On Tuesday, Connor Grogan, Coinbase director and digital detective, discovered a $474m Ethereum treasure chest belonging to Estonia’s LHV bank founder, Rain Lõhmus’. Grogan announced the discovery on X (formerly Twitter), detailing Lõhmus’ willingness to split the wealth with whoever can find his keys to unlock the hoard.
LHV founder Rain Lõhmus’ gains and loses $474m from Ethereum wallet
The account, which was originally filled with ETH, purchased during Ethereum’s Initial Coin Offering in 2014, first registered at $75,000. Now sitting at $474m, Lõhmus’ lost wallet represents an investment that has grown approximately 6,300 times. However, without a key, Lõhmus unfortunately cannot retrieve this astronomical wealth.
In today’s session, Ethereum sits at $1,906.80, ETH/USD. Despite the current standings, Ether’s 17% return falls short compared to Bitcoin’s substantial 27% gain over the last 30 days. Not only does this create uncertainty with regard to Consensys, a private blockchain company and key play in Ethereum’s virtual ecosystem, but it also reiterates the distrust investors and former employees feel toward Ethereum and Consensys.
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According to 27 shareholders of Consensys AG, co-founder Joseph Lubin stripped the Swiss company and its shareholders of major assets, thus violating a no-dilution promise he had previously made in 2015. With the help of JPMorgan, Lubin allegedly transferred core assets to a US entity, stripping its Swiss shareholders of assets and equity. Lubin is a co-founder of the Ethereum blockchain.
