Coinbase CEO Confirms Kevin Durant’s Bitcoin Account Has Been Recovered

Coinbase (COIN) CEO Brian Armstrong, in an X post said that the account recovery of basketball star Kevin Durant on the cryptocurrency exchange had been completed.

According to a CNBC report on Thursday, Durant’s agent, Rich Kleiman, said at CNBC’s Game Plan conference in Los Angeles that the NBA superstar’s team has not been able to track down Durant’s Coinbase account information.

Kleiman said Durant’s predicament has “only benefited” him. “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 said on Tuesday at CNBC’s Game Plan conference in Los Angeles.

“It’s just a process we haven’t been able to figure out, but Bitcoin keeps going up … so, I mean, it’s only benefited us,” he said. This was followed by Armstrong’s post, “We got this fixed. Account recovery complete.”

Retail sentiment on Coinbase remained unchanged in the ‘extremely bullish’ territory, with chatter at ‘high’ levels over the past day, according to data from Stocktwits.

The report added that Durant invested in Bitcoin around 2016, after the NBA star and Kleiman attended a dinner in which his then-teammates discussed cryptocurrency. At the time, Bitcoin was trading between roughly $360 and $1,000. Currently, Bitcoin’s price is just shy of $116,000. This gives Durant’s BTC holdings a boost of between 11,000% to as much as 32,000%. 

“I just heard the word ‘Bitcoin’ 25 times this evening, and the next day, we started investing in bitcoin,” Kleiman said, according to the report. CNBC added that the agent did not mention the value of Durant’s bitcoin holding.

The report noted that Durant and his agent, who are investors in Coinbase, promote the cryptocurrency platform on their sports and entertainment website Boardroom. 

Shares of Coinbase have jumped 37% this year and doubled in the last 12 months. 

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