Blockchain analytics platform Arkham Intelligence has revealed that a dormant wallet holding over $1 billion in Ethereum (ETH) belongs to Estonian businessman Rain Lohmus, co-founder of LHV Bank. The wallet contains approximately 250,000 ETH and has remained untouched since Ethereum's early days, dating back to the 2014 initial coin offering (ICO) where Lohmus invested around $75,000.
Lohmus admitted in a radio interview with Estonia's Vikerraadio that he lost the private keys to the wallet years ago, effectively locking away the fortune permanently. The investment has appreciated over 11,000 times in value, reaching nearly $1 billion when Ethereum hit its all-time high of $4,953. He has not made serious recovery attempts but is willing to share half the value with anyone who can help regain access.
This case highlights broader issues in crypto custody and self-custody risks, similar to that of James Howells, who lost 8,000 Bitcoin in a hard drive disposal. Arkham's data also ranks other large individual ETH holders, including co-founder Vitalik Buterin with about 241,000 ETH and ConsenSys founder Joseph Lubin with 243,300 ETH.
The revelation sparks discussions on lost digital wealth and the need for better key management solutions in decentralized finance, emphasizing how early adopters' misplaced credentials can lock billions in assets.
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