Estonian Banker’s Lost Ethereum Wallet Worth Over $1.2 Billion
Estonian banker Rain Lõhmus announced publicly two years ago that he had lost access to the 250,000 ETH he received from the 2014 Ethereum presale.
At that time, in an interview with Estonian public radio, Lõhmus said, “There are 250,000 Ethereum in the wallet, anyone who wants can calculate the value themselves,” and stated that he would consider it if a credible rescue offer came.
Coinbase product director Conor Groga soon linked a wallet address to Lõhmus. With Ethereum briefly surpassing $4,700 on Wednesday and returning to 2021 highs, the value of these lost assets has reached approximately $1.2 billion. This figure is nearly triple what it was in October 2023, when Ethereum was around $1,600.
According to Arkham Intelligence data, the wallet remains intact, with the exception of a few small transfers. “Perfect decentralization also has risks that are not often considered,” Lõhmus said, describing the feeling of losing his passwords and keys, recalling a small Bitcoin purchase he lost access to in the past.
It’s common in the crypto world for assets to be lost forever, whether through lost passwords or accidentally discarded hardware. In fact, in 2021, a reality show was even released for people trying to find their lost crypto.
*This is not investment advice.