Post
Topic
Board Service Discussion (Altcoins)
Re: crypsty hacked over 1.5 yrs ago. 13000 BTCs and 300,000 ltc
by
smoothie
on 15/01/2016, 21:21:41 UTC
This is a poor move by cryptsy. For over 1.5 years, they have kept it secretly. They would have suspended their operations immediately once they realize the missing coins from their wallets. They wouldn't have lost when they did it like that. Silence is the killing factor for cryptsy for now. If they did suspended their operations earlier, many people would have got the original value of the coins back. For the past months, people tried to convert btc to other altcoins for much loss to withdraw. This is isn't acceptable.

Not just that...

People who were DEPOSITING BTC and alts into crypsty for the 1.5 years....is essentially a huge liability on cryptsy's part.

As they were operating essentially a PONZI scheme by robbing PETER (depositor) to pay PAUL (withdrawer).