The Story of LHV Bank Founder and His $470M Worth of Ethereum
In a surprising revelation, the founder of Estonia-based LHV Bank, Rain Lõhmus, has been identified as the owner of a staggering 250,000 Ether (ETH) stash that he purchased during the Ethereum initial coin offering. Today, this massive stash is valued at an astonishing $470 million.
However, there’s a major problem: Lõhmus has lost the private key to access his Ethereum wallet.
The Lost Keys and the Search for Solutions
In February, Conor Grogan, a director at Coinbase, drew attention to an Ethereum whale wallet holding $470 million worth of ETH that had remained untouched ever since the inception of the blockchain. Recently, Grogan shared an excerpt from an interview with Lõhmus, which confirmed his association with the trapped $470 million worth of ETH.
One mystery solved: This address (which now holds $450M of crypto) belongs to Rain Lohmus, founder of LHV Bank
Unfortunately he lost his keys and can’t access these 100s of millions. If you can help him recover them somehow, he’s willing to split them with you https://t.co/wYLAU9gKzb pic.twitter.com/0A1nIjFSyn
— Conor (@jconorgrogan) November 6, 2023
Grogan added in his tweet, “Unfortunately he lost his keys and can’t access these 100s of millions. If you can help him recover them somehow, he’s willing to split them with you.”
According to a report by ERR News, Lõhmus openly acknowledged owning a wallet containing 250,000 ETH with a lost password. However, he hasn’t made significant efforts to recover it yet. Lõhmus stated, “I can’t solve this alone; if someone thinks they can, I’ll take all offers.”
The Challenge of Lost Passwords and Blockchain Systems
Lõhmus admitted that losing passwords was a common occurrence for him. He also recognized that the vulnerability of losing access to funds was a weak point of blockchain systems. Losing the private key to his Ethereum wallet has now become a significant setback for Lõhmus.
When Lõhmus initially purchased Ether, he spent a total of $75,000, as ETH’s price during the launch was approximately 30 cents. At its peak on November 10, 2021, Ether reached nearly $4,900 per token, making Lõhmus’ stash worth $1.22 billion.
Today, Lõhmus’ wallet still retains an impressive gain of 628,757%. Additionally, as mentioned in Conor Grogan’s February tweet, the wallet also received airdrops worth $6.5 million.
The Journey Continues
The story of Rain Lõhmus and his lost private key serves as a reminder of the challenges and complexities associated with digital asset management. Losing access to a significant fortune is a daunting situation, but Lõhmus remains determined to find a solution.
With the crypto community actively searching for ways to recover lost keys and access locked wallets, there is hope that a solution may be found in the future. Until then, the $470 million worth of ETH remains locked away, untouched and waiting for a fortunate twist of fate.
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Editor Notes: The Importance of Securing Your Crypto Assets
As the story of Rain Lõhmus demonstrates, securing your crypto assets is crucial to protecting your investments. It’s a valuable lesson for all cryptocurrency enthusiasts to prioritize the security of their private keys and wallets.
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