Despite numerous big wins for the NBA, Kevin Durant has a forgotten Bitcoin account at Coinbase, which is now worth millions and remains accessible to him.
According to a CNBC report, gaining access to the Coinbase account that contained the Bitcoin he repurchased way back in 2016 has been elusive, but that could now be a thing of the past after the exchange’s self-service tools within the platform’s app.
Kevin Durant’s Forgotten Bitcoin Account a Blessing in Disguise?
Speaking on CNBC’s Game Plan Conference earlier in the week, Rich Keliman, a friend and longtime partner of NBA star Kevin Durant, revealed how they struggled to retrieve the forgotten private keys. Keliman stated that the oversight surrounding Durant’s forgotten Bitcoin account could eventually turn out to be a blessing in disguise. Kleiman said:
“We’ve already been working directly with the Coinbase Kevin’s on Kevin’s account recovery, which is why it was easy for me to make a joke about it on stage.”
Read More: Coinbase Demands Sanctions After SEC Deletes Gensler’s Messages
When the NBA started, Kevin Durant bought his Bitcoin in 2016 while playing for the Golden State Warriors; Bitcoin traded for less than $650. What began as an experiment with a $10,000 investment is now worth over $1.8 million, seeing that the value of Bitcoin has surged over 11,000 percent over the years to trade at over $116,000.
Kleiman told the news outlet:
“We’ve yet to be able to track down his Coinbase account, so we’ve never sold anything, and this Bitcoin is just through the roof. It’s just that we haven’t been able to figure out, but Bitcoin keeps going up … it means, it’s only benefited us.”
NBA Star Kevin Durant Bought Bitcoin in 2016
According to Kleiman, NBA star Kevin Durant first got interested in Bitcoin over a 2016 dinner when he heard a teammate discussing the digital asset. During the Olympic team dinner, teammates continued debating the subject, which prompted Durant to buy BTC the following day.
While Keliman didn’t disclose the exact number of Bitcoins bought, the timing of Durant’s forgotten Bitcoin account has positioned him perfectly in an explosive run with crypto assets.
He added:
“I just heard ‘Bitcoin’ 25 times that evening, and the next day, we started investing.
Read more: Bitcoin Price Eyes $115K as Global Bond Yields Hit Multi-Year Highs
Conclusion
The story of Durant’s forgotten Bitcoin account brings to mind another high-profile case of forgotten private keys. In the UK, James Howell has tirelessly continued with his efforts to recover a discarded hard drive.
Howell’s case surrounds a device that contained private keys to 8,000 Bitcoins, now worth hundreds of millions of dollars. Unlike NBA star Kevin Durant, whose court challenge failed, he is now considering buying the entire landfill to continue his search.
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Summary
- NBA star Kevin Durant cannot access a Coinbase account that contains bitcoin purchased in 2016.
- Bitcoin traded at $650 in 2016 and now trades at over $116,000, an 11,000% increase.
- A UK engineer discarded a hard drive in a Newport landfill in 2013, holding 8K bitcoin.
Glossary to Key Terms
Bitcoin: A decentralized digital currency that uses blockchain technology to enable peer-to-peer transactions without the need for a central authority like a bank or government.
Private keys: A long, secret string of numbers and letters that acts as your digital password, granting you complete access to and control over your cryptocurrency funds.
Coinbase: A Coinbase exchange is an online, centralized platform that enables users to buy, sell, store, and transfer various cryptocurrencies, including Bitcoin and Ethereum.
Frequently Asked Questions about Crypto Private Keys
How do private keys work in crypto?
This secret alphanumeric code verifies your control over blockchain assets, protects them from unauthorized access, and is crucial for security.
What is the primary purpose of a private key?
A private key, also known as a secret key, is a mathematical key (kept secret by the holder) used to create digital signatures and, depending on the algorithm, to decrypt messages or files encrypted (for confidentiality) with the corresponding public key.
What happens if someone else gets your private key?
Your private key is akin to the secret key to your safe. If anyone else gets hold of it, they can take control of everything inside.
What happens if my private key is lost?
Losing a private key won’t allow you to access your cryptocurrencies forever. Many cryptocurrencies are lost because of simple mistakes.
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