Estonian Entrepreneur's Lost Ethereum Wallet Now Worth Over $1 Billion

The lost cryptocurrency wallet of entrepreneur Rain Lõhmus, #Estonia , now holds over $1.2 billion worth of Ethereum (ETH). Two years ago, Lõhmus admitted he lost access to the wallet, which he purchased in a pre-sale in 2014, and said he was willing to seek help to recover it.

Lost Wallet's Surge in Value

According to on-chain data, the wallet contains around 250,000 $ETH and has nearly tripled in value since October 2023, when ETH was around $1,600. With ETH recently hitting $4,700, the wallet's value has surpassed $1.2 billion. However, the only transactions recorded were small transfers, with no ETH being moved out.

The Risks of Self-Custody

Lõhmus’s case highlights one of the biggest risks of self-custody: losing your keys or passwords can result in permanent loss of access. Lõhmus has admitted that this is a weakness of decentralized systems, as he often struggles to remember passwords.

This is not an uncommon case. Many others have lost access to their cryptocurrencies due to forgetting their passwords or accidentally throwing away their hard drives. #anhbacong