NBA superstar Kevin Durant is back in possession of his Bitcoin holdings nearly a decade after initially purchasing them on Coinbase. The news of his account recovery was shared by Coinbase CEO Brian Armstrong via an X post, confirming that the necessary measures have been taken to restore access.
Durant, who is set to join the Houston Rockets for the upcoming NBA season, recounted his journey with Bitcoin during the annual Gameplan Summit in Santa Monica. Alongside his business partner Rich Kleiman, Durant reminisced about first hearing about Bitcoin in 2014 or 2015 through YouTube videos. After a casual conversation with Kleiman, they sought insight from their business manager, who ultimately dismissed the idea at the time. However, their interest rekindled a year later after discussing Bitcoin at a party hosted by prominent venture capitalist Ben Horowitz, leading them to invest the very next day.
Kleiman noted that due to losing access to Durant’s Coinbase account information, they had never sold any of the Bitcoin, which has dramatically appreciated in value since their initial purchase. The challenges of account recovery at Coinbase can be daunting, as losing access to passwords or essential recovery details—such as two-factor authentication codes—locks users out of their accounts indefinitely.
Despite being early investors in Coinbase through their joint venture, Thirty Five Ventures, Durant and Kleiman haven’t disclosed the quantity of Bitcoin they acquired. However, it’s worth mentioning that Bitcoin’s price fluctuated between $400 and $1,000 in 2016, and it has since soared to approximately $115,480, reflecting an astounding increase of over 11,470%.
In response to Durant’s successful account recovery, several Coinbase users expressed their frustrations on social media, citing their own struggles with locked accounts that remain inaccessible after years. One user voiced concerns about the numerous individuals who are locked out, pointing to broader issues with Coinbase’s customer support systems and data management.
In light of customer complaints, Armstrong acknowledged the ongoing issues and outlined the company’s commitment to enhancing customer service. He shared a thread from a customer support team leader detailing improvements being implemented to facilitate faster resolutions and improve the overall experience for users, indicating a push to better manage both the product experience and customer support needs.
