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The ICO Whale Who Bought 250,000 Ethereum at $0.30 in 2014 Forgot His Password!

News In the extensive eight-year history of Ethereum, various mysteries and enigmas have come to the forefront, but one particular wallet from the 2014 Ethereum Initial Coin Offering (ICO) has captured the fascination of the crypto community. This ETH wallet, unique in its own right, remains untouched since its inception, despite its substantial holdings of
In the extensive eight-year history of Ethereum, various mysteries and enigmas have come to the forefront, but one particular wallet from the 2014 Ethereum Initial Coin Offering (ICO) has captured the fascination of the crypto community. This ETH wallet, unique in its own right, remains untouched since its inception, despite its substantial holdings of 250,000 ETH, which have grown in value from a $75,000 investment to a staggering $470 million. The puzzle surrounding this wallet deepened further with the revelation that it had also accrued over $6.5 million in airdrops, providing an 87-fold return on the initial investment.

Numerous theories have surfaced over the years to explain the wallet’s dormancy, ranging from the loss of private keys to the possibility of its owner being incapacitated, incarcerated, or even deceased. However, recent developments and the relentless pursuit of answers by X (formerly Twitter) user @jconorgrogan have shed light on the truth behind this enigmatic wallet.

One of the most mysterious addresses in all of crypto:
-Bought $75k worth of ETH at the ICO in ’14
-Completely untouched wallet; has never made a single transaction
-Wallet now worth $400M+, a 5333x
-Received $6.5M in airdrops just by hodling (a 87x on initial investment alone) pic.twitter.com/wBpw9pQcAB

— Conor (@jconorgrogan) February 26, 2023

26 Feb 2023 – @jconorgrogan’s tweet

After nine months of diligent investigation, Conor, the Twitter user, unveiled the identity of the wallet’s owner and the reasons behind its inactivity. As many had speculated, it turned out that the main issue was indeed lost access to the wallet. The wallet’s owner, Rain Lohmus, the founder of Estonian LHV Bank, confessed to this unfortunate circumstance. Astonishingly, Lohmus seemed rather nonchalant about the situation, indicating that he hadn’t made significant efforts to recover the wallet.

One mystery solved: This address (which now holds $450M of crypto) belongs to Rain Lohmus, founder of LHV Bank

Unfortunately he lost his keys and can’t access these 100s of millions. If you can help him recover them somehow, he’s willing to split them with you https://t.co/wYLAU9gKzb pic.twitter.com/0A1nIjFSyn

— Conor (@jconorgrogan) November 6, 2023

07 Nov 2023 – @jconorgrogan’s tweet

Rain Lohmus went on to reveal that he is currently unable to resolve the issue and regain access to his substantial ETH holdings. With remarkable equanimity, Lohmus extended an open invitation to anyone with the skills and knowledge to access the wallet. However, he had an intriguing backup plan – to “build Rain Lohmus as an AI” to attempt to retrieve his lost memories.

Nevertheless, the millionaire doesn’t seem too disturbed by this: “I don’t like things that result in zero or one. You can spend ten years on it, and it might end up with zero; it might end up with you solving a problem, but I prefer to do things where progress is visible on a daily basis.”

Despite the vast fortune seemingly locked away in his Ethereum wallet, Rain Lohmus appears unfazed by the predicament. He is not one to dwell on endeavors that yield binary results – either success or failure. Instead, Lohmus has chosen a path where he can witness daily progress, perhaps indicating his resilience and determination in the face of an unforeseen challenge.

In the world of cryptocurrency, where fortunes can be made and lost in the blink of an eye, Rain Lohmus’s story stands as a testament to the unpredictable nature of this digital frontier. As the crypto community watches with bated breath, the tale of the $470 million Ethereum wallet continues to unfold, offering an intriguing glimpse into the mysteries that still shroud the blockchain world.

Wasif Shakir

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