The founder of Estonia’s LHV Bank, Rain Lõhmus, has been identified as the owner of an Ethereum (ETH) wallet holding 250,000 ETH bought during the initial coin offering, now worth $470 million. The snag is, he lost the keys and cannot access it.

While the crypto ecosystem gives the benefit of self-custody to users, it comes with its own challenges. If users don’t store their private keys securely, they risk permanently losing control of their assets.

250,000 Ethereum Lost Forever

Senior Coinbase executive Conor Grogan informed community members on X (Twitter) that the mysterious dormant Ethereum wallet belongs to the LHV Bank founder Rain Lõhmus. He shared the screenshot of an interview where Lõhmus was willing to discuss offers if someone could help him retrieve the ETH wallet.

The screenshot below shows that Lõhmus’ wallet has a balance of 250,000 ETH, worth nearly $470 million.

Read more: 9 Crypto Wallet Security Tips To Safeguard Your Assets

To retrieve the wallet, Lõhmus considered building an artificial intelligence (AI) version of himself to get his memories back, but canned the idea as he couldn’t monitor what was happening daily. He elaborated:

“You can spend ten years on it, and it might end up with zero; it might end up with you solving a problem, but I prefer to do things where progress is visible on a daily basis.”

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Author: Harsh Notariya

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