A reader wrote to CCN letting us know that he has had severe withdrawal problems with Cryptsy, the exchange which recently went offline, supposedly as a result of distributed denial of service attacks. The user said that the stalled withdrawal process began on November 29th,…
A reader wrote to CCN letting us know that he has had severe withdrawal problems with Cryptsy, the exchange which recently went offline, supposedly as a result of distributed denial of service attacks. The user said that the stalled withdrawal process began on November 29th, as confirmed in the screenshot below. He was trying to withdraw 0.2 bitcoins and nearly 240,000 reddcoins.
CCN is cautious about publishing these stories, in that we’re aware of a policy Cryptsy has in place that unverified user accounts can only withdraw a very small amount of currency per day. However, this user indicated that his account was verified, and as shown in the screenshot, he is ranked “Tier 2,” which qualifies him, according to the website, to withdraw up to $2000 per day.
The only way to get from Tier 2 to Tier 3, which has higher limits, is to trade at Tier 2 for three months. The writer is somewhat familiar with the exchange, and thus knew right away that this wasn’t a case of the user not understanding the verification process.
Also read: Cryptsy Needs to Get Away From Paycoin – Now
But then, with complicated trading platforms, there are occasionally snafus which require time and attention to resolve. So we didn’t write immediately when we heard about it, but now the reader has written again, as the situation with his small amount of Bitcoin (about $80 at current rates) has continued to stagnate.
As shown below, they’ve begun letting him withdraw his reddcoins, but his Bitcoin remains trapped inside the exchange.
Reports of Cryptsy tying up withdrawals have been rampant on the Bitcoin subreddit and elsewhere, with many saying “I told you so.” However, Cryptsy’s serious problems only began somewhat recently. At CCN, we’re still trying to verify certain other claims that are being made about the exchange, and will be delivering more stories about them as time goes on. In the meantime, please contact the writer directly (firstname.lastname@example.org) if you have any details which might help us to that end.
Featured image from Shutterstock.
Last modified: January 25, 2020 11:11 PM UTC