The Director of Institutional Sales of Coinbase, Christine Sandler, has defended the crypto exchange’s controversial acquisition Neutrino. In an interview with financial news channel Cheddar, Sandler said that previous client data providers were selling Coinbase user data to outside sources.
Sandler said that Coinbase’s priority is on the technology rather than the talent. “We are aware of the backgrounds of some of the folks that were involved in Neutrino,” she said. “The compelling reason for making the acquisition was that Neutrino had some really industry leading and best-in-class technology”.
Users of the huge exchange are rightly concerned about their privacy. Giancarlo Russo, Neutrino’s CEO formerly worked as Chief Operating Officer for HackingTeam, the government security contractor that was hacked in 2015. Emails posted by Wikileaks revealed that the company readily assisted repressive governments like Saudi Arabia.
#DeleteCoinbase And #DeleteCoinbaseTrustChain On Social Media
When she was asked about why they’d bought Neutrino, Sandler said: “It was important for us to migrate away from our current providers, they were selling client data to outside sources and it was compelling for us to get control over that and have proprietary technology that we could leverage to keep the data safe and protect our clients.”
The controversy over the acquisition is understandable but to admit that their providers had been selling users’ data to outside sources was the proverbial straw that users hope will break the exchange’s back.
Users have been encouraging others to delete their Coinbase accounts with #DeleteCoinbase trending on social media. But people were unable to delete them if they were holding any dust, which is a miniscule amount of cryptocurrency. For the account to be closed, users must have a balance of zero. In order to overcome this, developer Udi Wertheimer initiated another hashtag, #DeleteCoinbaseTrustChain, in which users coordinate and exchange dust to enable them to close their accounts.
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