Cryptsy Explains Reddcoin Withdrawal Problems

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Cryptsy Explains Reddcoin Withdrawal Problems

ForexMinute.com – One of the representatives from popular cryptocurrency exchange Cryptsy took to Reddit to explain the ongoing hassles users are facing with the Reddcoin withdrawals. The representative blamed an anonymous attacker which was trying to implement a 51% attack on the Reddcoin network using Cryptsy as a platform. The Reddit post reads:

“The attacker would deposit funds. Sell for BTC and initiate a withdrawal for the BTC. Then reverse his original deposit. If not for our security the attacker would have been successful.”

Cryptsy was facing severe criticism in past weeks due to the aforementioned problem. Many users took their complaints to various discussion platforms including Reddit, twitter, as well as Facebook. There were also a rumor that said that Cryptsy is deliberately halting the Reddcoin transactions, while some users also calling it another Mt. Gox in making.

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With the new post, the exchange’s representative indirectly rubbished all the rumors that have circulated against them. He explained how such attacks are very common in today’s marketplace, and further explained the security measures Cryptsy has taken to prevent such intrusions.

“We have been in business for over a year now and this is not the first time it has been attempted. We have a security system in place to prevent these sorts of attacks,” he said.

The representative moreover spoke of another attack that is being attempted on Cryptsy. In this new attack, the attackers are trying to spam the wallets with inputs. This spam caused troubles for users in withdrawing their money by returning “Transaction Too Large”. It means the size of transaction was made so large that blockchain was returning an error.

But he also claimed that their exchange has successfully tackled this issue, and there won’t be any problem in issuing and withdrawing money in near future. What they did was making little chunks of one bigger transaction and making it small enough to be accepted by the blockchain.

Cryptsy, for now, seemed to have taken care of the situation pretty well. The exchange also announced to introduce PoSV anytime soon, while apologizing for the whole episode.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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