Kevin Durant, the renowned NBA forward, has successfully regained access to his long-forgotten Bitcoin account on Coinbase, after being locked out for nearly ten years. The recovery marks a significant milestone, especially considering that the value of Bitcoin has skyrocketed by over 17,700% since Durant’s initial investment in 2016.
Brian Armstrong, the CEO of Coinbase, announced on X (formerly Twitter) that the account recovery process had been successfully completed. His confirmation came in response to a popular tweet highlighting the frustrations surrounding Durant’s difficulties accessing his account.
This recent development follows a conversation that Durant and his business partner, Rich Kleiman, had during CNBC’s Game Plan conference, where they candidly addressed the ongoing issues with accessing the cryptocurrency platform. “It’s just a process we haven’t been able to figure out,” Kleiman stated, offering insight into their ordeal. He further noted, “bitcoin keeps going up… so, I mean, it’s only benefited us,” indicating that, despite the troubles, their investment has appreciated significantly.
Durant made his entry into the world of cryptocurrency back in 2016, encouraged by his then-teammates from the Golden State Warriors. At that time, Bitcoin was trading between $360 and $1,000, with Durant reportedly buying in around the price of $650 per coin. Fast forward to today, and Bitcoin’s value is hovering near $116,000, according to CoinMarketCap data. However, neither Durant nor Kleiman has disclosed the total quantity of bitcoins held within the account.
Both Durant and Kleiman are not only invested in Bitcoin but are also stakeholders in Coinbase. Through their media platform, Boardroom, the duo has actively promoted the cryptocurrency exchange. Their high-profile association with the platform highlights its relevance in the market, particularly in the growing landscape of institutional investors entering the cryptocurrency space.
This return to form for Durant comes at a time marked by rising frustrations among several Coinbase users, who have reported similar challenges in recovering account access or receiving adequate customer support. In a candid admission, Armstrong acknowledged the criticisms raised on social media platforms and stated that the company is prioritizing improvements to customer service to better support its user base.
As cryptocurrency continues to evolve, high-profile figures like Durant could play a pivotal role in promoting blockchain technology and digital currencies. His recent experience with Coinbase showcases the challenges that users can face in navigating the crypto world, despite the substantial financial gains that may accompany it.
Overall, this incident serves as an important reminder of the volatility and unpredictability in the realm of cryptocurrencies, as well as the need for secure and efficient customer service from platforms that facilitate crypto trading and investments.
