according to the materials of the site - By CoinoMedia
Estonian banker Rain Lyhmus made headlines by reporting the loss of access to an Ethereum wallet he created during the Ethereum presale in 2014. At that time, Lyhmus acquired 250,000 ETH, which today would amount to a staggering sum.
With the Ethereum exchange rate around $4700, the wallet is estimated to hold over $1.2 billion, making it one of the largest inactive ETH wallets in the world.
According to blockchain data, this wallet has been virtually untouched since its creation. It has received a few small transfers, likely from people trying to interact with the wallet or 'groom' it to attract attention. However, no ETH has been sent from it, confirming the wallet's inactivity for over ten years. In an interview, Lyhmus admitted that he did not store the private key in a safe place and has since lost it. Despite his technical expertise and early involvement in the development of Ethereum, he was unable to regain access to the funds.
This case adds to the growing list of costly cryptocurrency wallets that are permanently locked due to lost credentials, reminding everyone in the crypto space of the critical importance of key management.
The story of Rain Lyhmus serves as a warning. While his early investments in Ethereum demonstrated a strong vision and belief in the project, the lack of a reliable backup for his keys cost him what could have been one of the largest individual ETH assets in history.
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