TLDR
Ross Ulbricht received 300 BTC ($31.4M) from unknown sources using Jambler mixing service
ZachXBT concluded this was likely not a “self-donation” as the sending wallets were active when Ulbricht was in prison
Ulbricht’s auction of personal items and prison memorabilia raised over $1.8M in Bitcoin
His final prison ID card sold for 5.5 BTC (approximately $576K)
Untouched Bitcoin wallets linked to Ulbricht may contain up to 430 BTC worth around $47M
Ross Ulbricht, founder of the darknet marketplace Silk Road, has received 300 Bitcoin (BTC) worth $31.4 million from unknown sources, according to blockchain analytics firm Lookonchain. The donation came through wallets using Jambler, a centralized mixing service, sparking online debate about the funds’ origin.
Some social media users had speculated the BTC might be Ulbricht’s hidden profits from Silk Road. However, blockchain researcher ZachXBT disputed this theory in a June 2 post on X.
Update: Few entities regularly use Jambler in size so I found a potential demix for the donation. 1Mp5hH originates from late 2014 exchange activity. 1CNDW has 2019 exchange activity and was previously flagged in compliance tools.
1Mp5hH & 1CNDW were depositing in size to…
— ZachXBT (@zachxbt) June 2, 2025
“It likely doesn’t appear to be a self donation as people were claiming though it comes from questionable sources due to the flagged address,” ZachXBT wrote. He noted that the addresses involved showed exchange activity dating back to 2014 and 2019, periods when Ulbricht was in prison.
ZachXBT pointed out that “normal privacy enthusiasts use decentralized mixers” rather than services like Jambler. The blockchain researcher added that both sending addresses “had dormant BTC from Nov 2019 until the mixer deposits made from April to May 2025.”
Prison Memorabilia Auction
The large donation comes after Ulbricht has already raised over $1.8 million in Bitcoin through an auction of his personal belongings on Scarce City, a Bitcoin-only marketplace. The auction included items from before his 2013 arrest and from his time in prison.
Among the most valuable items was Ulbricht’s final prison ID card, which sold for 5.5 BTC (over $576,000). In the item description, Ulbricht shared that a guard had attempted to make him stop smiling for the photo.
“The guard tried to get me to stop smiling for the photo, but my joy comes from within, so I smiled that day, even though I was in prison,” Ulbricht wrote.
Other auctioned items included a sleeping bag, backpack, drum, and prison memorabilia such as a lock, notebook, clothing, and several paintings created while incarcerated. An oil painting titled “Archway,” which Ulbricht created with a fellow inmate known as Omega, sold for 1.01 BTC (over $106,000).
Untouched Bitcoin Wallets
Ulbricht might also have access to millions in Bitcoin that were never seized by authorities. Coinbase director Conor Grogan claimed in January to have found 430 BTC, worth over $45 million, in wallets tied to Ulbricht that have been inactive for more than 13 years.
Blockchain analytics firm Arkham Intelligence supported Grogan’s findings, tracing 14 Bitcoin addresses connected to Silk Road, with one holding over $9 million in Bitcoin. Reports indicate that two of these dormant wallets became active earlier last month, transferring 3,422 BTC worth $324.2 million.
Ulbricht ran Silk Road, which used Bitcoin for payments, until his arrest in 2013. He was sentenced to a double life sentence plus 40 years in 2015 but served only 11 years before receiving a full pardon from US President Donald Trump on January 21, 2025.
Following his release, a wallet operated by the Free Ross campaign received $270,000 worth of Bitcoin within days. These funds were donated to “help Ross’s transition into his new life.”
Blockchain data shows that Ulbricht transferred the recently received 300 BTC on June 1, sending $31.29 million to one address and $10,000.43 to another.
In a note on the Scarce City auction page, Ulbricht explained his decision to sell his personal items: “I’ve decided to auction some personal items from before my arrest and during my time in prison. I don’t need the reminders, and I’m sure some of you will love to have them.”
The auction, which ends on June 2, has attracted crypto history collectors from around the world, with bidders required to deposit 1% of their bid as collateral.
