Founder of LHV Bank Revealed as Owner of $470 Million Ethereum Stash

Lost Keys Leave Founder Unable to Access Massive Crypto Fortune

Rain Lõhmus, the founder of Estonia-based LHV Bank, has been identified as the owner of a staggering 250,000 Ether stash purchased during the Ethereum initial coin offering (ICO). With Ether's current value, the stash is worth an astonishing $470 million. However, Lõhmus is facing a major setback as he has lost the keys to his wallet, rendering him unable to access his fortune.

Ethereum Whale Wallet Mystery Solved

Conor Grogan, a director at Coinbase, shed light on the mystery surrounding a whale wallet containing $470 million worth of ETH that had remained untouched since the blockchain's inception. In a recent update on Twitter, Grogan shared an excerpt from an interview with Lõhmus, confirming his ownership of the trapped ETH. Grogan also revealed that Lõhmus lost the keys to his wallet and is now seeking assistance to recover them. In a generous offer, Lõhmus has expressed his willingness to split the recovered funds with anyone who can help him.

A Common Weakness of Blockchain Systems

In an interview with ERR News, Lõhmus admitted that he owned a wallet containing 250,000 ETH but had lost the password and had not made much effort to recover it. He acknowledged that losing passwords was a common issue for him and regarded it as a vulnerability of blockchain systems. Lõhmus emphasized that he could not solve the problem alone and welcomed any assistance.

An Incredible Investment Opportunity

Lõhmus initially purchased the 250,000 ETH for a mere $75,000 during the ICO, when Ether was priced at around 30 cents. At its peak value on November 10, 2021, of nearly $4,900, Lõhmus' stash was worth an astonishing $1.22 billion. Even though he is currently unable to access his funds, Lõhmus has still achieved an impressive 628,757% gain. Additionally, his wallet received airdrops worth $6.5 million, as highlighted by Grogan in a previous post.