The Founder of LHV Bank Revealed as Owner of 250,000 ETH Stash
The founder of Estonia-based LHV Bank, Rain Lõhmus, has been identified as the owner of a massive 250,000-Ether (ETH) stash acquired during the Ethereum initial coin offering, now valued at $470 million. However, there’s a major obstacle: he no longer has access to the keys.
In February, Coinbase director Conor Grogan pointed out an Ethereum whale wallet containing some $470 million worth of ETH, untouched since the blockchain’s genesis. An update on Twitter on November 6 highlighted Lõhmus’ comments in a recent interview that now tie him to the $470 million worth of trapped ETH.
Grogan shared an excerpt of an Oct. 31 ERR News report on an earlier Vikerraadio interview with Lõhmus and revealed that Lõhmus is willing to split the money with anyone who can help him recover his lost keys.
Lõhmus Admits Losing Access to His Wallet
According to ERR’s report, Lõhmus admitted that it was “no secret” that he owned a wallet with 250,000 ETH but lost the password and hasn’t made much effort to recover it. He emphasized that he can’t solve this problem alone and is open to all offers from those who think they can help him recover his lost keys.
He confessed to frequently losing passwords and called losing access to funds a “weak point” of blockchain systems. At Ether’s Nov. 10, 2021, price peak of nearly $4,900, Lõhmus’ stuck stash was worth $1.22 billion.
Hot Take
Rain Lõhmus’ case serves as a cautionary tale for crypto investors. It underscores the need for robust security measures and responsible management of private keys in dealing with digital assets.
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