Emily Walker
The recently pardoned Ross Ulbricht, known for founding the Silk Road dark web marketplace, reportedly retains substantial Bitcoin assets. Investigations revealed wallets connected to him that have not been accessed during his imprisonment, suggesting a significant amount of cryptocurrency remains untouched.
Ross Ulbricht’s Bitcoin Holdings Estimated at $44 Million
On a post shared on X, blockchain analyst Conor Grogan indicated that Ulbricht possesses around $44 million worth of Bitcoin. Grogan found 430 BTC across various wallets tied to Ulbricht that were not seized by authorities and have remained inactive for over 13 years, coinciding with his incarceration.
Grogan speculated that these wallets might have been considered of little value during that time, leading the government to overlook them. Now, these wallets have accrued a collective value of over $44 million, potentially aiding Ulbricht following his recent pardon from US President Donald Trump, after serving approximately 13 years for his involvement with Silk Road.
Nonetheless, Ulbricht may face obstacles accessing these Bitcoin holdings. Grogan noted that it’s doubtful Ulbricht retains the access keys, which could impede his ability to move or sell the assets.
Interestingly, Ulbricht’s actions led to the US government acquiring a large Bitcoin cache. Following his arrest in 2013, the authorities seized 144,000 BTC from him. In total, the government now claims 198,109 BTC (valued at $20 billion), taking from both Ulbricht and other suspects related to the Silk Road investigation.
Trump Fulfills Crypto Promise with Ulbricht’s Pardon
By issuing a pardon to Ross Ulbricht, President Donald Trump has taken a decisive step toward fulfilling a campaign commitment related to cryptocurrency, made during his election campaign last November. This action has prompted hope that he may follow through on additional pledges to the crypto community.
Among these anticipated commitments is the establishment of a Strategic Bitcoin Reserve, which Trump proposed alongside Ulbricht’s pardon. The goal is for the government to maintain possession of its seized Bitcoin rather than auctioning it off.
While the president did not specifically address this Bitcoin reserve or cryptocurrencies in his inaugural address, Ulbricht’s pardon has ignited optimism that Trump will fulfill his crypto-related campaign promises and potentially enact further supportive measures for the industry.