28-09-2016
05:00 am
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Cryptsy Suspends Withdrawals Indefinitely




cryptsy suspends withdrawals. newsbtc bitcoin news, paul vernon

Since the beginning of 2015, an increasing number of active traders in cryptocurrency exchange platform Cryptsy have begun to report issues with withdrawals and technical glitches preventing large settlements.

At the time, the Cryptsy team told Joseph Young in an email that its development team tried to fix the technical problems as they came up. However, because of various hardware and server upgrades, Crypsty told users that they may experience problems withdrawing larger transactions.

“We did and on occasion still do have technical problems that occur but generally we try to fix them as quickly as we can as they come up,” the Cryptsy team wrote in an email.

Due to these issues, manyusers including ThrillHou expressed their frutration over the inactive customer service of Crptsy and filed a lawsuit to recover his funds.

“As you can see earlier in this forum, BitJohn asked me to “be cooperative” and solve the problem out of public eye…. Since then, they have forced me to password reset no less than 3 times, and then randomly locked me out of the same password which they forced me to reset to. So, in other words, they repeatedly change the password behind my back in an endless cycle without notifying me, and then pretending it is a “server issue”,” Cryptsy user by the account ThrillHou wrote on a forum.

NewsBTC asked Cryptsy regarding the user’s statements and intentions to take the problem to court. Cryptsy responded, “Please also note that the user ThrillHou stopped responding to that thread when his account was fixed by simply resetting his password on Oct 13. The rest of the posts after that are obviously just fudsters and drama queens with no involvement.”

Such problems and the failure of the Cryptsy team to solve the technical issues led to withdrawal complaints. Popular altcoin pricing site CoinMarCap had to remove Cryptsy from its list temporarily until the issues are cleared.

However, the altcoin exchange was not able resolve the withdrawal problems users have tolerated for the past few months and temporarily suspended trading while investing the technoligical glitch.

“Trade engine and withdrawals paused while we investigate cause of lag. Your patience is appreciated. Thank you,” the exchange advised its users.

While many speculate the suspension to be a simple serverfailure, the team has been working since November 22 trying to fix the technological “lag.” Still, the Cryptsy developers have not resolved the issues.

“Due to a server failure all wallets are paused. Will have them back online as quickly as possible,” announced senior Cryptsy staff Big Vern, who resigned last month. “Thank you everyone for the patience while we get these issues resolved. Team is working hard and we will try to do more frequent updates,” he updated on December 9.

Cryptsy has not released an offical update or a blog post at least to explain their current problems and notify its users of withdrawals problems. Instead, they temporarily shut down their platform as a short-term solution to their failure to address technological problems.

Depositing into an exchange which have held customer funds for over the past 4 months may not be a smart decision, especially to a exchange like Cryptsy which have been deemed an unreliable altcoin exchange since mid-2015.

Published by

Joseph Young

Joseph is a web developer and designer, writer and a passionate musician who loves to travel often. He's worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines. Joseph will be covering new technologies, startups, technical analysis and breaking news in the bitcoin industry.

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