Ethereum’s biggest mystery finally unraveled $470 million worth of sleeping wallet belongs to this banking giant.

The Enigma Solved $470 Million Sleeping Wallet on Ethereum Belongs to Leading Banking Giant

Compiled by: Blockchain Knight

In the 8-year history of Ethereum, there have been several mysteries that have become mainstream. One of the most talked about is an ETH wallet that participated in the Ethereum ICO in 2014 and has remained inactive since then.

In February 2023, X (formerly Twitter) user @jconorgrogan exposed a strange Ethereum wallet on the platform. According to Conor, this wallet has not made any transactions since participating in the Ethereum ICO.

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When community members discovered that this wallet contained a total of 250,000 ETH, the mystery deepened. Records show that the wallet made a large purchase of ETH in 2014, which has since appreciated to a value of over 470 million dollars.However, the wallet has not been claimed, and the owner has not sold any assets.

Not only did the initial investment in this wallet grow exponentially, but it also earned millions of dollars through airdrops. Conor revealed that the wallet has received over 6.5 million dollars in airdrops, which is 87 times the original investment.

After the post was published, community members started discussing why “this investor has not transferred any assets”. Speculations ranged from lost private keys to the possibility that the owner may have died or been imprisoned. Eventually, Conor revealed the true story behind this wallet.

Nine months after the post was published, Conor provided an update that revealed the owner of this $470 million ETH wallet and why he had not made any transactions. As many people speculated, it was indeed a case of lost keys, but the wallet’s owner is even more interesting.

Conor shared a screenshot of an interview with Rain Lohmus, the co-founder of LHV Bank in Estonia, where he admitted to actually losing access to the Ethereum wallet holding the 250,000 ETH. However, Lohmus seems unconcerned about it, as he claims he never really tried to recover the wallet.

The LHV Bank co-founder also revealed that he cannot solve the issue or retrieve his ETH. Therefore, he is willing to share the wallet access with anyone confident enough to try. However, for himself, Lohmus’ plan is to “turn Rain Lohmus into an artificial intelligence and see if he can recover his own memory”.

Despite this, the millionaire seems unaffected by the situation. He stated, “I don’t like things that result in zero or one. You can spend ten years doing something, and the result may be zero; or you may solve a problem, but I prefer doing things where you see progress every day.”

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