Do you recall Cryptsy? That name still hovers like a ghost over the world of digital currencies. By 2013, however, Cryptsy had become the place to be for altcoin traders, the unofficial “local bar” of all things crypto. The interface was a cross between a Craigslist ad and a dunghill of a spreadsheet, but traders put up with it because it offered coins that no other exchange had the guts to list. important source

At one point, Cryptsy listed hundreds of trading pairs — some say far too many. Whether you desired Peercoin, Darkcoin, or any other unknown alt, there was somebody willing to exchange with you. Dogecoin price charts, gossip had it, were as skittish as an overcaffeinated heart monitor. It was a wild, untamed frontier, thrilling but unwatched — until something went wrong.

Things began to unravel in early 2016. Withdrawals were halted, support requests went unanswered, and rumours of insolvency swirled louder and louder around social media. Its owner, Paul Vernon, blamed hackers, but the reality was far more troubling. Lawsuits were filed, investigations started and millions of dollars vanished. Users found themselves staring at empty dashboards and venting anger in angry social media storms. Cumulative losses were more than $9 million in client money.

Hindsight being what it is, there were a lot of red flags we chose to ignore. One trader described Cryptsy’s customer service as “writing messages in a bottle” —messages were not only infrequent and unhelpful, but would commonly be reduced to a stock photo of a tropical beach. Optimism and fear of missing out — not hard audits or regulation — drove the trust people placed in the exchanges of the time. The dark side of the crypto Wild West was bound to make itself known.

Why return to this relic of crypto history? Because today’s scams and surprise exchange collapses sound an awful lot like the tale of Cryptsy. The takeaway: always verify “unexpected changes” such as wallet address change or suspensions of withdrawal. Be wary about sending your life savings to sites that promise you the moon but never release your funds. A spinning recall button could be your first indication of a coming storm.

And never store all of your crypto in one anonymous wallet or exchange. Repeat after them: not your keys, not your coins. Yes, managing your own private keys can be a hassle — like having to cook food for yourself — but it is what enables you to decide the flavor of your financial security. Finally, when something smells wrong, it probably isn’t just a bad altcoin. Stay suspicious, stay skeptical, and do not let history repeat itself.