Report: #1117982

Complaint Review: Cryptsy

  • Submitted: Thu, January 23, 2014
  • Updated: Thu, January 23, 2014
  • Reported By: Cryptsy Sucks — Canton Michigan
  • Cryptsy
    1300 NW 17th Ave Suite 270
    Delray Beach, Florida

Cryptsy - Paul Vernon Florida pervert, poor service, fraud, disgusting practices Delray Beach Florida

*REBUTTAL Individual responds: Defamatory and Completely Inaccurate Information

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Cryptsy is an online exchange operated by Paul Vernon from Delray Breach, FL.

After being discharged from the US Army for sexual activity involving a minor, Paul Vernon set out to create an online exchange for traders of currency. Paul served for over 7 years in the US Army as an Intelligence Analyst holding a "Top Secret" Military Security Clearance.

Cryptsy is the worst online exchange of it's kind. Since it's inception in 2013 it has continued to be one of the most poorly operated sites in existence. What does his CFO, Stacy Taylor, have to say about all of this?

Some of the issues include:

- 503 server errors continue to pop up almost daily, rendering the entire site inoperable. It's not uncommon to read "Cryptsy is down again" in chats.

- Funds go missing from accounts, sometimes appearing in other people's accounts where they are withdrawn. One customer was reportedly able to withdraw 3 Bitcoins (approx. $2400 US) that he had never deposited in the first place. Also double spending is known to occur whereby you can spend twice the amount of coins you have, leaving you with a negative balance.

- Trades occur at a slow speed after being placed, often to the point where you lose money in the process.

- Cancelling a trade results in your funds being returned sometimes 30 minutes later. Should you invest your entire portfolio into a new fund and cancel it, you're broke for half an hour unable to take advantage of any other trades until such time Cryptsy decides to return your money back to your account.

- Horrible customer service. Trouble tickets are backlogged up to 4 weeks. Customers on Bitcointalk have been known to wait 3 weeks before any action occurs and even then it takes posting to an external forum sometimes to force any action.

- During Christmas 2013 there were approximately 230 complaints posted on Cryptsy's support forum from customers demanding their money be returned to their wallets. It was so problematic that Paul Vernon resorted to mass mailing all of his members to ask that they close their tickets if the issue was with funds, because they were working on the issue.


Dear Crypsty user. This is a message in answer to many of the tickets we have been receiving over the past 48 hours regarding incorrect balances and disappearing coins.

First please let me assure you that your coins are not lost and are very safe.

For the past few days, due to an article in a few major media newspapers, we have been experiencing a major increase in new user signups, transactions and customer support issues. This influx put a tremendous amount of load on our servers slowing things down to a crawl.

To remedy this we added more servers, hired extra customer support agents, and moved the order cancellation routine out of the main trade engine so that trades will execute faster.

However the new routing was not cancelling the orders correctly since last night This morning there were a large number of unprocessed cancellations in the queue. That queue is now almost completed and 90% of cancellations have now processed your coins back to your balance.

There are still a few left to go, so if your balance is still not correct at the time of this message please give it a little more time to finish auditing.

We have corrected the issue that caused this and it should not happen again.

Please be patient as we go through our growing pains and continue to make Cryptsy the #1 coin exchange in the world.

If your balance is correct, there is no need to reply. If your balance is NOT correct, or if there is still an issue in your account.. please feel free to contact us.


The issue should not happen again Paul claimed, yet it did, and does repeatedly occur. Instead of dealing one on one with customer tickets Paul chooses to mass mail people and hope that his weak excuses will suffice.

- Security errors crop up when trying to withdraw money or login. No explanation given as to why.

- Paul has a questionable interest in underage girls and has made this known during chats he had on his website,

- A search of bitcointalk and.or Reddit will result in hundreds of complaints of lost funds, missing money that was given to other users, downtime, server errors, claims of fraud and people threatening to sue to get their money back.



This report was posted on Ripoff Report on 01/23/2014 04:32 PM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 REBUTTAL Individual responds

Defamatory and Completely Inaccurate Information

AUTHOR: PaulVernon - ()

The person who submitted this report has posted false information about myself.   I was in the Military, but I did in fact receive an Honorable discharge after 8 years of excellent service.   I have also never been involved in any crime towards children.

This persons accusations are not only inaccurrate, but they are discusting.



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