Estonian banker loses access to 250,000 ETH worth over $1 billion
In the crypto world, a story worthy of a film adaptation has surfaced again. In 2015, Estonian banker Rein Lohmus bought Ethereum for $75 thousand at a price of only $0.30 per coin. Today, this package would turn into $1.16 billion, but there is a nuance - access to the wallet is lost along with the private key.
At that time, hardware wallets seemed exotic, and the advice to "write down the seed on a piece of paper and put it under the mattress" looked like paranoia. Bottom line: 250,000 ETH is still lying like a dead weight, like a museum exhibit frozen in the blockchain.
The situation looks especially ironic now, when Ether is gaining strength again, bitcoin is losing dominance, and the market is preparing for the alt-season. The train leaves before our eyes, and the owner only watches as billions float by.
The moral here is simple: crypto is a really convenient and global tool. With it, it is easy to deposit, transfer money around the world and build capital. But the main responsibility is safety. Store seed phrases offline, do not rely on memory, and get cold wallets even for small amounts. The cost of a mistake can be cosmic.
celese Haha, classic! First they screwed over the players, then the license turned out to be fake, and now they’re trying to undo everything. A total circus. Yeah, everything will just get bought. They’ll pay whoever they need in Curaçao and get a new license. Money rules everything, especially in this industry.
Mangarin4ik The section about how casinos fire VPNs is a gun. I've never thought about WebRTC and the time zone. Author, thank you, you may have just saved my next deposit.
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To be honest, I do not believe that he did not try to restore at all, maybe a PR story.
I sympathize, but this is a classic of crypto: "not your keys, not your coins."
My flash drive with $3k bitcoins has disappeared, now I don't even complain
It's his own fault, crypto without keys is just beautiful numbers.
I imagine how he is reminded every day of the news about the broadcast rate
And he could buy half of Tallinn now...