Ross Ulbricht reportedly still has about $47 million in Bitcoin

Recently pardoned Silk Road founder Ross Ulbricht might still have around 430 Bitcoin worth over $47 million across several wallets. According to blockchain researcher Conor Grogan, he has identified several wallets associated with Ulbricht holding the BTC.

Grogan shared the news on X, noting that these wallets have not been touched in the last 13 years, a sign that the US government did not confiscate them. The US government had recovered around 50,000 Bitcoin from Ulbricht when he was arrested in 2013 for operating the darknet marketplace.

He wrote:

“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.”

However, Grogan added that Ulbricht likely does not have the keys to those wallets, which is why the government could not gain access to them. Still, the uncovering of BTC connected to Ulbricht has led to speculations as to what impact the selling of BTC could have on his pardon. Some users noted that he cannot sell the BTC even if he has the keys since the assets are proceeds from a crime.

Meanwhile, others have criticized Grogan for disclosing the information, noting that the addresses should be kept private. In response, the researcher noted that the addresses are already public as they were cited in the trial documents, and many people are likely tracking them.

Crypto community praises Ross Ulbricht’s release

Still, the crypto community has been celebrating Ross Ulbricht’s release since President Trump announced his full pardon. For many, the decision represents Trump’s commitment to the crypto industry and also vindicates the use of decentralized and privacy-oriented applications. The pardon coincides with the US Court decision to lift the US Treasury’s Office of Foreign Assets Control (OFAC) sanction on crypto mixer Tornado Cash.

Bitcoin advocate Ben Sigman noted that the Ulbricht release is a major win against government overreach and a well-deserved justice. In a long post on X, Sigman, who wrote the Big Bitcoin Book, defended Ulbricht, noting that while Silk Road might have been problematic, the punishment against him was also disproportionate.

He wrote:

“This isn’t just about Ross or a marketplace—it’s about government overreach and the state’s power to crush individuals with vague laws.”

Others, such as early Bitcoin adopter Jameson Loop, also thanked President Donald Trump for the decision. He wrote:

“Thank you, @POTUS. I hereby grant you a full and unconditional pardon for all past and future shitcoinery.”

With Ulbricht now released, many people have started donating funds to him as he attempts to restart his life. Over $130,000 has been raised through the official Free Ross campaign, with one person recently donating one BTC to the cause. Strike also launched a merch in his honor, with 100% of the proceeds after expenses donated to him.

Meanwhile, not all reactions to his release have been positive. There are several people on X who have questioned his pardon, noting that Ulbricht indeed committed crimes. Some bad actors have also tried to exploit his release to launch memecoins but a statement from his official X account already denied any affiliation with a memecoin.

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