Crypto Investors Launch #DeleteCoinbase Campaign On Social Media To Boycott Recent Actions
Cryptocurrency Investors Launch #DeleteCoinbase Campaign On Social Media
Following the acquisition of Neutrino, a blockchain analytics platform, by Coinbase, cryptocurrency enthusiasts who are not satisfied with the move have taken to social media to launch the #DeleteCoinbase campaign, to instigate users to boycott the cryptocurrency exchange, according to TNW Hard Fork on February 28, 2019.
#DeleteCoinbase Campaign Now Live
These are not the best of times indeed for leading U.S-based cryptocurrency exchange and trading venue, Coinbase, as a significant number of disgruntled cryptocurrency enthusiasts have launched the #DeleteCoinbase campaign on social media, to urge users of the platform to delete their accounts and dump Coinbase due to perceived wrongdoing on the path of the exchange.
Valued at about $8 billion, Coinbase announced the acquisition of Neutrino, as part of its mission to bring the open financial system to the world.
“By analyzing data on public blockchains, Neutrino will assist us in preventing theft of funds from peoples' accounts, investigate ransomware attacks, and identify rogue actors,” Coinbase declared at the time.
Going by the statement of the exchange, it seems Coinbase had no ulterior motives whatsoever.
However, the announcement did not go down well with several crypto enthusiasts partly due to the not so impressive track record of Neutrino.
Specifically, many of Neutrino's team members are also former top executives of Hacking Team, the infamous Italy-based platform that sells intrusion and surveillance systems to authoritarian regimes globally.
These devices were then used to illegally monitor journalists, activists and freedom fighters, including UAE-based human rights activist, Ahmed Mansoor who was sentenced to 10 years in prison for his social media posts in 2018.
While the Neutrino announcement appears to be the event that took crypto investors to their boiling points, it's worth noting that some of the recent actions of the platform which are entirely against the ethos of decentralization may have also angered observers.
As reported by Bitcoin Exchange Guide on February 19, 2019, Coinbase announced the launch of its cloud backup service, to enable users of its crypto wallet store an encrypted version of their private keys on iCloud or Google Drive.
“Owners of user-controlled wallets like Coinbase Wallet sometimes lose their devices or fail to back up their 12-word recovery phrase in a safe place, thus losing their funds forever,” the exchange explained at the time.
However, the move was also condemned by some cryptocurrency experts including Jesse Powell, co-founder, and CEO of KrakenFX.
“I am not a fan of training users on bad security. Cloud storage, while convenient, is constantly compromised, especially with all the SIM swapping attacks. 99% chance the people who would unwittingly use this do not have passwords strong enough to withstand professional cracking,” he tweeted