- Rain Lõhmus offers a reward to anyone who could help him recover his $470 million worth of ETH dormant stash.
- The LHV co-founder underscored the loophole in cryptocurrencies.
- Coinbase’s director, Conor Grogan, revealed that Lõhmus’ wallet address has been inactive since 2014.
Rain Lõhmus, the co-founder of the Estonian LHV Bank, has lost the private key to his 250,000 ETH stash and seeks anyone’s help for its recovery. In an interview via Vikerraadio, the entrepreneur explained that his unrecovered Ethereum account is not a secret.
Kristjan Pihl, the show’s host, highlighted that Lõhmus announced during an investment festival that he owned a crypto stash that’s almost equivalent to the total value of the co-founder’s LHV shares. Lõhmus said he’s willing to reward anyone who could help him recover his funds.
Concurrently, LHV Bank’s boss underscored the loophole of the supposedly “perfect” decentralized technology. He also said in the interview:
…But it’s very common for me to lose passwords. I went to renew my ID card passwords today; if it were crypto, I’d be in a big crisis again…
The only significant transaction on the account was the initial investment—now worth nearly $470 million—recorded during the genesis of the Ethereum blockchain. In a recent post on X, Coinbase’s director, Conor Grogan, revealed that Lõhmus’ wallet address (0x2b6ed29a95753c3ad948348e3e7b1a251080ffb9) has been inactive since Ethereum’s presale in 2014.
Notably, Grogan gushed in February 2023 about a mysterious Ethereum wallet that had remained unmoved since the coin’s initial coin offering. He also pointed out that the address has received $6.5 million worth of airdrops in Ether Classic just by “hodling” the stash.
Lõhmus could have yielded as much as $1.22 billion for his initial investment had he had access to his assets during Ethereum’s price peak in November 2021. Nonetheless, his wallet today still has an impressive 628,757% growth.
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