Topic: CRYPTSY stopping withdraw locking accounts without notifying users! Class Action - page 529. (Read 1006926 times)

Does anybody know what happened to coinfire?

http://coinfire.io  ------> https://99bitcoins.com ?

 NOTE:    This guy knows numbers.

http://economictimes.indiatimes.com/news/international/business/bitcoin-exchange-mtgoxs-ceo-mark-karpeles-spent-embezzled-funds-on-prostitutes-reports/articleshow/49563926.cms

"Hello, Madam Butterfly. Big Vern, here. Hey, can you send me over them same two girls I got the other day? Great! I baked apple pies for them just like I promised I would. Mark? Never heard of him."

I'm getting back in the game after a week out... and got slammed with the whole "25/100 limits".  Only reason for this "increased scrutiny" is a need to reduce withdrawals.  Why?  Don't know... but the only outcome to this crap is reduced withdrawals.

Luckily I only have <10usd worth of btc on that exchange... and I don't plan on making that number go up... but instead making it go to 0.

Biggest bunch of morons I've ever encountered.........and I don't mean Cryptsy

There absolutely could be a fractional reserve problem. If Cryptsy was using phantom coins to game markets in an effort to try to make money for themselves there could be big problems quickly if there was a "bank run."

Further, there is no transparency at Cryptsy w/r/t the wallets, so who really knows what goes on behind the curtain...

I understood that when I sent in verification material I would no longer be anonymous and that if they were legit, there would be a time when they would have to begin to report info to regulators.  Maybe that deadline is fast approaching and there is this rush on their part to comply. Anyway with all the trading losses I have had, income from this proposal would be very welcome and would mostly likely not come close to offsetting said losses. 

If you use your account you now have the reported income so be careful.

The problem with these Exchanges only NOW requiring a hold is that before the holding requirement was put in place users had sent their funds in. So a user could have sent in 10 BTC and have trades and paid transaction fees for only to NOW have funds held for ransom to prove who they are. Cryptsy never asked who you were when you sent the funds in. All that needed to be done was an Addition of the amount of BTC or Alt Coins transacted in to Cryptsy and current value in BTC to acquire a base that you could legally move out before having funds blocked from transfer. Only if you wanted to get FIAT out should you have a hold or any requirement of verification into who you are!

There is no Fractional Reserve unless they ran off with the BTC, all of the Coin that is being asked to withdraw has been sent into the Exchange so it should be there with no restriction. Only restriction should be on FIAT period.

For small fee, i can possibly help users withdraw. not sure it will work for anyone else but i was able to withdraw (not transfer) from one crypsty account to another...then off exchange. I have no problem using trusted escrow where i put up equal value before trying.

I'm sorry for your situation but this sounds like another fractional-reserve scam in the btc exchanges world.

25 days and still nothing from these assholes!
At this point it is clear they don't have the coins and the recent "wallet-run" has put them in financial distress.
I don't care about my money anymore, i just hope they go bankrupt.
THIEVES!

Switzerland I believe

I don't know if KYC would kick in or not. I'm not sure that Shapeshift ever technically has "custody" of any funds. As soon as funds are confirmed the converted funds go out, right?

Cryptsy has fiat and custody...a different ball game...

My last somewhat substantial withdrawal of slightly less than a BTC came through for me this morning. I'm just letting people know it is possible that your withdrawals will be processed. If it helps anyone, this posts shows the steps that I took...
https://bitcointalksearch.org/topic/m.12803625

Exactly! These are Facts that no one can dispute. The MN2 Bait and Switch happened for real and now these complaints are more numerous and real. Cryptsy really did Raffle off MN2 Shares they said they would never sell them, yet it was about 28 bitcoins worth of entries for the Raffle to win 200 MN2 shares. People were buying Cryptsy points to participate. Cryptsy also stated that they would buy back their own points to bolster the market so they also owned those points that were sold also. Their track record speaks for itself and it is the same tactics employed against users.

agree 100% on P2P future

We just dont need exchanges - any options at present - Mycelium?

Anybody used it?

Shapeshift - but it must be KYC soon surely since US based?  Its that correct?

I believe you are absolutely correct

This isn't "a lot of rumor."  Support ticket filed last Friday, no response at all.

http://imgur.com/w1u4RTz

I am a properly verified Cryptsy user, and I am happy to report that after 64+ hours, a substantial BTC withdrawal (more than 7) finally JUST came through from Cryptsy. Prior to that, another withdrawal eventually went through for 4 BTC and change that took more than 50 hours to complete three days ago. I hope this gives hope to others who might be concerned while waiting for a withdrawal to process.

Something definitely seems to be wrong there at the moment, and I wouldn't recommend anyone depositing a sum they may wish to mobilize quickly until it is widely known that Cryptsy is processing withdrawals in a timely fashion. I'm not sure what the gauge on believing that should be, however.

I have just now initiated another smaller withdrawal (just shy of 1 BTC) in order to test how long it takes. I will keep you all posted on the progress of that.

Additionally, in the heat of having the issues I have been experiencing at Cryptsy, I started this thread, which may (or may not) be interesting to any of you...
https://bitcointalksearch.org/topic/m.12757973

The spark for me creating that thread was my receiving a secret ban from their chatbox for an indefinite period of time when I was non-offensively complaining about withdrawal times, a ban which has since been lifted. I did need to send a friend into the chatbox with the link to my thread to get it lifted, though. If you don't want to read my opinion on an exchange utilizing that "secret banning" tactic, my thread might not be the place for you, but there are some decent critiques about Cryptsy's overall demeanor as an exchange there. Anyhow, you may wish to wade through my thread's verbosity or not. It's more focused on constructive critiques for the exchange than on purely bashing it, but believe me, I understand everyone's frustration here. I did post a link to this thread in my OP, for what it's worth.

My main purpose in coming here is because I am interested in all of us having a place where we can communicate specifically about the true state of withdrawals at Cryptsy, because nowhere on Cryptsy's website is it publicly stated that they are having widespread withdrawal issues. Unjustifiably, it seems to go against their own policies to post that anywhere but in their chatbox when things get so bad there that their hand is forced to do so. I also wanted others to know there is hope, although I'm not sure if how much "hope" is directly correlated to how much public noise you make there or not (i.e. I made a lot of noise, and I eventually got my money). Making noise is a giant pain in the ass, though, and no one should be put in a position where that becomes necessary to receive justice (or their hard-earned money).

I imagine there are some people here who are simply pissed off because they have money stuck on there and don't want to get verified. I will say the "Tier 1" verification (2K daily up to 10K monthly in crypto withdrawals) is as simple as a name and an address. It takes ten seconds to complete. There was no way around Cryptsy making that a requirement, because they are dealing with FIAT, as well as crypto. I hope Cryptsy's choice to deal in FIAT (and the requirements that come along with it) will not lead to Cryptsy's demise, but that is another topic entirely. They completely abandoned their alt-coin community roots on that one (and for what?!) -- some daily chump change in FIAT purchases that will never come anywhere remotely near Bitstamp, Bitfinex, BTC-e, or Coinbase? A bad decision all around. It seems to me that their alt-coin volume has done nothing but drop since introducing FIAT.

I guess the people who are going to be most upset are the people who had substantial sums in crypto on Cryptsy and were suddenly slapped with needing to verify and refuse to, for whatever reason. Additionally, there are already a lot of properly verified users who have had withdrawals stuck in limbo (for days, if not weeks) and are getting the run around from support or no answer at all. The new limits would be even more annoying if someone had more than 10K in crypto on there and was suddenly facing the prospect that it would definitely take more than a month to move their funds out, regardless of being properly verified. Fortunately, I am not one of those people. I just needed to make a few withdrawals to get to a place that makes me comfortable at the moment. I have been negatively effected by the absurd amounts of time it takes to withdrawal a substantial sum of money from Cryptsy, however, and it sounds like a lot of people here are in a far worse boat. I wish you all well in hopefully getting your funds back, and I will keep you all updated on my own withdrawal situations.

The bottom line is that Cryptsy should visibly warn people (before they allow them to make deposits) that they are having huge problems with withdrawals. Cryptsy also needs to get their withdrawals working quickly again (and without the constant need to fill out a support ticket), or they are going to lose a vast majority of their customers, if they haven't already. They have already lost a lot a faith.

Just an extrapolation of observations of the constant new handles in the troll box that have a complaint about the process / lack of withdraw now that the "bank run" is on. Unless of course, Big Vern may be generating hundreds of new accounts and trolling himself?

I don't have a horse in the race... Left Cryptsy awhile ago. Got scared off when the first hiccups began to occur.

The whole point of crypto is anonymity. KYC is the government-enforced antithesis of that position.

The future of crypto is P2P, not exchanges...