December 22, 2024
LHV Bank founder has 0M worth of Ether, but lost his private key

It has been revealed that Rain Lõhmus, the founder of Estonian LHV Bank, owns a large amount of 250,000 ether coins (ETH) purchased during the Ethereum ICO and is currently worth $470 million.

There’s just one problem. He no longer has the key.

In February, Coinbase Director Conor Grogan highlighted Ethereum whale wallets contain ETH, worth approximately $470 million, has never been moved since the birth of the blockchain.

In an update on X (Twitter) on November 6, Conor highlighted comments made by Lõhmus in a recent interview that now tie him to $470 million worth of ETH being trapped.

“A mystery solved,” Grogan wrote, sharing an excerpt from the October 31 ERR News Report It was early Vikerradio Interview with Lomus.

“Unfortunately, he lost the key and has no access to these millions. If you can help him recover them in some way, he is willing to share them with you,” Grogan added.

According to ERR’s report, Lõhmus said it was “no secret” that he had a wallet containing 250,000 ETH, but that he lost the password and didn’t put in much effort to recover it.

“I can’t solve this problem alone; if someone thinks I can, I will accept any offer,” Lõhmus said.

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“It’s very common for me to lose passwords,” he said, adding that losing access to funds is a “weakness” of blockchain systems.

Lõhmus purchased a total of $75,000 in ETH since the price of ETH at launch was around 30 cents.

On November 10, 2021, the price of Ethereum peaked at nearly $4,900, with Lõhmus’ holdings valued at $1.22 billion.

Today, Lõhmus’ wallet is still up an impressive 628,757%, with an airdrop worth $6.5 million, according to Grogan’s February X post.

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