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Coinbase Cuts Ties With Hacking Team Following Spyware Backlash

  • CEO Armstrong says they’ll “transition out of Coinbase”
  • Hacking Team allegedly sold spyware to oppressive regimes
In Crypto Downturn, Coinbase Still Signing Up 50,000 Users a Day
Photographer: Michael Short/Bloomberg

Coinbase Inc., one of the world’s largest cryptocurrency exchanges, is letting go of staff after the backlash it faced for purchasing a company allegedly linked to the sale of spyware to oppressive regimes.

Citing a gap in the diligence process, co-founder Brian Armstrong wrote in a blog post late Monday that “we did not properly evaluate everything from the perspective of our mission and values as a crypto company,” referring to their purchase of Neutrino, an Italian blockchain analytics firm.