Users demand to boycott Coinbase after controversial acquisition

Cryptocurrency fans are taking to social media using #DeleteCoinbase to boycott the popular service after a series of mishaps.

The uproar escalated when the founders of Coinbase announced the acquisition of Neutrino, an Italian startup that enhanced public blockchain data to trace cryptocurrency transactions. According to Coinbase, the technology used by the startup would assist in tracking illicit activity and enhance safety for the users.

Unfortunately, the plan did not work out as anticipated.

Right after the company’s announcement, major industry analysts, including Arjun Balaji Tweeted that many members of the Neutrino team were once part of Hacking Team, an Italian vendor known for selling intrusion and surveillance capabilities to opposite parties around the world. In fact, the Hacking Team monitored journalists, politicians, and activists such as UAE human rights activist Ahmed Mansour and sold their findings to oppressive regimes.
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Besides the acquisition of Neutrino, users of Coinbase were also outraged with the company’s decision to add different products such as the ‘wallet’ feature to its database. According to the users, enabling the Wallet app to the cryptocurrency service might enhance their vulnerability to attacks.

Despite the angry tweets forced at Coinbase, it is not known how many people have actually deleted or deactivated their accounts.

Will Coinbase Lose Users Over Controversial Acquisition of Neutrino?
Photo: Chesnot / Getty Images

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