Coinbase acquisition of Neutrino was for $13.5 million

06 Mar, 2019
by David Robb
Exchange
Coinbase acquisition of Neutrino was for $13.5 million

More details have emerged about Coinbase's recent purchase of software company Neutrino. The controversial deal was worth $13.5 million, according to a document shared with Bitcoin Magazine.

Coinbase bought out Neutrino on February 19, apparently in order to help develop its own security measures, and the news of the acquisition of the Italian firm was soon met with considerable criticism from the crypto community. The Neutrino team shared members with Hacking Team, a group of developers who had previously been involved with creating spyware and malware that was linked to digital state surveillance and major privacy violations.

Read more: Coinbase technology partner denies collecting, selling customer dataCoinbase removing Neutrino execs: "Last minute attempts to save face"

Coinbase eventually caved to pressure from the community, including a #DeleteCoinbase movement that saw around 1000 users close their accounts, and cut ties with the specific Neutrino members who had been a part of Hacking Team. 

Although they will no longer be working with Coinbase, these individuals may still have profited handsomely from the deal. The recently released document reports that Coinbase paid out $13.5 million in order to acquire Neutrino's entire share capital. As well as shares held by company execs, this also included those of 360 Capital, a French VC firm that had a 33 percent stake in the firm after investing $565,000 back in 2017.

Read more: Why isn't XRP on Coinbase?; will it ever get listed?4 cryptocurrency exchanges closed in 2019: what happened?

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Chepicap is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!

 

Read more: How to tip and receive Bitcoin via the Lightning Network with Tippin.me

Read more about:Coinbase

Poll

Is the acquisition of Neutrino a good move or bad move for Coinbase users?

(4 votes)

Add a comment

Typical Coinbase that spends money for nothing.
06 Mar, 2019 - 22:06
coinbase spent so much money for hacking services
06 Mar, 2019 - 23:16
it would be better if coinbase spent such money on problems solving
06 Mar, 2019 - 23:55
seems like coinbase likes to spend money which were stolen from users accounts
07 Mar, 2019 - 21:43
excellent purchase for coinbase ) to buy a team of hackers is a great deal ))))
07 Mar, 2019 - 22:20
coinbase bought neutrino hackers team with the aim to steal data of users
07 Mar, 2019 - 23:26
it was the worst acquisition in history provided by coinbase i guess
08 Mar, 2019 - 00:22
coinbase and developed security measures ?) really?) coinbase never had security
08 Mar, 2019 - 01:04
such a big fraud. again from coinbase. this company always does something illegal and the funny is that they do not get any kind of punishments
08 Mar, 2019 - 16:49
i am sure that we will be able to see news about details of this suspicious acquisition from coinbase, actually this is not first time when they do some dirty stuff with acquiring new company
11 Mar, 2019 - 16:28
their classic scheme is to list some kind of unsecured crap then pumps its price and take profits from this insider trading. such a coinbase
12 Mar, 2019 - 10:21
as of today there is no information confirming firing the hackers. thus, coinbase again lies
08 Mar, 2019 - 22:08
coinbase lost much more by buying Neutrino for 13 million
08 Mar, 2019 - 22:32
Yes, Coinbase lost the main – its reputation
10 Mar, 2019 - 20:15
well, how could coinbase communicate with people who had violated data confidentiality before?
10 Mar, 2019 - 20:44
it doesn't mean what was the price. the main is that coinbase paid for purchasing the hackers team
10 Mar, 2019 - 21:52
I support users who have deleted Coinbase accounts
10 Mar, 2019 - 22:24
i think these money also were stolen by coinbase from its users
11 Mar, 2019 - 21:07
that's very 'nice' to buy hackers team by money of coinbase users
11 Mar, 2019 - 22:09
seems like coinbase provided the money laundering by purchasing neutrino
11 Mar, 2019 - 22:51
this is a story about how сoinbase spent huge amount of money to the detriment for itself
11 Mar, 2019 - 23:01
scam coinbase and hackers team - very nice partnership )
12 Mar, 2019 - 22:21
something really suspicious is going on around coinbase and definitely i do not trust this exchange. one sad thing is that exchange will scam a lot more people in the future...
20 Mar, 2019 - 12:59

Check out the latest news

You will be logged out and redirected to the homepage