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Coinbase CEO on the Neutrino acquisition: “the Hacking Team will be fired”
Coinbase CEO on the Neutrino acquisition: “the Hacking Team will be fired”
Blockchain

Coinbase CEO on the Neutrino acquisition: “the Hacking Team will be fired”

By Stefania Stimolo - 5 Mar 2019

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For the Coinbase CEO, Brian Armstrong, the Neutrino acquisition scandal does not go unnoticed. Today he announced the difficult choice of firing former Hacking Team employees from Coinbase.

In an official post, Armstrong describes the behind-the-scenes of the acquisition of Neutrino, the blockchain analysis company, highlighting its goal of creating an open financial system for the world.

Armstrong explains that the need to acquire a blockchain analysis company came after a series of different collaborations with external analysis providers that weren’t good enough to achieve the objectives of the Coinbase company, as well as the fact that the previous analysis company used by the exchange – Chainalysis – had sold the customer data.

Thus, the choice of Neutrino announced on February 19th was made based mainly on the skills and technologies that the company had to offer, deemed decidedly more advanced in the market according to Armstrong, neglecting however everything that the Coinbase-Neutrino partnership would have brought to the level of brand and business values.

A mistake that, after the scandal that broke out, today resulted in the agreement between the two companies to act in the following way:

“Those who previously worked at Hacking Team (despite the fact that they have no current affiliation with Hacking Team), will transition out of Coinbase”.

“Coinbase seeks to be the most secure, trusted, and legally compliant bridge to cryptocurrency. We sometimes need to make practical tradeoffs to run a modern, regulated exchange, but we did not make the right tradeoff in this specific case. We will fix it and find another way to serve our customers while complying with the law”.

A word of support came also from Morgan Creek’s founder, Anthony Pompliano, who with his comment attempts to extinguish the fire caused by the Neutrino scandal, shifting attention to the prompt action that Coinbase and its CEO have had both in listening to people and in finding a quick solution.

 

Stefania Stimolo
Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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