Coinbase Criticized for Restoring Durant’s Locked Account After Nine Years

TLDR

• Kevin Durant regains access to his Bitcoin account after nine years locked out.
• Coinbase’s recovery of Durant’s account sparks criticism for celebrity preferential treatment.
• Durant’s Bitcoin investment in 2016 has grown to millions as BTC hits $117K.
• Coinbase defends its policies while users criticize slow support for regular clients.

Coinbase, a cryptocurrency exchange, has restored NBA star Kevin Durant’s Bitcoin account after nearly a decade of being locked out. The two-time NBA champion had purchased Bitcoin in 2016 but lost access to his account after forgetting his password. His account was worth millions due to the significant rise in Bitcoin’s value, with the cryptocurrency now priced at over $117,000.

Brian Armstrong, the CEO of Coinbase, confirmed the recovery in a post on X (formerly Twitter), stating, “We got this fixed. Account recovery complete!” Despite the resolution, the situation has sparked a wave of public criticism. Many users have accused Coinbase of offering preferential treatment to celebrities and high-profile clients.

Kevin Durant Bitcoin Journey

Kevin Durant and his business partner, Rich Kleiman, first bought Bitcoin in 2016 after a dinner with venture capitalist Ben Horowitz, where the word “Bitcoin” was mentioned multiple times. Following the event, Durant and Kleiman decided to invest in the digital asset when Bitcoin was priced around $650.

However, they ran into trouble when Durant couldn’t recover his Coinbase password. For nearly ten years, the Bitcoin in his account remained inaccessible. At the time, Bitcoin was a relatively unknown asset, but its price surged dramatically in the years that followed, reaching new all-time highs.

By now, Durant’s Bitcoin holdings have grown 180 times in value, with an investment of $10,000 in 2016 now worth around $1.8 million at current prices. Kleiman expressed that while it was frustrating not being able to access the account, the value of their investment continued to rise, benefiting them financially.

Public Backlash Against Coinbase

Despite resolving Durant’s account issue, Coinbase’s handling of the situation has led to a backlash from the public. Many crypto users voiced their dissatisfaction with the exchange’s customer service, especially given that it took nearly nine years to resolve an account recovery issue.

Social media users criticized Coinbase for prioritizing the needs of celebrities like Durant over everyday users who face similar account recovery issues without public attention.

One user commented, “Helping bigger accounts who have a big following and will give you free PR is easy.” Others echoed this sentiment, accusing Coinbase of offering preferential treatment to high-profile clients. This criticism has intensified due to the fact that Durant and Kleiman are investors in Coinbase Global and had a multi-year promotional deal with the exchange.

Coinbase’s Response and Policy Defense

Coinbase defended its customer support processes, noting that users can reset lost passwords using self-service tools available in the app. The exchange also emphasized that its support team is available 24/7 to assist with account recovery.

A Coinbase spokesperson stated, “We are committed to helping our users and resolving issues as quickly as possible.”

However, many users feel that Coinbase should improve its support system, especially for those who do not have the same visibility as celebrities. The backlash raises questions about how the exchange treats its broader user base compared to high-profile clients like Durant.

The post Coinbase Criticized for Restoring Durant’s Locked Account After Nine Years appeared first on CoinCentral.