Coinbase: Spying & Leaked KYC (!!) / IMF angry at Malta
Boxmining Description
Coinbase's current KYC partner was found reselling customer information (WTF!!!). Coupled with the new acquisition of Neutrino, a company that has ties to spying software, the #deleteCoinbase is takin...
AI Analysis
Here’s a breakdown of the latest crypto buzz, diving into the messy situation with Coinbase, some exciting news for Starbucks and crypto adoption, and the IMF’s surprising stance on Malta. The crypto markets are seeing some quick movements, with Bitcoin fluctuating near the $3900 resistance, and Litecoin and Binance Coin showing strong pushes. Overall, there’s a lot of volatility, but also some significant developments shaping the crypto landscape.
Here are the key things to know:
* The Coinbase Controversy and "Delete Coinbase" Campaign:
* Coinbase acquired a company called Neutrino, which immediately sparked a huge controversy.
* The big problem with Neutrino is its strong connection to "The Hacking Team," a surveillance company.
* The Hacking Team has a terrible reputation for selling surveillance software to governments with histories of human rights violations, including places like Egypt, Russia, and Kazakhstan. This raises serious ethical red flags.
It seems Coinbase acquired Neutrino out of necessity because their previous* KYC (Know Your Customer) information provider was caught selling user data to outside sources. This is a huge privacy breach, meaning if you used Coinbase, your passport details, photos, and even potentially social security numbers could have been compromised. This revelation is definitely not cool.
* Jesse Powell, the CEO of Kraken (another major crypto exchange), publicly stated that Kraken explicitly avoided using Neutrino due to "culture fit" issues, implying that Neutrino's practices were considered unscrupulous.
* It's felt that this whole situation with Coinbase "doesn't smell right."
* Actionable Takeaway: If you've used Coinbase in the past, you should be extremely cautious about potential data theft. It's highly recommended to look for alternative ways to buy crypto, such as over-the-counter (OTC) trading desks or local Bitcoin centers, rather than relying solely on exchanges like Coinbase that have faced such issues.
* Starbucks and Crypto Payments with Bakkt:
* Starbucks has acquired a significant equity share in Bakkt, which is a big deal.
* This move makes it highly likely that Starbucks will integrate digital asset payments in their stores in the near future. Imagine buying your coffee with crypto!
* Integrating crypto payments makes a lot of sense for Starbucks financially. Traditional credit card companies charge a base fee plus a percentage on transactions. For low-cost items like a $3 coffee, these fees add up quickly and eat into profits.
* By accepting high-performance crypto solutions, Starbucks can potentially reduce these transaction costs, making it a smart business move.
* Plair's Listing on Oceanex and Future Plans:
* Plair, a project that is being advised, recently got listed on the Oceanex exchange.
* Plair's core mission is to create an ecosystem that adds value for gamers, essentially allowing people to get paid for playing video games.
* This is particularly exciting because the esports industry is booming, and Plair offers a way to monetize time spent competing, streaming, and teaching within the gaming world.
* The project's alpha demo, showcasing how the technology works, is expected to be released next week.
* IMF's Stance on Malta, the "Blockchain Island":
* The International Monetary Fund (IMF) is reportedly "angry" at Malta, which has been positioning itself as the "blockchain island."
* Malta has attracted many crypto projects and major exchanges, including Binance, to set up operations there.
* The IMF's primary concern is that Malta's AML (Anti-Money Laundering) policies are not robust enough.
* However, it's strongly felt that the IMF and similar monetary authorities are "chasing after the wrong guys." The real culprits involved in massive money laundering are often big traditional banks like JPMorgan and Deutsche Bank.
* These large banks have faced billions of dollars in penalties for various violations, including toxic securities abuses, mortgage banking violations, and anti-money laundering deficiencies, with multiple instances where they were found guilty.
* The presenter believes it simply "doesn't make sense" for the IMF to issue urgent recommendations against a location like Malta when far larger financial institutions have a documented history of multi-billion dollar abuses. This highlights a perceived double standard where crypto entities are scrutinized more heavily than established financial giants.
There's also Hong Kong Blockchain Week happening, with many conferences and events. There's even a planned session with Data Dash during the week. Additionally, there's an upcoming live stream with Alex from CryptoCandor.
Transcript
yo yo what's up everyone welcome back to box mining it's been four days since we last met and the news there's just so much news to talk about we missed out on coinbase the whole delete me coinbase campaign which we're going to take a very close look at today we also missed out on the imf getting really angry at malta so we're going to look at what's happening there and then we also have starbucks they gained a significant share of fact so that actually does mean actually pretty good news for c...