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#DeleteCoinbase ; Users protest against neutrino acquisition

In the recent past the cryptocurrency exchange Coinbase acquired notorious spyware creator Neutrino. Exchange users were feeling skeptical about their privacy with the exchange after the aquisition. Earlier, the spyware startup team has sold spyware to several governments known for human rights abuses. Reports suggest that they had been using “offensive technology” for their hacking.

The acquisition leads to a social media battle by the users. #DeleteCoinbase is echoing across Twitter as bitcoin users close their accounts to protest the acquisition by the crypto exchange. On Google search, the hashtag produces more than 500 results.

Meltem Demirors, founder of Shiny Pony Ventures and chief strategy officer at the asset manager CoinShares told sources that she will no longer use Coinbase after this incident.

“There are so many other services out there that do [blockchain analysis] that don’t have these reputational issues, and frankly the ethical issues that some of these Neutrino founders have,” Demirors said. “This example, to me, clashes with all the messages [Coinbase] are trying to put out there about creating an open financial system, a more inclusive financial system.”
“This acquisition of Neutrino supports the idea of using bitcoin for surveillance capitalism.”

She further added.

In February, Varun Srinivasan, Coinbase’s director of engineering and product revealed that Neutrino would help Coinbase to expand the territory by quick cryptocurrency listing while keeping the data analysis services intact.

The spyware team was listed among the top five corporate “Enemies of the Internet” for its role in helping various governments. Also, they were the reason for the insecure situations in Mexico, Uzbekistan, Kazakhstan.

Recently, some users of Coinbase brought the issue to the social media complaining about difficulty closing their accounts. The reason behind the issue is mainly because the account needs to be completely empty in order to close it but users are retaining partial fractions of Bitcoin [BTC]. These fractions are a hindrance to empty the account.

The situation could lead to a tremendous decrease in the user base of the exchange.