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LHV Bank Founder Loses Private Key, Holding $470M Worth of Ethereum

LHV Bank Founder Loses Private Key, Holding $470M Worth of Ethereum

Rain Lõhmus, founder of LHV Bank, has been revealed as the owner of a 250,000-Ether (ETH) stash purchased during the Ethereum initial coin offering, now valued at $470 million. However, Lõhmus has lost the keys to access the funds. In a recent interview, he expressed his willingness to pay someone who can help him recover the funds. Coinbase director Conor Grogan confirmed Lõhmus’ ownership of the wallet and offered to split the funds with anyone who can assist in recovering them. Lõhmus admitted that losing passwords is common for him and acknowledged the vulnerability of blockchain systems. At its peak, Lõhmus’ ETH stash was worth $1.22 billion. The wallet currently has a gain of 628,757% and received $6.5 million worth of airdrops.

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