Ethereum

Bank AI

In a stunning revelation, Rain Lõhmus, the founder of Estonia-based LHV Bank, has been unveiled as the owner of an Ethereum <a href="https://coingape.com/glossary/blockchain-wallet/" target="_blank" rel="noopener">wallet</a> holding a colossal $470 million worth of Ethereum. The intriguing twist to this story is that Lõhmus has lost access to his crypto fortune, leaving him unable to recover or manage his holdings, a director at <a href="https://coingape.com/glossary/coinbase/" target="_blank" rel="noopener">Coinbase</a>, Conor Grogan said on the X platform. 
<h2 id="a-closer-look-into-the-incident">A Closer Look Into The Incident</h2> 
Back in February 2023, Conor Grogan brought attention to an Ethereum wallet that had remained dormant since the cryptocurrency’s <a href="https://coingape.com/education/initial-coin-offering/" target="_blank" rel="noopener">initial coin offering (ICO)</a> in 2014. Notably, this wallet had accumulated a staggering $470 million worth of ETH, despite never being used for a single transaction. 
However, in his latest post on November 7, Conor Grogan took to X to share a crucial piece of information. In a recent interview with ERR News, Lõhmus publicly acknowledged that he is the owner of the aforementioned Ethereum wallet. Unfortunately, he disclosed that he had lost the keys required to access this vast fortune. 
Lõhmus is now faced with an extraordinary predicament on how to regain access to hundreds of millions of dollars in cryptocurrency. In his interview, he expressed his openness to collaborating with anyone capable of helping him recover his locked holdings, even offering to share the recovered funds. 
Also Read: <a href="https://coingape.com/bitget-announces-plans-to-invest-strategically-in-india-based-start-ups/" target="_blank" rel="noopener">Bitget Announces Plans to Invest Strategically In India-Based Start-Ups</a> 
<h2 id="a-costly-oversight">A Costly Oversight</h2> 
The LHV Bank founder’s story is a testament to the unpredictable nature of the <a href="https://coingape.com/glossary/blockchain/" target="_blank" rel="noopener">blockchain</a> world. Having originally purchased 250,000 ETH during the Ethereum ICO for just $75,000, he now faces the consequence of losing the keys to a wallet that, at its peak, was worth a staggering over $1.2 billion. 
Notably, in the ever-evolving crypto landscape, this situation serves as a stark reminder of the need for secure and accessible storage solutions for digital assets. 
With a remarkable 628,757% gain on his investment and a previous mention of $6.5 million worth of airdrops in Grogan’s earlier post, Lõhmus’s Ethereum wallet remains a testament to the immense potential and challenges faced by early cryptocurrency adopters. 
However, the <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener">cryptocurrency</a> community will watch closely to see if anyone can assist him in reclaiming his digital fortune, showcasing the interconnected and community-driven ethos of the blockchain space. 
Also Read: <a href="https://coingape.com/avalanches-ava-labs-cuts-staff-by-12-shifts-focus-to-core-activities/" target="_blank" rel="noopener">Avalanche Parent Cuts Staff By 12%, Shifts Focus to Core Activities</a> 
The post <a rel="nofollow" href="https://coingape.com/lhv-bank-founder-mulls-giveaway-for-470-mln-ethereum-wallet-recovery/">LHV Bank Founder Mulls Giveaway For $470 Mln Ethereum Wallet Recovery</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

LHV Bank Founder Mulls Giveaway For $470 Mln Ethereum Wallet Recovery

Table of Contents

Coingape News Media

Other articles published on Nov 7, 2023

Aave Temporarily Pauses DeFi Markets Amid Reports of Protocol Issue

Bitcoin Faces Rising Costs: A New Spike in Fee Rates

Kraken’s ingenious approach to tackle industry hurdles

Bitrace Highlights Risks Associated With Telegram Exchange Bots

ChatGPT: here’s why Dogecoin, XRP, and Everlodge are trending

Record-breaking open interest on CME shows growing market activity

Join our free newsletter for daily crypto updates!