NBA superstar Kevin Durant is currently facing a unique dilemma as he struggles to regain access to his Coinbase account, which contains a significant investment in bitcoin that he began accumulating during his tenure with the Golden State Warriors starting in 2016. Durant’s agent, Rich Kleiman, expressed a sense of humor about the situation, noting that despite the challenges, it has ultimately worked in Durant’s favor.
Kleiman shared insights at CNBC’s Game Plan conference in Los Angeles, revealing that the inability to recover the account password has led to not selling any of Durant’s bitcoin holdings. “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,” Kleiman mentioned, indicating that the prolonged inaccessibility has unexpectedly been beneficial due to rising bitcoin prices.
Durant initially became interested in bitcoin around 2016 after attending a dinner where his teammates repeatedly discussed the cryptocurrency. Following this inspirational evening, he and Kleiman decided to start investing. Although Kleiman refrained from disclosing the amount of bitcoin Durant purchased, the cryptocurrency has seen a meteoric rise since then. In 2016, bitcoin prices fluctuated between approximately $360 and $1,000. Today, it is trading at nearly $116,000, representing an astonishing increase of more than 11,000% since Durant’s initial investments.
Kleiman explained that the frustration in accessing the Coinbase account stems from “user error on our end,” and emphasized that they are actively collaborating with the Coinbase team to recover the account. During his remarks, he lightheartedly acknowledged the situation, implying that it provides them material for humor amid their ongoing efforts.
Compounding the situation, both Durant and Kleiman have invested in Coinbase Global and have benefited from the company’s resources in expanding their business, specifically through their multi-year partnership that commenced in 2021. Their firm, Thirty Five Ventures, has been involved in promoting Coinbase, which includes creating digital asset-related content for Durant’s sports and entertainment platform, Boardroom.
In response to Durant’s account recovery issues, Coinbase reassured users that there are self-service tools available for resetting passwords within their app. Additionally, the platform boasts a 24/7 support team that handles account recovery requests and other inquiries, potentially expediting the resolution of Durant’s predicament.
