Rain Lõhmus, the Estonia-based LHV Bank founder has revealed that he is the owner of an Ethereum wallet containing 250,000 ETH purchased during the initial coin offering. At today’s prices, the stash is worth a staggering $470 million. However, Lõhmus claims he has lost the keys and can no longer access the funds.
In an interview with Estonian media last month, Lõhmus admitted the wallet was his but said he had not put much effort into recovering it. “I can’t solve this alone; if someone thinks they can, I’ll take all offers,” he said. Lõhmus purchased the 250k ETH for around $75,000 when ETH launched at 30 cents per coin.
The wallet has laid dormant since Ethereum’s genesis and contains ETH worth over $1.2 billion at peak prices. LHV Bank director Conor Grogan recently tied Lõhmus to the wallet after he highlighted its existence in February. Grogan noted Lõhmus’ offer to split the funds with anyone who could help him regain access.
Lõhmus said losing passwords is common for him and noted it’s a “weak point” of blockchain systems. The Estonian banker’s revelation highlights the ongoing issue of inaccessible crypto funds, especially from Bitcoin and Ethereum’s early days.
