It first started on twitter when a user by the handle @cryptcracker1 sent a few messages to Paul Vernon – the CEO of the now defunct altcoin exchange Cryptsy. The user claimed that he knew who stole and coins and would be able to recover them for a 13% fee. At first the user suggested a 30% fee, but it looks like Mr. Vernon was able to negotiate it down to 13%. The contract states that Cryptcracker will recover the 13,000 stolen BTC, in addition some altcoins like litecoins, bitcoin dark, and x11, may also be possibly recovered, read the full contract here

One detail in particular stands out when looking at the signed contract, the second party signed the contract using the word “wrecker”. Whether or not Cryptcracker is simply trolling Paul is still undecided. The contract specifies though that Cryptcracker will receive his reward only after recovering the 13,000 BTC, so if Cryptcracker really is actualy trolling Paul, he will have no financial gain. Furthermore, if something goes wrong with the contract, Cryptcracker will reveal his real identity by decrypting the pgp encrypted text in the contract.

According to Gleb Gamow, a bitcointalk.org user who has been following the Cryptsy debacle since the beginning, Cryptsy’s stolen coins are located in the following location. Before any deal is made and any contract is honored those coins would have to either move to a new address, since Cryptcracker will either provide Paul with the private key, or move the coins to an address he controls. Only time will tell whether or not Cryptsy will indeed be able to recover most of their customer’s deposits. Do you think this contract will follow through or fall through?

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