Cryptsy was a buzz in the initial cryptocurrency trade. Upon its opening, it provided traders with a colossal assortment of altcoins which most other websites just did not provide. It was a dream realized to many, a simple way of immersing into the deep sea of online currencies. Cryptsy was not only appealing to Bitcoin. It was the treasure trove of those who want to venture into less popular altcoins. More help? Sure. But it did not take many days before the cracks began to appear.

Cryptsy initially appeared to be an excellent vision. However, problems on the platform increased with the number of users. The turnaround time was very slow, there was virtually no customer care and the entire system appeared, well, clunky. The signs were there. But people were too excited to pay an eye to it. They believed, I am still in the crypto early days; it is just the ride. And unfortunately the ride was going to get bumpy.

The tipping point? A devastating hack in 2015. Millions of dollars worth of cryptocurrency were stolen and the site was in a wreck. The news of the breach caused shockwaves in the whole community once it happened. The site which had previously been a powerhouse in the trading of alcoins was now yet another warning example. Traders found themselves in the dust with some never getting back their money. It was chaos, pure and simple.

It was not only the failure of Cryptsy regarding the hack. It was concerning the hack itself. It was a lesson in trust. Cryptsy was one of the uncountable exchanges then that lacked the security needed to safeguard its users. This sent a strong signal: the fact that an exchange brings a great deal of coins does not imply that it is safe. It is a purchase of a new expensive car without a seatbelt.

The post-crisis period started making the crypto community question their views on exchanges. It was no longer about what coins could be used or how fancy the interface was. Security has been the highest consideration. The collapse of Cryptsy demonstrated the weakness of a fast-developing business. But it was a wake-up call as well. It compelled other platforms to improve their standards and the modern-day trading has become much safer due to the lessons that were learned of the mistakes made by Cryptsy.

With that said, the story behind Cryptsy is not an exclusively failure story. It speaks volumes of the speed of the crypto market. The very platform which grew so fast was the same one which failed to hold the pressure and it collapsed and contributed to the exchange nature that we experience today. There is a warning tale of every success. Cryptsy is one of those tales.

Today, with the crypto world growing and growing, the development of Cryptsy and its collapse remains one of the most critical moments. It was not only an unsuccessful exchange- it was a turn-taking point. And though its history has closed in bankruptcy, its lessons have been priceless. There are times that the most important lessons are learned during the most difficult crashes.