An Ethereum wallet linked to Estonian banker Rain Lõhmus has soared in value to roughly $1.2 billion, nearly triple its worth from late 2023 – yet the funds remain completely inaccessible.
Lõhmus revealed in a 2022 interview with Estonia’s public radio that he lost the keys to a wallet holding 250,000 ETH, purchased during Ethereum’s 2014 presale.
At the time, he hinted he might consider offers from credible parties able to recover the assets. Coinbase product director Conor Grogan later identified a wallet address believed to be his.
With Ethereum recently touching $4,700, the wallet’s value has hit record levels. Blockchain data from Arkham Intelligence shows the holdings are untouched apart from a handful of minor transactions.
Lõhmus has previously warned that while decentralization offers freedom, it also carries the irreversible risk of losing access — a lesson he said he learned years earlier after misplacing a small Bitcoin investment.
The situation is far from unique in crypto. Lost passwords, misplaced private keys, and discarded storage devices have permanently locked away countless fortunes.
In 2021, the phenomenon even inspired a reality TV show following people in their attempts to recover inaccessible digital assets.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/banker-lost-250000-eth-now-valued-at-1-2-billion/