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Whale Loses Access to $470M Worth of Ethereum

A Whale Loses Access to its 250,000 ETH:

Rain Lõhmus, founder of the Estonian bank LHV, has been revealed as the ‘mystery’ individual behind a wallet containing 250,000 Ether, worth approximately $470 million. While the mystery has been solved, the problem is that Lõhmus has misplaced the private key to this wallet, rendering the funds inaccessible.

This wallet, untouched since Ethereum’s ICO in 2014, was linked to Lõhmus through the investigations of Conor Grogan, a director at Coinbase.

Back in February, Grogan shed light on a ‘mystery address’ that had purchased $75,000 worth of Ether at its launch, but showed no activity since. Until recently, no one knew it was Lõhmus who was behind this wallet.

Lõhmus stated in a recent interview that he is willing to share this amount with anyone who can help him recover his astronomical funds.

For now, the loss of his private key means that the 250,000 Ether remains inaccessible.

A Lesson for All Investors

This unfortunate event underscores the importance of private key management. When creating a crypto wallet, it is crucial to securely store your private key and/or recovery phrase. In a field where ownership is defined by the possession of cryptographic keys, human error can be costly, reminding investors of the need to secure their investments with utmost caution.

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