NBA champion Kevin Durant has successfully regained access to his long-lost Bitcoin account at Coinbase after nearly a decade of being locked out. Brian Armstrong, CEO of the cryptocurrency exchange, confirmed this significant recovery on X, following a surge in public interest due to an interview with CNBC and a notable post from Bitcoin Archive that highlighted the current worth of his Bitcoin holdings.
Durant’s venture into Bitcoin dates back to 2016 when he made the investment shortly after signing with the Golden State Warriors. During a dinner with venture capitalist Ben Horowitz, the word “Bitcoin” resonated multiple times, which prompted Durant and his agent Rich Kleiman to invest in the cryptocurrency the following day. However, complications arose when Durant lost his password, leaving him unable to access his account ever since.
Kleiman described the frustration of not locating Durant’s Coinbase account information. Despite not having sold any of the Bitcoin due to the locked account, he acknowledged that the value of their investment has skyrocketed. When they initially purchased Bitcoin, the price was around $650; as of now, it has surged to approximately $117,000, resulting in a staggering 180x growth. An initial investment of $10,000 would now be worth roughly $1.8 million.
Although Durant and Kleiman had been patient, their prolonged struggle sparked public criticism towards Coinbase. Many users took to social media to express their dissatisfaction with how the customer support issue was addressed. Some users pointed out that it took nearly nine years for a high-profile account to regain access, raising concerns about the exchange’s commitment to helping smaller accounts that lack significant influence.
In defense of its policies, Coinbase highlighted that users have access to self-service tools in the app for password recovery and that their support team is available around the clock. However, the public reaction suggests broader concerns regarding the customer service experience for average users.
The situation is further complicated by the fact that Durant and Kleiman are also investors in Coinbase Global. Through their firm, Thirty Five Ventures, they entered into a multiyear partnership with the exchange in 2021 to promote its services.
As discontent grows among the public, many are questioning Coinbase’s prioritization of affluent clients over regular users. Comments on social media have called for a serious reassessment of the exchange’s customer service practices, with some users urging the company to address the underlying issues to improve the experience for all customers.
