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Kevin Durant Reveals Early Bitcoin Bet After a16z Party Sparked Investment
- NBA star Kevin Durant has recovered a long-lost Bitcoin stash purchased on Coinbase nearly a decade ago, with Coinbase CEO Brian Armstrong confirming the successful account recovery.
- Durant and his manager, Rich Kleiman, had lost access to the account due to forgotten login credentials and two-factor authentication codes, leaving the Bitcoin untouched as its value soared by over 11,400% since 2016.
- The incident drew criticism from some Coinbase users on social media, who highlighted that while a high-profile case was resolved, tens of thousands of other customers are still struggling with account access and poor customer support.
NBA forward Kevin Durant has recovered access to long-lost Bitcoin stash bought nearly a decade ago on Coinbase.
Coinbase chief executive Brian Armstrong confirmed the outcome Thursday, stating the account recovery was complete.
Durant spoke earlier this week at the Gameplan Summit in Santa Monica, where he described first hearing about Bitcoin in 2014 or 2015. The NBA star said he began exploring the asset after watching online videos and later encouraged his manager, Rich Kleiman, to take a closer look.
Related: Australia’s Next Chapter in Digital Money: Why Yield-Bearing Stablecoins Matter
The two initially dismissed the idea but reversed course after attending a gathering hosted by a16z co-founder Ben Horowitz, where digital assets were a frequent topic of conversation. They bought Bitcoin the next day through Coinbase.
Kleiman explained that access to the account was quickly lost, with no way to reset credentials or recover two-factor codes. As a result, the Bitcoin remained untouched for years. He noted that because nothing was sold, the position has grown substantially in value.
The exact size of Durant’s holdings has not been disclosed, but we’re talking about an increase of over 11,400% since 2016, when BTC traded at around US$1000 (AU$1515). So, probably quite a fortune.
Worth noting that Durant and Kleiman were also among the early investors in Coinbase itself through Thirty Five Ventures.
Not The Best Tweet
The case comes as Coinbase faces criticism over customer service, with some users reporting difficulties recovering access to accounts. One user stated that it is “not a flex” to say you fixed it, knowing tens of thousands of users struggle or are locked out or their accounts everyday.
Probably the favourite of all comes from Etherean007, who said: “Are you bragging about a 9 year lag time support ticket?”
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Armstrong at least “acknowledged” the issue, he said, and improvements to support are a “current priority”.
Related: Senator Warren Demands Answers on Binance’s US Compliance Deal
Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
