A Dormant Ethereum Wallet Holding $470 Million Belongs to LHV Bank Founder
A digital wallet containing 250,000 ETH that has been inactive since Ethereum’s ICO in 2014 is believed to belong to Rain Lõhmus, the co-founder of Estonia-based LHV Bank. Coinbase director Conor Grogan linked the wallet address to Lõhmus, who revealed in an interview that he had lost the password to his wallet. The wallet currently holds over $470 million worth of ETH. Lõhmus expressed his willingness to entertain any offers from individuals who can help him recover the funds.
Lost Password Hinders Access to Millions
Lõhmus purchased ETH during Ethereum’s ICO for around $75,000 and has seen a significant return on his investment. In addition, he received altcoins worth approximately $6.5 million through airdrops. Despite the substantial wealth stored in his wallet, Lõhmus has been unable to access it due to the lost password. The dormant wallet has remained untouched since its creation and is now among the top 25 accounts in terms of ETH balance.
About LHV Bank
LHV Bank is a subsidiary of AS LHV Group and is considered the third-largest financial institution in Estonia. Founded in 1999, it operates as a public company listed on the Nasdaq Tallinn Stock Exchange.
Hot Take: Lost Crypto Fortunes and the Quest for Recovery
The story of Rain Lõhmus and his lost Ethereum fortune highlights one of the persistent challenges in the crypto world—security and access to digital assets. Despite advancements in technology, losing passwords or private keys can result in significant financial loss. This incident serves as a reminder for individuals to carefully safeguard their crypto holdings and explore secure storage options such as hardware wallets or digital asset management services. The search for lost crypto fortunes continues, with some hoping for a breakthrough in recovering inaccessible funds.
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