LHV Bank Founder Loses $470 Million in Ethereum Due to Lost Private Key. đđ
Estonia-based LHV Bank founder, Rain LÔhmus, has found himself in a challenging situation after losing access to 250,000 Ether (ETH) acquired during the Ethereum ICO, now valued at a staggering $470 million.
The Key Problem:
- Rain LÔhmus no longer possesses the private keys required to access his substantial Ethereum holdings.
- Coinbase director Conor Grogan first drew attention to a whale wallet containing $470 million worth of ETH, untouched since the blockchain's inception.
Rain LÔhmus' Revelation:
- In a recent interview, LÔhmus confirmed his ownership of the Ethereum wallet containing 250,000 ETH.
- He admitted to losing the wallet's password and expressed a lack of significant effort to recover it.
- LÔhmus acknowledged his history of losing passwords, emphasizing the vulnerability of blockchain systems in such cases.
Offering a Reward:
- LÔhmus expressed a willingness to pay someone who can help him recover the lost funds.
- He encouraged anyone capable of solving the predicament to come forward and offered to split the recovered assets with them.
Incredible Value Increase:
- LÔhmus initially purchased the 250,000 ETH for a mere $75,000, as Ethereum's launch price was approximately 30 cents per token.
- At Ethereum's peak price on November 10, 2021, reaching nearly $4,900 per ETH, LÔhmus' holdings soared to a value of $1.22 billion.
- Even with his lost private key, LÔhmus' wallet still showcases an astounding gain of 628,757%.
- Additionally, the wallet received a remarkable $6.5 million worth of airdrops, as reported by Conor Grogan in February.
