Coinbase jettisons Neutrino staff after hacking uproar

Coinbase has parted ways with Neutrino employees after a storm of criticism over state surveillance.

The uproar revolves around the CEO of Neutrino, Giancarlo Russo, who previously worked for Hacking Team, which has been accused of selling “offensive intrusion and surveillance capabilities to governments, law enforcement agencies, and corporations”.

Much of the criticism stemmed from the work the team did for the oppressive Saudi Arabian government.

Last week, the hashtag #DeleteCoinbase began circulating on social media. For many involved in crypto who are anti-state, such a partnership with governments is akin to blasphemy.

In a blog post, Brian Armstrong, Coinbase co-founder and CEO, stated the company acquired Neutrino for its blockchain analytics experience – a key component of legal and regulatory compliance.

Liberty concerns

He added: “We examined the players, found that Neutrino had some of the best technology in this area, and decided to acquire them.

“However, we had a gap in our diligence process. While we looked hard at the technology and security of the product, we did not properly evaluate everything from the perspective of our mission and values as a crypto company.

“We took some time to dig further into this over the past week, and together with the Neutrino team have come to an agreement: those who previously worked at Hacking Team (despite the fact that they have no current affiliation with Hacking Team), will transition out of Coinbase.

“This was not an easy decision, but their prior work does present a conflict with our mission.

“We are thankful to the Neutrino team for engaging with us on this outcome.”