Fresh out of Coinbase’s funding round of $300 million Series E round the hashtag #deletecoinbase seems to be trending in the twitterverse. This round of fund-raising included Singapore’s very own wealth fund, GIC.
The reason by the call from users to ditch the cryptocurrency exchange seems to be rooted from their controversial acquisition of Neutrino.
Users were reasonably up in arms when they discovered that the founders Neutrino was reported to be selling spyware to authoritarian regimes repeatedly during their time with a company called Hacking Team.
Currently, the firm is involved with analysis and tracking of multiple blockchain including the popular Bitcoin and Monero who is known for its focus in privacy. The fact that this was Neutrino’s business model also did not sit well with may of Coinbase’s users.
— Nagaraj Hubli ⚡ (@nagaraj_hubli) February 28, 2019
Users attempting to delete their account has ran into issues with their dust balances — a small amount of a particular cryptocurrency that is lower that minimum for a valid transaction.
Coinbase has come out to defend its action stating that they are aware of the questionable past of Neutrino’s founders. They stressed that despite being aware of that fact, Neutrino’s technology was too important for Coinbase to pass up.
Featured Image Credit: Bitcongress