Remember the wild days of crypto? When Bitcoin was first gaining popularity and everyone wanted in on the digital goldrush, do you remember? Cryptsy — a name with strong associations for those that lived through its turbulent course. The cryptocurrency exchange that once held a prominent role has become a cautionary example for crypto lovers. Start here.

Chris Vernon founded Cryptsy on the year 2013, when digital currencies were still considered a new frontier. Cryptsy soon became a top platform offering a multitude of altcoins. This was before most people were even aware what an altcoin is. The platform started out with a boom, capturing the attention of traders seeking alternatives to Bitcoin. The first few months were a dream. Users flocked into the platform in large numbers, attracted by its variety of coin and ease of exchange.

But there was trouble behind the scene. Cryptsy had a hacking attempt in July 2014 that they kept quiet. About 13,000 Bitcoins as well as 300,000 Litecoins disappeared into the ether. If you thought losing millions of pounds would raise an alarm, the management decided to keep quiet. Silence can often be more telling than words.

Imagine how shocked the users must have been when Cryptsy’s withdrawal problems became so severe in 2015. People began to speculate, raise red flags on forums, and make comments. The coin was tossing between thinking the platform is genuinely struggling or suspecting that something sinister was going on. The worst part is that it was true. By 2016, all was revealed. Cryptsy was finally forced to admit that it had suffered a hack and the lost money could not be recovered. Their apology? The apology was not as sincere.

And remember those lawsuits, too? Users were duped by the exchange and refused to accept it. Cryptsy lawsuits and those filed by its founder hung like a shadow over the exchange. The legal battles morphed into a legal Opera. Mismanaged funds and user scams were common in courtroom dramas. Warnings were ignored, warnings were not followed, and there was suspense.

During that time, it was revealed that Chris Vernon had purchased expensive property and invested money in personal assets. It was a bit like watching a bad comedy where the villain runs off with the loot leaving chaos in his wake. What became of all these investments and purchases, then? Frozen, seized, locked down–you name it. After the authorities got involved, the damage had been irreversible.

Cryptsy has left a mark on the annals in cryptocurrency. The platform’s accountability is one thing that can’t be overlooked. Transparency does not only mean buzzwords, but is the foundation of any trust. Users have to be convinced that the exchange doesn’t represent a ticking-time bomb when thousands or even million dollar trades are involved. A security measure cannot be slacked. If you make a mistake, it’s over. Imagine what Cryptsy would have become if it had not been for the risk management nightmare.

Cryptsy has left a lasting impression on some people. It was an entirely different era. The first time you had a high school crush that turned out to not be the best person. It’s a mixture between nostalgia and relief.

Cryptsy is a roller coaster in retrospect. What started well, went downhill like a lead-balloon, teaching the community about transparency, trust and the fallout that occurs when these principles do not get followed. Next time you’re hearing about a new cryptocurrency trading platform promising the world, remember Cryptsy. Cryptsy is an example which shines brighter each day and warns all of us to tread with caution in this volatile digital landscape. Even the Wild West had its share rogues.