Following Coinbase’s Accusations Of Selling Customer Data, CipherTrace Releases Response On Privacy

Following Coinbase’s Accusations Of Selling Customer Data, CipherTrace Releases Response On Privacy

Privacy is one of the biggest motivations for consumers to join the cryptocurrency industry, and many investors will seek out their exchanges through their privacy policies. Recently, Coinbase was criticized for their addition of blockchain analytics company Neutrino, based on the history of their employees at Hacking Team. When Coinbase spoke on their transition to Neutrino, they said that their previous analytics company (CipherTrace) had been selling customer data. Clearly, that statement has not been well received with Cipher Trace, because they released a block post titled “CipherTrace Statement on Blockchain Analytics Privacy.”

The post starts off by discussing Coinbase’s acquisition of Neutrino, and the statements made by Christine Sandler on March 1^st that the “current provider” was selling the personal information of their clients. Days later, Coinbase made some changes to their personnel, saying that they will be transitioning the Neutrino employees associated with nefarious activities out of their company.

Instead of dwelling longer on the statements of Coinbase, CipherTrace turned the attention to their own work towards privacy, calling themselves “strong advocates” that place the privacy of their clients as a top priority. Their tools and analytics ensure that all users have protection, and to ensure that they follow the compliance protocols required of them.

The company explicitly states in the post that it “does not and has never” been the seller of customer data for any party, third or otherwise. No personal information is released to any other company. They support their statement by adding that they are the first blockchain analytics team ever launched around the world, and their decades of cybersecurity, eCrime fighting, and crypto speaks for itself. They also urged consumers to look beyond the technology of a provider and examine the team that develops it.

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