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Hope for Cryptsy? Hacker Pledges to Regain Stolen Funds

Reading Time: 2 minutes by on March 13, 2016 Business, News
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Cryptsy, the embattled bitcoin exchange from which over 13,000 BTC were stolen, appears to have partnered with an anonymous hacker known only as Cryptcracker to regain their funds, according to a signed contract posted on their blog.

Cryptsy was founded in 2013 and went on to service over 270,000 customers, according to their website. In 2015, the platform started showing signs of unresponsiveness, due to “technical issues.” Eventually, Cryptsy admitted that a hack which took place in July 2014 had resulted in a loss of 13,000 BTC, along with an additional loss of approximate of 247,000 litecoin and other altcoins. The company posted a bounty of 1,000 BTC for anyone that managed to recover the coins.

Today the exchange has publicly released the pdf of a contract they have signed with Cryptcracker. The agreement states that the hacker will be eligible for a reward of 1,750 BTC upon successful retrieval of the stolen 13,000 bitcoins. An additional 250 BTC will be earned if he succeeds in recovering the additional 247,000 litecoin stolen from the exchange. The contact also mentions that Cryptcracker will be eligible for additional rewards in case he is successful in recovering the other altcoins the exchange lost. However, the recovery of the bitcoins represents the primary concern in this case, as stated in the contract.


To keep things as secure and transparent as possible, Cryptcracker that requested Cryptsy post the contract online. The hacker, who wants to remain anonymous, has included his legal name, alongside more personal information, in an encrypted message.

These and more details on the process of retrieving the funds can be read in the signed contract between Cryptsy CEO Paul Vernon and Cryptcracker.

In January 2015, a class action lawsuit was filed against Cryptsy on behalf of clients who lost access to their funds when the exchange went down.

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