TLDR
Ross Ulbricht, founder of Silk Road, received a presidential pardon from Donald Trump after serving 11 years in prison
Approximately 430 BTC ($47 million) sits untouched in wallets potentially linked to Ulbricht
Since his release, Ulbricht has received over $272,000 in crypto donations, including $111,111 from Kraken
Experts say federal authorities could still attempt to seize any Silk Road-related Bitcoin
In his first public statement, Ulbricht thanked Trump and expressed gratitude for his “second chance at life”
Ross Ulbricht, founder of the dark web marketplace Silk Road, stepped into freedom on January 23, 2025, following a presidential pardon from Donald Trump. As Ulbricht adjusts to life outside prison after 11 years, cryptocurrency researchers have identified approximately 430 Bitcoin, worth $47 million, sitting untouched in wallets potentially linked to him.
Conor Grogan, a director at Coinbase, revealed his findings on social media platform X. According to Grogan, these wallets have remained dormant for over 13 years. “Back then these were probably dust wallets, now, collectively, they are worth about $47 million,” he stated.
I found ~430 BTC across dozens of wallets associated with Ross Ulbricht that were not confiscated by the USGovt and have been untouched for 13+ years
Back then these were probably dust wallets, now, collectively, they are worth about $47M.
Welcome back Ross pic.twitter.com/KmCp4xcrI7
— Conor (@jconorgrogan) January 22, 2025
Data from Arkham Intelligence supports Grogan’s discovery. The platform has identified fourteen Bitcoin addresses associated with Silk Road that collectively hold $47 million. One particular wallet beginning with “1CQv” contains over $9 million in Bitcoin alone.
The ownership status of these wallets remains unclear. Neither independent researchers nor media outlets have confirmed whether these wallets belong to Ulbricht or if they’re marked for government seizure. This uncertainty stems from previous cases involving Silk Road-related Bitcoin.
In November 2020, a similar situation arose when Bitcoin worth over $1 billion moved from a Silk Road-associated wallet. Initial speculation suggested Ulbricht had accessed the funds from prison, but the U.S. government later revealed they had seized the Bitcoin from a hacker known as “Individual X.”
The cryptocurrency community has rallied around Ulbricht since his release. Donations have flowed into his public wallet addresses, with cryptocurrency exchange Kraken contributing $111,111. In total, Ulbricht has received approximately 2.62 BTC ($272,000) in donations, along with additional funds in other cryptocurrencies including Ethereum, USDC, Tether, and Binance Coin.
Legal experts warn that any Bitcoin linked to Silk Road could face government scrutiny. Eli Cohen, General Counsel at Centrifuge, explained that authorities might attempt to seize assets connected to the original crimes, even after Ulbricht’s release.
The U.S. government has a history of seizing Silk Road-related cryptocurrency. Earlier this month, a federal judge authorized the sale of $6.5 billion in seized Silk Road Bitcoin. In November 2021, the IRS seized 50,676 Bitcoin from James Zhong, another individual connected to the marketplace.
pic.twitter.com/pbqRh9spnk
— Ross Ulbricht (@RealRossU) January 24, 2025
Breaking his silence after release, Ulbricht appeared in a video posted to X, expressing gratitude for his pardon. “I was doing life without parole, and I was locked up for more than 11 years, but he let me out. I’m a free man now,” Ulbricht stated.
The former Silk Road operator emphasized the importance of his release for both his family and supporters of freedom and second chances. “This is such an important moment for me and for my whole family,” he said in his statement.
Questions persist about whether Ulbricht maintains access to the private keys for any of these dormant wallets. Industry estimates suggest that as much as 20% of all Bitcoin exists in wallets whose owners have lost access or disappeared, including the wallet of Bitcoin’s creator, Satoshi Nakamoto.
Ulbricht has not responded to media requests for comment about the dormant wallets. He stated in his video message that he plans to spend time with his family before reengaging with the public sphere.
The U.S. Department of Justice currently holds substantial Bitcoin assets from various seizures related to Silk Road. In December 2024, the government moved nearly $2 billion worth of seized Bitcoin to Coinbase, demonstrating ongoing management of confiscated cryptocurrency assets.
Recent blockchain movements show continued activity with Silk Road-related funds. The government transferred 19,800 BTC ($1.92 billion) to America’s largest digital asset exchange after temporarily holding it in another Bitcoin wallet.
Ulbricht’s release comes as his donation fund at FreeRoss.org continues to receive support from the cryptocurrency community. The pace of donations suggests growing backing from supporters, with journalist Pete Rizzo noting, “At this rate, he’ll have $1 million in 3 days.”
