Estonian Banker Who Bought $75k ETH During 2015 ICO Loses Access to the Wallet

A long-dormant Ethereum address has resurfaced in public conversation for an unusual reason. The owner is known, the funds are intact, and yet no one can access the wallet. The address, attributed by Cointelegraph to Estonian banker Rain Lõhmus, holds approximately 250,000 ETH, now reported as worth more than $1 billion. Lõhmus, a founder of Estonia’s LHV Bank, purchased approximately 250,000 ETH for about $75,000 during Ethereum’s ICO . He later acknowledged ownership of the address in a national radio interview, calling it “no secret.” The allocation dates back to the 2014 offering and represents one of the largest individual presale holdings recorded on‑chain. BIG: Estonian banker Rain Lohmus, who bought $75,000 worth of $ETH during the 2015 ICO, has lost access to the wallet, now valued at over $1 billion. pic.twitter.com/fCBTk3s1OL — Cointelegraph (@Cointelegraph) August 13, 2025 How the Wallet Became Inaccessible The reason for the paralysis is simple and final in cryptographic terms. The private key is missing. Lõhmus said he lost the password and has not mounted a significant recovery effort. Like many others in a similar situation, he invited assistance and once considered using artificial intelligence to reconstruct access, but no credible path has emerged. Ethereum’s design offers no administrator or reset function. Without the key, the funds cannot be spent. Similar Cases of Lost Fortunes Inaccessible coins due to lost keys are not isolated cases. Analysts tracking early addresses believe a meaningful share of ETH has been effectively removed from circulation due to lost credentials. Some investors have also lost their funds in unexpected ways. In one case, an investor who had acquired 6,000 BTC at $5 was arrested for unrelated events. While he was in prison, his landlord hired a cleaner for his apartment who accidentally threw away the keys to his wallet , leaving the fortune permanently out of reach. We are on X, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) June 15, 2025 Stefan Thomas, Ripple’s former Chief Technology Officer, also found himself in a similar situation after he lost the password to his encrypted USB drive containing 7,002 BTC. Surprisingly, Thomas has declined offers to help , as he has exhausted almost all his attempts at unlocking it. He’s not willing to take the risk and potentially lose access to his fortune forever. Risk Management Lessons The episode underlines operational risks that grow with asset size. Presale buyers who stored keys unsafely faced the real danger of irreversible loss. The Lõhmus case shows how easily investors can lose their funds without proper precautions. Cold storage remains one of the safest options for avoiding the centralization risks on exchanges. However, investors should maintain secure, redundant backups and documented recovery procedures to ensure long-term access to their assets. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post Estonian Banker Who Bought $75k ETH During 2015 ICO Loses Access to the Wallet appeared first on Times Tabloid .

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