How a Bank Founder Lost Access to $1 Billion Worth of Ethereum $ETH 😱

Rain Lohmus is the founder of LHV Bank, a leading fintech bank in Estonia. He is also one of the earliest adopters of Ethereum, a decentralized platform that runs smart contracts and applications. However, he has a problem: he can't access his Ethereum because he forgot his password.

Lohmus revealed in an interview with Bloomberg that he bought 250,000 Ethereum in 2017 when it was around $300. He stored them in a hardware wallet, a device that secures digital assets offline. He said that he wrote down his password on a piece of paper, but he lost it during a move. He also said that he did not back up his recovery phrase, a set of words that can restore access to a wallet.

He has tried several methods to recover his password, such as hiring hackers, using brute force attacks, and consulting experts. However, none of them worked. He said that he has accepted his fate and moved on with his life. He said that he still believes in the potential of Ethereum and the blockchain technology, but he is more careful with his passwords now.

Lohmus is not the only one who has lost access to his cryptocurrency. According to a study by Chainalysis, a blockchain analysis company, around 20% of all Bitcoin, worth about $140 billion, is either lost or stranded in wallets that can't be accessed. This is due to various reasons, such as forgetting passwords, losing devices, dying without leaving a will, or sending coins to wrong addresses.

The story of Lohmus and others shows the importance of securing and managing your cryptocurrency properly. If you are interested in investing in cryptocurrency, make sure you use a reputable and reliable wallet, write down and store your password and recovery phrase safely, and never share them with anyone.

Remember, you are your own bank when it comes to cryptocurrency, and you are responsible for your own funds.