When Coinbase acquired Neutrino for an unspecified amount in February 2019, the news looked like business as usual: A cryptocurrency juggernaut had made another acquisition. But the company in question, specifically the ties it has to the unethical practices of one of its predecessors, suggests that the monolithic Coinbase may be joining the oligarchic ranks of its privacy-hostile, too-big-for-consumer-comfort counterparts in legacy tech.The Ties That DamnOn its website, Italian blockchain analysis company Neutrino proudly advertises that its proprietary software offers all-in-one “solutions for law enforcement” and “financial services.” Its two flagships, XFlow nSpect and XFlow nSight, are billed as “comprehensive solution[s] for monitoring[,] analyzing and tracking cryptocurrency flows across multiple blockchains.” nSight was built to help exchanges and financial service companies like Coinbase to stay regulatorily compliant. nSpect, on the other hand, was built for “criminal investigations and intelligence gathering” and is specifically marketed toward law enforcement.Continuing on with their work at Coinbase, the Neutrino team, a three-man show consisting of CEO Giancarlo Russo, CRO Marco Valleri and CTO Alberto Ornaghi, are no strangers to building complex computer monitoring software for law agencies.In another life, they did it as Hacking Team, the notorious Italian software services firm whose dubious business practi...
