Last Updated on August 19, 2025
Early Investment Turns into a Fortune
In 2015, Estonian banker Rein Lõhmus invested $75,000 into Ethereum (ETH) during its initial coin offering (ICO), when the token was priced at just $0.30. That early move has since grown into a fortune worth more than $1.15 billion at today’s ETH price — but there’s one major problem: he cannot access it.
Who Is Rein Lõhmus?
Lõhmus is the co-founder of LHV Bank, one of Estonia’s largest private banks. He was an early believer in cryptocurrency, showing interest as far back as the early 2010s.
His Ethereum portfolio contains 250,000 ETH, but since he misplaced the private key, the funds remain locked forever in one of the most striking cases of a lost crypto wallet.
The Private Key Problem
Cryptocurrency wallets operate on two essential components:
- Public key → The visible wallet address, which can receive funds.
- Private key → The secure digital signature that allows access to and movement of funds.
Without the private key, no transactions can be made. Lõhmus admitted in 2023 that he did not secure his key properly and “didn’t dedicate enough time to it.”
Since the wallet’s creation, no outgoing transactions have ever been made, leaving the $1B+ untouched.
Expert Commentary
Conor Grogan, Coinbase’s Director of Product, has flagged the case as one of the largest inactive wallets in crypto history. He noted that Lõhmus was even willing to share part of the funds if someone could help him regain access.
Still, Lõhmus himself hasn’t put significant effort into recovering the lost key, seemingly accepting the loss as irreversible.
Why This Matters for Investors
Lõhmus’s story is more than just an unfortunate anecdote. It highlights the reality that once a lost crypto wallet is gone, the funds are unrecoverable. Unlike traditional banking, there’s no customer support line to reset access.
For investors, this case underscores the importance of:
- ✅ Safely storing private keys (preferably offline).
- ✅ Using reputable cold storage or hardware wallets.
- ✅ Having a recovery plan for heirs or emergencies.
Bottom Line
An early bet on Ethereum turned into a billion-dollar portfolio — but without the private key, it’s out of reach. For personal finance readers, the takeaway is simple: crypto security is non-negotiable. A lost key can mean losing everything.
Now you can also check out our Bitcoin price forecast for the rest of 2025 here.