Ah, Cryptsy! For those who danced the night away on crypto exchanges, this name will bring back many memories. Cryptsy had once been a thriving marketplace, like an online agora. Virtual coins were exchanged with feverish enthusiasm. Remember the days when everyone thought this was the golden gander of cryptocurrency? Learn the basics.

Cryptsy had been the Paul Bunyan, or the Paul Bunyan, of the crypto world in the early days — roughly around 2013. It caught on early and enticed investors with promises for easy trades across a potpourri digital coins. Investors traded Bitcoins, Litecoins, and a vast array of altcoins at a rapid pace. Cryptsy is the saloon that swings its doors in the wild west world of crypto-trading.

Rumors have it that investors came in droves to the watering hole, as if they were the sole source of water in the desert. In a labyrinthine maze, they navigated the trading pairs like a child in candy store. Cryptsy was a hot topic for a few months. Users loved the vast variety of altcoins. It was almost like a digital marketplace where geeks came together with speculators, all in hope of getting rich.

But, behind the curtains, things were heating up–or should I say boiling over? Trouble was coming like a storm that was lying in wait. Cryptsy’s management was engulfed in chaos. Imagine a vessel where the captain was more interested in swabbing the shiny pieces of metal than steering the vessel.

And then, the storm. In January 2016, the reverberations of a notable heist reverberated throughout the cryptocommunity. Cryptsy had cracked open its vault, with more than $9 Million in digital currencies disappearing overnight like a thief hiding in the darkness of a magician. The news hit hard. Investors felt the pinch and disbelief echoed in the digital corridors.

Paul Vernon – better known on the internet as “Big Vern”, Cryptsy’s CFO – claimed that a wallet has been compromised. He claimed hackers had broken into the system. The trust had been broken, and the air was heavy with shock. The feeling was similar to waking from an unsettling dream, only to discover your gold wallet had been stolen.

Bring on the finger-pointing. Lawsuits raining down like confetti on a parade. Investors accused Cryptsy of mismanagement. Cryptsy then filed for bankruptcy. The exchange house has closed all of its operations leaving only a few shadows from its former glory.

The saga does not end there. Many whisper how, before the closure, funds mysteriously trickled through an account that was linked to Big Vern. The crypto world’s version was a whodunit mystery with wallets as the cryptic clues. Was it an oversight, neglect or something more sinister that led to the theft? Crypto Sherlocks still walk around the clues, like cats chasing a laser pointer.

Cryptsy’s story is ultimately a cautionary one. Remember that virtual currencies may be as slippery in the oil as an Eel. Cryptsy reminds us that while it is easy to get caught in the promise ten-fold returns can be made, we should remain vigilant. Know where all your digital ducks and do not place them in one basket.

Cryptsy fits into the bittersweet history of cryptocurrency. It was an ephemeral star that burned brightly but faded quickly. Many learned a harsh lesson in digital age about trust and precaution. As they say “Better safe then sorry.”