Cryptsy are having issues like this frequently - in their defence its not really their fault and not a serious issue.
They are not fast to fix the issues - but they are very careful and thorough to complete all testing of any wallet issue fix before opening. I prefer this to a quick fix which causes more serious issues if there is a fault in the update wallet.
If Mullick is working on it - It will be fixed and done properly with assistance of DEM devs.
This problem will be resolved shortly - and if you are not topping up in this significant dip in price - you have missed the opportunity. Buy and wait till fixed - double your value.
Looks like the developers have reverted v1.2.0
Deposits and withdrawals will be back online at cryptsy shortly after a chain resync