The major cause of contention was that members of Neutrino infamously worked for the Hacking Team, which was previously caught selling surveillance software to governments with atrocious human rights records.
Following a weekend of intense criticism, Coinbase CEO Brian Armstrong published a Medium post on Monday announcing that those individuals who previously worked at Hacking Team will “transition out of Coinbase.”
“Bitcoin — and crypto more generally — is about the rights of the individual and about the technological protection of civil liberties.”https://t.co/faqXmWh8z1
— Coinbase (@coinbase) March 5, 2019
“We had a gap in our diligence process,” Armstrong said in the mea culpa. “While we looked hard at the technology and security of the Neutrino product, we did not properly evaluate everything from the perspective of our mission and values as a crypto company. We took some time to dig further into this over the past week, and together with the Neutrino team have come to an agreement: those who previously worked at Hacking Team (despite the fact that they have no current affiliation with Hacking Team), will transition out of Coinbase.”
While this has been seen as a strong move by some, Coinbase still failed to address the most recent criticism stemming from what Christine Sandler, Coinbase’s director of institutional sales, revealed in a recent interview with Cheddar — that the company’s previous analytics provider was selling client data.
ehh.. not quite. It's optics without action. No timeline on transitioning people out and they're keeping the software. What will be the continued relationship after they're officially not CB employees? No resolution on the conflicting statements about having done diligence vs not
— Jesse Powell (@jespow) March 5, 2019
More: Coinbase’s Newest Team Members Helped Authoritarians Worldwide Monitor Journalists and Dissidents
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.