Coinbase admits that the previous third-party provider sold client data

03 Mar, 2019
by Richard Allen
Coinbase admits that the previous third-party provider sold client data

Coinbase executive Christine Sandler attempted to provide some clarity on the recent controversial acquisition of blockchain-tracking firm Neutrino. In an effort to justify the acquisition, Sandler admitted that the company’s previous tracking provider had been selling client data.

“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.”

Coinbase announced the acquisition in late February. Sometime later it became known that several employees at Neutrino had worked for a company called Hacking Team which sold surveillance equipment to oppressive regimes.

Read more: Coinbase responds to criticism surrounding the acquisition of Neutrino

While this admittance provides some clarification on the decision to acquire, it has justifiably added fuel to the #DeleteCoinbase fire that’s been circulating on social media.

Read more: #DeleteCoinbase movement gaining traction as more people close accounts

Details are scarce regarding what was sold by the previous provider, but considering Coinbase requires detailed KYC identification from their customers, it’s almost surely information that is concerning to the platform’s users.

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Read more about: Coinbase


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