Cryptsy back then was like the Wild West for crypto enthusiasts. Established in 2013, Cryptsy rode the crypto-boom like a famous rodeo performer clinging tightly to a charging bronco. People from across the globe were drawn to this digital platform by the promise of turning their dogecoins and dollars into real money. Cryptsy was like Icarus flying too close towards the sun. What went horribly wrong? It’s time to pull up a stool, folks. This story is part thriller, and part cautionary. Start here.

Imagine being in a bustling market, where traders deal with everything from bitcoins up to litecoins. Cryptsy, a bustling digital trading hub, was the place to be. It was all glitz and glamour until folks got jittery about an issue they hadn’t anticipated–security. Cryptsy was like a barn that locks its door only after the horses bolts. They realized they needed to tighten their security only when they were in quicksand.

In late 2014, an unknown hacker successfully gained access to Cryptsy. Unnoticed by anyone for several months, they made millions. But here’s what is really shocking: Cryptsy managed to keep it a secret, hoping that no one would notice. Spoiler: this didn’t occur. In fact, it was more like a car crash in slow motion.

Once the cat was out, it’s too late. Users left in their droves after losing trust like a vase. Paul Vernon the CEO was then sued and mysteriously vanished, much like Houdini’s rogue act. Rumors have it that he is in China. The mystery surrounding his whereabouts has not been solved. It’s an ending straight from a mystery novel.

The aftermath of the scandal was a complex mess. There were legal battles, assets that had been frozen, and digital dust that settled on empty accounts. This is a powerful reminder: Trust in a service or product can be fragile like a soap bubble. As in the card game of old, you need to know how to play and fold.

What can we, as modern crypto enthusiasts, learn from this chaos? In the beginning, you should seriously consider your security. Not only should you manage your passwords, it’s important to have a watchful eye on any suspicious activities. It’s important to know the reputation of any trading platform. If something smells bad, it probably is.

Also, you should do your homework. You should always look under the hood. Don’t dive in blindly because your buddy gave it two thumbs. You can get a lot of useful information from social forums, which are humming like a beehive. Use it. Don’t hesitate, even if it seems boring. After all, your hard earned money is at risk.

Cryptsy fell, and for those still using it, this is a painful reminder to always keep things transparent. Consider it as driving in winter: if you don’t wish to skid off the road, maintain a steady pace while keeping your eyes open. One stitch can save you nine.

Cryptsy’s web of pitfalls was a trap that Cryptsy had to escape. Who knows. Cryptsy, if only they had been more prudent in their decisions, might be still wheeling-and-dealing today. As they stand, however, Cryptsy represents the less than rosy past of crypto.

Do your due-diligence, dear, says your dear grandma.