Home » LHV Bank Founder Stuck with $470M Worth of Ether

LHV Bank Founder Stuck with $470M Worth of Ether

LHV Bank Founder Holds $470 Million in Ethereum but Loses Access Due to Lost Key

by Isaac lane
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Rain Lõhmus, the founder of Estonia’s LHV Bank, holds a substantial Ether stash worth $470 million, having acquired it during the Ethereum ICO. However, he now faces a significant problem: he no longer has access to his wallet due to a lost private key.

Lõhmus’ Wallet Unreachable

In a recent update on Twitter, Conor Grogan, a director at Coinbase, shared Lõhmus’ comments from a recent interview, linking him to the dormant wallet holding $470 million worth of ETH. The wallet has remained untouched since the Ethereum blockchain‘s genesis.

Grogan’s tweet pointed to an ERR News report from October 31 that included comments from Lõhmus, confirming his ownership of the wallet with 250,000 ETH but revealing that he had lost the password and hadn’t exerted much effort to recover it.

Seeking Assistance for Recovery

Lõhmus admitted it’s no secret that he owned the wallet, and he expressed his willingness to entertain any offers from individuals who believe they can help him regain access to his funds. The founder recognized that he couldn’t resolve the issue alone and openly welcomed assistance from anyone capable of recovering the assets.

He shared that losing passwords was a frequent occurrence for him and identified this as a vulnerability in blockchain systems. Lõhmus initially purchased the Ether for $75,000 when the cryptocurrency’s price during the ICO was around 30 cents.

At Ether’s peak price on November 10, 2021, which was nearly $4,900, Lõhmus’ stash was valued at an impressive $1.22 billion. Even now, his wallet boasts an astounding 628,757% gain, and it received $6.5 million worth of airdrops, as mentioned in Grogan’s earlier post in February.

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