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Founder of LHV Bank possesses $470M worth of Ether, yet misplaces private key

Founder of LHV Bank possesses $470M worth of Ether, yet misplaces private key

Rain Lõhmus, the founder of LHV Bank in Estonia, has been revealed as the owner of a massive stash of 250,000 Ether (ETH) purchased during the Ethereum ICO. However, there’s one major problem – he no longer has access to the keys. The stash is now worth a staggering $470 million. In a recent interview, Lõhmus admitted that he lost the password to the wallet and hasn’t made much effort to recover it. He is now willing to pay someone who can help him retrieve the funds. Coinbase director Conor Grogan highlighted Lõhmus’ comments, confirming his ownership of the wallet containing the trapped ETH. Grogan shared this information on Twitter and mentioned that Lõhmus is willing to split the funds with anyone who can assist in recovering them. Lõhmus acknowledged that losing passwords is a common occurrence for him and recognized it as a weakness of blockchain systems. Despite his inability to access the funds, Lõhmus’ initial investment of $75,000 has skyrocketed to a value of $1.22 billion at Ether’s peak price. His wallet also received $6.5 million worth of airdrops.

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