Cryptsy CEO Recruits Hackers to Recover Lost Coins

The defunct cryptocurrency exchange Cryptsy has supposedly made a deal with hackers to get back the stolen funds it lost last year. The Cryptsy website has revealed a PDF contract between CEO Paul Vernon and a hacker named “Cryptcracker” to retrieve 13,000 bitcoins.

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Cryptsy Hopes to Recover Funds With Latest Bounty

The Cryptcracker pseudonym may be an anonymous individual or group of hackers willing to take on the job of recovering the funds. There are a few posts on Bitcointalk.org and other possible connections to this “Cryptcracker,” but not much can be found online. It’s also not 100% the contract is real, but if it is it seems Vernon would like to recover the funds as soon as possible. The agreement states:

“Cryptcracker will recover for reward the stolen 13,000 Bitcoin (approximate) from the Cryptsy exchange for a base reward of 1750 BTC about %13.46154 of the 13,000 Bitcoin. To account for the approximation, a %13.46154 bounty percentage fee will be awarded to Cryptcracker for all recovered Bitcoin instead of 1750 Bitcoin if the recovered amount deviates from 13,000 Bitcoin.”

The hackers say in the contract that they wish to remain anonymous, but if problems arise Vernon may “reveal their identity.” Cryptcracker left a PGP key and signed the message with the legal name and date of birth of the party. The contract says this information is currently encrypted, but a digital signature is represented within the contract. The document also reveals that Cryptcracker can also recover certain altcoins associated with the heist such as Litecoin and others. However, the contract states the primary focus will be dedicated to finding the stolen bitcoins first. The document explains:

“The recovery of the Bitcoin is the primary concern so it will receive attention ahead of the recovery of other coins.”

With a class action lawsuit putting a dark cloud over the company, retrieving the coins by this method may be a last minute solution.

The Cryptsy story is far from over and may go on just as long as the Mt. Gox investigations. We at Bitcoin.com do hope that funds are returned to their rightful owners and exchanges incidents such as this cease to exist. We will keep our readers informed of any upcoming developments concerning the Cryptsy exchange and its owner Paul Vernon.

What do you think about the contract between Vernon and the Cryptcracker hackers? Let us know in the comments below!

Images via Crypto-graphics.com, Cryptsy’s website, and Pixbay