When Coinbase hits the announcement of the new acquisition of ‘Neutrino, a blockchain intelligence firm’, the web created the huge buzz around. However, the debate still continued. Experts on social media are discussing a lot more on the controversial acquisition.
Neutrino’s Founder Was the Lead of Former Hacking Team
Per the latest report by Coingape, the purchase deal states Neutrino’s team members to work with Coinbase.
Nevertheless, experts like Ari Paul, CEO of crypto asset investment firm BlockTower and many other investigates that the founders and executives of Neutrino have earlier worked with the hacking team. To note, Neutrino was founded by Giancarlo Russo, Marco Valleri, and Alberto Ornagh in the year 2016.
Before heading to why Ari Paul annoyed on Coinbase’s Neutrino’s team, it’s quite essential to note that the founders were the lead executives of a Hacking firm that used to sell ‘spyware tools to government Agencies across the world. And this made experts talk more controversial on this deal. So Ari Paul in his latest tweet call ‘Hacking team’ as deeply unethical and literally criminal’ that indirectly points out to the team Neutrino which is now become the team Coinbase.
While quoting the research thread of a Twitter enthusiast, Ari Paul says that;
I’m usually a defender of Coinbase (and many crypto entities that are imperfect). But there’s a line. Hacking team was both deeply unethical and literally criminal. Personally I couldn’t work with them. https://t.co/SbmRdHjX4s
— Ari Paul (@AriDavidPaul) February 27, 2019
Pretending Ari Paul wouldn’t further work with Coinbase, twitter enthusiast asked ’So would you also then not work with Coinbase by extension?. As a response, Ari Paul elaborates his view on Coinbase and the ethical people presented in the company. He says
No, I don’t believe in unlimited guilt by association. Every company, and country, an entity of sufficient size has both ethical and unethical people and activity. Coinbase has lots of ethical people and as a company overall may be a force for good.
When Coinbase’s acquisition comes forth, market participate began criticizing the history behind the firm – which is quite concerning the topic in crypto space, given that Coinbase works around decentralized crypto assets. However, besides Ari Paul, other enthusiasts including the co-founder of Canadian company Bull Bitcoin, Francis Pouliot aggressively took to Twitter and says ‘Sell your bitcoins on Coinbase, buy a jetpack and GET THE FUCK OUT OF THERE.
"Internal emails prove the company had control over its customers’ surveillance infrastructure, tagging malware and servers."
Can't run fast enough? Sell your bitcoins on Coinbase, buy a jetpack and GET THE FUCK OUT OF THEREhttps://t.co/O2tJwWrYyp
— Francis Pouliot 🐂₿ (@francispouliot_) February 20, 2019
Coinbase Responds to Controversial Topic
As these controversies keep on doubling down on social media, sources reported that Coinbase via email had reached out and explained the matter as follows; (quoting the note from the Coinbase mail)
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, but it was important for Coinbase to bring this function in-house to fully control and protect our customers’ data and Neutrino’s technology was the best we encountered in the space to achieve this goal.”
Further, in a mail, the firm addresses the trust that the customer has on it.
Coinbase to meaningfully grow the crypto-economy, we know we can never take the trust our customers place in us for granted.
Conclusively, its good to note that the founders behind Neutrino are no more a part of the hacking firm – thus Coinbase comes forth to elaborate the controversial claim – that industry players were debating on. As per the explanation in a mail, the ‘analytical technology of Neutrino’ matters the most to Coinbase, while keeping the founder’s past aside.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com