Some enthusiasts have recently been joining together to boycott the popular US crypto exchange, Coinbase.
Users have even gone as far as to try and get the #DeleteCoinbase hashtag trending by getting others to delete their accounts on Coinbase following a series of perceived mishaps by the US-based company.
This all comes after Coinbase bullishly announced the acquisition of the Italian startup Neutrino, that leveraged public blockchain data in order to track cryptocurrency transactions.
The crypto exchange has said that the technology in the startup would help it track illegal activity and would help make cryptocurrency, as a whole, “safer and more accessible for people all over the world.”
Even so, things took a twist when a few industry experts commented on the fact that many of Neutrino’s team were previously the leaders of a specialised Italian vendor, Hacking Team known for selling intrusion and surveillance capabilities to oppressive regimes across the globe. These were used to monitor journalists, activists, political dissidents and UAE human right activist, Ahmed Mansoor.
Even though the acquisition of Neutrino seemed to be the tipping point, there have been numerous other recent events that have triggered users of Coinbase.
At the start of last month, many users were left confused after the firm made a big batch of product announcements which included the support for Bitcoin on its wallet. This is different from Coinbase.com. The former app is standalone and allows users to store their own cryptocurrency which is protected through a private key that only the user knows. On the other hand, Coinbase.com now let their users buy cryptocurrencies however, they are stored by Coinbase as well as the use of private keys.
It didn’t take long for Coinbase encourage users to back up an encrypted version of their Coinbase Wallet private keys to their personal storage accounts by using either Google Drive or iCloud. Soon after though, a lot of community members were quick to say how much of a bad idea this was.
Coinbase hasn’t had the best few weeks when you take a look at its social media image. But even so, it isn’t known how many people have deactivated or deleted their accounts on the platform.
Who knows how effective the #DeleteCoinbase hashtag will perform, only time will tell.