Ross Ulbricht’s Donation Fund Sees Spike After Presidential Pardon
Following President Donald Trump’s pardon of Silk Road founder Ross Ulbricht, the Bitcoin community has rallied behind him, donating to Ulbricht’s FreeRoss.org fund. However, questions arise regarding whether Ulbricht truly needs financial support.
Potential Riches in Crypto Assets
Crypto expert Conor Grogan, a director at Coinbase, suggests Ulbricht may already possess substantial wealth in Bitcoin. Grogan identified around 430 BTC, valued at approximately $47 million, sitting in wallets linked to Ulbricht that have been inactive for over 13 years. “I found ~430 BTC across numerous wallets associated with Ross Ulbricht that were not seized by the U.S. government and have remained untouched for over 13 years,” Grogan shared on social media platform X.
Corroborating Grogan’s findings, data from Arkham Intelligence points to fourteen Bitcoin addresses connected to Silk Road holding a collective value of the same magnitude. Notably, one wallet, starting with “1CQv,” contains over $9 million in Bitcoin alone.
Ownership of Wallets Raises Doubts
While these revelations are intriguing, Decrypt has yet to confirm ownership of these wallets or ascertain if U.S. government entities previously earmarked these funds for confiscation. One account within Arkham’s Silk Road cluster was accessed by the U.S. government during a forfeiture process in November 2020, introducing additional complexity.
Speculation surfaced in 2020 when Bitcoin associated with an account was moved, hinting that Ulbricht might still have control over the funds, even while imprisoned. It was clarified later that U.S. authorities had actually seized this Bitcoin from a hacker known as “Individual X,” who had stolen from Silk Road.
If Ulbricht does possess wallets holding $47 million in Bitcoin, uncertainty surrounds whether he retains the vital private keys. Reports indicate that a significant portion of Bitcoin remains locked in inaccessible wallets due to lost keys or unforeseen circumstances, similar to the situation with Bitcoin creator Satoshi Nakamoto’s wallet holding 1.1 million BTC.
Community Backing and Potential Legal Ramifications
Following his release, Ulbricht has maintained silence, leaving it unclear if he is aware of Grogan’s discoveries. Nonetheless, donations towards his cause have been substantial, with Kraken contributing $111,111, and other donations totaling around $272,000, including various cryptocurrencies.
Journalist Pete Rizzo predicts Ulbricht could gather $1 million in donations within three days due to the current donation momentum.
However, uncertainties persist regarding potential government claims over Silk Road-related funds. Legal experts warn that if assets are linked to Ulbricht’s past crimes, federal agencies might seek their confiscation even post-release. Eli Cohen, General Counsel at Centrifuge, mentioned, “If authorities find later assets linked to the original crime(s), they could try to seize them after release, if the statute of limitations allows.”
In Summary
The pardon of Ross Ulbricht has sparked a surge of support in the Bitcoin community, with donations pouring in to aid him post-release. While indications suggest substantial Bitcoin holdings in dormant wallets, uncertainties around ownership and legal consequences linger. As events unfold, the financial status of Ulbricht and the legal ramifications will be closely watched by cryptocurrency supporters and legal professionals alike.
