After nearly 10 years of buying Bitcoin on Coinbase, NBA superstar Kevin Durant regained access to his holdings by completing account recovery.
This news was announced by Coinbase CEO Brian Armstrong on the X platform last Thursday evening. "We resolved the issue. Account recovery completed!" Armstrong wrote.
Durant, a 15-time NBA All-Star, will play for the Houston Rockets this season. He shared his story of losing Bitcoin at the annual Gameplan summit held in Santa Monica on Tuesday.
Accompanied by his agent Rich Kleiman, Durant told host Andrew Ross Sorkin that he discovered Bitcoin around 2014 or 2015 by watching YouTube videos and gave his agent a "gentle nudge."
Kleiman recalled that the two then called their business manager but were "turned down." However, about a year later, after hearing the word "Bitcoin" multiple times at a gathering hosted by a16z co-founder Ben Horowitz, they began investing the next day.
"Fortunately," Kleiman added, "we were never able to find his Coinbase account information, so we never sold anything, and his Bitcoin price has skyrocketed."
Losing the Coinbase password means you will be locked out of your account, and without recovery details like a two-factor authentication code or email, you cannot access the cryptocurrency stored there.
Both Durant and his agent were early investors in Coinbase through their joint business investment company, Thirty Five Ventures, but they did not disclose how much Bitcoin they purchased at the time.
According to CoinGecko, Bitcoin's price fluctuated between about $400 at the beginning of 2016 and $1,000 at the end of the year. Since the trading price of Bitcoin was $998 at the end of 2016, its price has surged over 11,470%, currently standing at $115,480 as of this writing.
Durant's account recovery has prompted responses from users who reported facing similar issues, but with vastly different outcomes.
Some pointed out that their accounts have been locked for years and have not been recoverable. "Brian, you have thousands of people locked out of their accounts. Those are the ones your customer service team has betrayed and leaked their data," X user Erik Astramecki said.
Last Friday, Armstrong responded to user complaints by retweeting a post from the head of his customer support team outlining ongoing improvements.
"We are focusing heavily on improving customer support in two areas—enhancing products to reduce the number of people needing support and providing a faster, higher-quality experience when you do need it," Armstrong said.
Related: Arthur Hayes: Once the U.S. TGA reaches the $850 billion target, cryptocurrency will enter a "only up" mode.
Original article: “NBA Star Kevin Durant Recovers Coinbase Account After Nearly 10 Years”
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