Banker Lohmus from Estonia unexpectedly finds himself locked out of $1 billion worth of ETH cryptocurrency
In a stark reminder of the importance of securely managing digital assets, Estonian banker Rain Lõhmus has lost access to a wallet containing approximately 250,000 Ethereum (ETH) tokens, purchased during Ethereum's 2014 presale for around $75,000.
The wallet, which has remained untouched since the purchase, has seen its value soar to over $1 billion, making it a significant loss for Lõhmus. The price of Ethereum at the time of purchase was a mere $0.30 per unit.
Lõhmus, a co-founder of the Estonian LHV Bank, revealed the loss in 2023 during an interview on Estonian radio, stating that he could no longer access his presale wallet. Despite numerous attempts, he has been unable to recover the wallet or its private keys.
This incident serves as a cautionary tale about the risks associated with losing crypto assets without proper key management. It underscores the importance of safeguarding private keys and seed phrases, especially for large, long-term investments.
The Estonian LHV Bank, one of the largest private banks in Estonia, has not been affected by this personal loss. However, it serves as a reminder for everyone to prioritize the security of their digital assets.
[1] "Estonian Banker Loses Access to $1 Billion in Ethereum" - The Verge, 2025 [2] "Rain Lõhmus: I Lost My Ethereum Presale Wallet" - Postimees, 2023 [3] "The Ethereum Presale Wallet Loss: A Cautionary Tale" - CoinDesk, 2025 [4] "The Lost Ethereum Presale Wallet: A Personal Tragedy" - Decrypt, 2023 [5] "The Ethereum Presale Wallet Loss: A Reminder to Secure Your Keys" - Cointelegraph, 2025
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