Their discussion forum has had a few complaints from some users who think that the existing hardware fees can make the system prohibitively expensive for the smaller miners. Others point out that these fees are already imposed by third party exchanges and so the convenience of having the new features on-site will outweigh the new charges.

The charge will be implemented as a 0.2% flat fee and then later will vary between 0.2 and 0.5% based on the number of transactions being made by each user.

Full story at the CEX.IO blog

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