The founder of LHV Bank has $470M worth of Ethereum, but has lost his private key.

Rein Lohmus, the founder of Estonia-based LHV Bank, was revealed to own a large stash of 250,000 Ether (ETH) purchased during the Ethereum ICO, which is now worth an eye-watering $470 million.

There is only one problem. He no longer has keys.

In February, Coinbase Director Connor Grogan highlighted an Ethereum Well wallet containing an estimated $470 million worth of ETH that has remained untouched since the blockchain's genesis.

In a Nov. 6 update on Twitter, Connor highlighted Lohmus' comments in a recent interview that he now has to do with the $470 million in ETH he's tied to.

In an October 31 ERR News report, which shared the report with Lohmus in an earlier VikerRadio interview, he wrote, “A mystery has been solved.”

One mystery solved: this address (which now holds $450M in crypto) belongs to Rein Lohmus, the founder of LHV Bank.

Unfortunately, he lost his keys and could not reach these 100 million. If you can somehow help him recover, he's willing to part with you pic.twitter.com/0A1nIjFSyn

— Conor (@jconorgrogan) November 6, 2023

“Unfortunately, he lost the keys and could not reach these 100 million. If you can somehow help him recover, he's willing to part with you,” Grogan added.

According to ERR, Lohmus said the wallet with 250,000 ETH was “not a secret” and that he lost the secret and didn't make much effort to recover it.

“I can't solve this alone; if someone thinks I can, I'll take all offers,” said Lohmus.

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“Losing passwords is very common for me,” he said, adding that losing access to funds is a “weak point” of the blockchain system.

In total, Lõhmus' purchase of Ether was $75,000, as ETH's initial price was around 30 cents.

At Ether's November 10, 2021 price peak of nearly $4,900 – Lohmus' stuck stash was worth $1.22 billion.

Lohmus' wallet today still has an impressive 628,757% gain and according to Grogan's February X-Post, he had a boot of $6.5 million worth of airdrops.

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