In a notable development, NBA star Kevin Durant has successfully regained access to his Bitcoin account after being locked out for nearly nine years. This restoration comes after Durant initially purchased Bitcoin in 2016, only to forget his password and lose access to the account. As Bitcoin has surged in value, currently trading over $117,000, Durant’s investment has skyrocketed to millions.
Brian Armstrong, the CEO of Coinbase, announced the recovery via social media platform X (formerly Twitter), stating, “We got this fixed. Account recovery complete!” While the resolution is a positive outcome for Durant, it has ignited criticism among users of Coinbase. Many are accusing the cryptocurrency exchange of offering preferential treatment to celebrities and high-profile individuals.
Durant, along with his business partner Rich Kleiman, first became interested in Bitcoin during a dinner with venture capitalist Ben Horowitz, where the cryptocurrency was frequently discussed. With Bitcoin priced at approximately $650 at that time, they decided to invest. However, the subsequent years saw Durant losing access to his account, resulting in nearly a decade of inaccessibility as Bitcoin’s value soared to unprecedented heights.
From a $10,000 investment back in 2016, Durant’s Bitcoin holdings have reportedly grown to about $1.8 million, marking an impressive 180-fold increase. Kleiman mentioned that despite the frustration of not accessing their account, the value of their investment continued to rise, ultimately benefiting them financially.
Nevertheless, this incident has sparked a significant backlash against Coinbase. The exchange’s handling of the account recovery process has come under fire as many users expressed their disappointment with the company’s customer service. Critics pointed out that it took almost a decade for Durant’s recovery, raising concerns about how Coinbase manages similar issues for regular users who lack the celebrity status.
Social media has been rife with commentary, with some users suggesting that Coinbase prioritizes larger accounts and public figures over everyday customers. One user articulated this sentiment by saying, “Helping bigger accounts who have a big following and will give you free PR is easy.” The criticism has been further fueled by the fact that Durant and Kleiman are investors in Coinbase Global and had previously engaged in a multi-year promotional partnership with the exchange.
In response to the public outcry, Coinbase has defended its customer support protocols. The company stated that users have access to self-service tools for password recovery within the app and assured that their support team is available around the clock for account recovery assistance. A Coinbase spokesperson emphasized their commitment to user support, stating, “We are committed to helping our users and resolving issues as quickly as possible.”
Despite these assurances, many users have echoed the demand for improved support for those without the visibility of high-profile clients. This incident raises ongoing questions about the standards of customer service provided by Coinbase and whether they adequately cater to their broader user base in comparison to well-known figures like Durant.
