LHV Bank Founder Holds $470M in Ethereum but Loses Access after Misplacing Keys
Summary:
Rain Lõhmus, founder of Estonia's LHV Bank, was identified as the owner of a 250,000 Ether wallet currently worth $470 million. According to Coinbase director Conor Grogan, Lõhmus lost access to the wallet after misplacing the keys and has made little effort to recover. Despite his loss, the wallet today shows an impressive gain of 628,757%, and even had $6.5 million worth of airdrops, as per Grogan's February post.
Rain Lõhmus, the person who established LHV Bank in Estonia, is reported to be the holder of a substantial quantity of 250,000 Ether (ETH) purchased during Ethereum's ICO and currently valued at a staggering $470 million. The catch is, he's lost the keys. Earlier this year, Coinbase's Conor Grogan identified a giant Ethereum wallet holding $470 million in ETH, a sum that has remained untouched since the inception of the blockchain. On Nov. 6, Lõhmus' recent interview statements linking him to the inaccessible $470 million worth of ETH were spotlighted by Grogan on Twitter.
Grogan shared a snippet from an Oct. 31 ERR News story covering Lõhmus' interview with Vikerraadio, captioning it "mystery solved." He noted that Lõhmus, founder of LHV Bank, owns the wallet currently holding a massive amount of crypto worth $450 million, but has unfortunately misplaced his keys and been unable to access hundreds of millions of dollars. He indicated that Lõhmus is open to assistance in recovering them and prepared to divide the recovered funds.
In the ERR's report, it was claimed by Lõhmus that his ownership of the 250,000 ETH wallet was not concealed, but he had lost the password and paid little attention to recovery. He admitted that he wouldn't be able to solve this problem by himself and would accept any assistance offered.
Due to his habit of forgetting passwords, he had lost access to his funds, recognizing this as a vulnerability of blockchain systems. Lõhmus had originally bought the Ether for $75,000, as the launch price of ETH was approximately 30 cents. By Nov. 10, 2021, when Ether's price had skyrocketed to nearly $4,900, Lõhmus's inaccessible stash was worth $1.22 billion.
Even today, Lõhmus' wallet shows an impressive gain of 628,757%, and according to Grogan's February post, it had $6.5 million worth of airdrops added on top.
Published At
11/7/2023 6:00:43 AM
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