Will Coinbase Lose Users Over Controversial Acquisition of Neutrino?
Jeremy Wall's original article for www.investinblockchain.com reduced by 55%
Coinbase, the largest US-based cryptocurrency exchange known for its ease of use and attractiveness to mainstream cryptocurrency users, has experienced some controversy as of late over their acquisition of Neutrino, a blockchain analysis startup that traces cryptocurrency transactions. The controversy surrounding Neutrino comes largely from the involvement of Valleri and Ornaghi, who before the establishment of Neutrino were executives of Hacking Team, an intelligence firm that sold spyware tools to government agencies around the world. Coinbase acquired Neutrino on February 19, 2019, which led to an uproar of controversy among cryptocurrency influencers and members in the space.
Coinbase failed to answer any of Torpey's specific questions and instead released an official statement, stating that they are aware of the controversy behind the co-founders of Neutrino and do not defend or condone the actions of Hacking Team. "We are aware that Neutrino's co-founders previously worked at Hacking Team, which we reviewed as part of our security, technical, and hiring diligence. Coinbase does not condone nor will it defend the actions of Hacking Team.
Increasingly, third-party blockchain analysis companies are requesting customer data from cryptocurrency companies that they serve." Many crypto influencers have since urged users to withdraw their funds from Coinbase and use alternative crypto exchanges. Do you think Coinbase will lose users over the controversial acquisition of Neutrino? Let us know what you think in the comment section below.
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Summarised crypto news.