During a recent conference in Los Angeles, Rich Kleiman, agent for NBA superstar Kevin Durant, revealed that efforts to recover Durant’s Coinbase account have been unsuccessful. Speaking at CNBC’s Game Plan conference, Kleiman expressed that despite the difficulties, Durant’s situation has proven to be favorable financially.
Kleiman stated, “We’ve yet to be able to track down his Coinbase account info, so we’ve never sold anything, and this Bitcoin is just through the roof.” His comments reflect an optimistic view, noting that the rising value of Bitcoin has ultimately benefited Durant. The process of account recovery, according to Kleiman, remains unresolved as the value of Bitcoin continues its upward trajectory.
This announcement was followed by Coinbase CEO Brian Armstrong’s declaration on social media that the recovery of Durant’s account had been successfully completed. “We got this fixed. Account recovery complete,” Armstrong posted, providing some resolution to the ongoing issue surrounding Durant’s investment.
The sentiment around Coinbase among retail investors has remained strong, with indicators showing they are still in ‘extremely bullish’ territory. Stocktwits data reported elevated chatter regarding Coinbase over the past day, signaling a positive atmosphere for the cryptocurrency exchange.
Durant’s investment in Bitcoin dates back to around 2016, following a dinner where discussions among fellow NBA players sparked his interest in the cryptocurrency. At that time, Bitcoin prices fluctuated between approximately $360 and $1,000. Now, with Bitcoin nearing $116,000, Durant’s investment has seen astounding returns—estimated between 11,000% to as much as 32,000%.
Kleiman recounted that the conversation about Bitcoin ignited their curiosity to invest, leading to their decision the very next day. While he did not disclose the specific value of Durant’s Bitcoin holdings, the remarkable increase in Bitcoin’s value suggests that it represents a substantial asset.
Moreover, Durant and Kleiman have vested interests in Coinbase, actively promoting the platform on their sports and entertainment website, Boardroom. The success of Coinbase shares has also been notable, experiencing a 37% increase this year and doubling in value over the past year.
As discussions surrounding cryptocurrency intensify, both Durant’s journey and the performance of Coinbase continue to draw attention in the investment community.
