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Coinbase said it was reviewing its controversial new acquisition that triggered a #DeleteCoinbase campaign on Twitter.
The reaction began after Coinbase revealed an acquisition in February: Neutrino, a blockchain analysis firm that has been running projects for the startup Hacking Team. According to Motherboard, Coinbase knew very well that Hacking Team had sold spyware to governments dealing with human rights abuses, including in Sudan, Saudi Arabia, and Ethiopia.
In a report published in 2013 by Reporters Without Borders, Hacking Team is one of five companies considered to be an "enemy of the internet".
"Without advanced technology, authoritarian regimes could not spy on their citizens. For the first time, Reporters Without Borders has compiled a list of five private sector companies considered "digital mercenaries", because they sell products used by authoritarian governments to commit abuses. human rights. and freedom of information. They are Gamma, Trovicor, Hacking Team, Amesys and Blue Coat. "
Some Coinbase customers delete their accounts to send a clear message that they will not tolerate strategic partnerships that value profits over people.
Not that I am @coinbaseThe biggest customer of all time, but I'm done.
I have never been a fan, but that is too much. Thank you @davidzmorris, @arjunblj, @ J9Roem to put that in the light.
Deleted my account and you should so. Share your images with #DeleteCoinbase. pic.twitter.com/G2llRID5UF
– Udi Wertheimer (@udiWertheimer) February 27, 2019
I've apologized for @coinbase much longer than they deserved.
There are now many alternatives, some have a lot better UX (@cash), and their partnership with Hacking Team, it is impossible for me to dismiss their obvious cowardice and lack of ethics. Long awaited #DeleteCoinbase pic.twitter.com/4nahCaQqCH
– Guy Swann ⚡ (@The Cryptoconomy) February 28, 2019
Coinbase Sales Manager Christine Sandler told Cheddar that the company was investigating the problem.
"We know the background of some people involved in Neutrino, and we are studying the issue. The acquisition was motivated by Neutrino's state-of-the-art and industry-leading technology.
It was important for us to migrate away from our current suppliers. They sold customer data to outside sources, and it was imperative that we take control of it and that we have patented technology that we could use to protect the data and protect our customers. "
Sandler, however, added that some of the former trading partners of Coinbase had sold customer data, a revelation that caused even more outrage on Twitter. Tuur Demeester of Adamant Capital asked how admitting that Coinbase was working with unethical companies explains his decision to work with people more unethical.
? revelation of @Coinbase.
– Has the privacy of the clients been violated? (or only aggregated data)
– How long have you known?
– Did the previous monitoring providers break the contract? (why not trial yet)
– Why is this an argument that explains the acquisition of unethical people? Https: //t.co/KP4LVD7Yhs pic.twitter.com/JLXGh9YlW4– Tuur Demeester (@TuurDemeester) March 3, 2019
While Coinbase is criticized for its strategic alliances, the acquisition of Neutrino obscures the earlier efforts of managing director Brian Armstrong to help oppressed people around the world. Last year, Armstrong launched GiveCrypto, a philanthropic initiative that distributes cryptocurrency to people living in poverty.
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