Key Points
- Conor Grogan, a Coinbase executive, has reportedly discovered around 430 Bitcoin (BTC) linked to Silk Road founder Ross Ulbricht.
- The Bitcoin, spread across several wallets, were untouched for over 13 years and are now worth over $45 million.
Conor Grogan, who is the Director of Product Strategy at Coinbase, has reportedly found around 430 Bitcoin connected to Ross Ulbricht, the founder of Silk Road.
These funds have been distributed across various wallets and have remained untouched for over a decade. Initially considered “dust wallets” with a value of approximately $60,000, their current worth has skyrocketed to over $45 million.
Details of the Discovery
Grogan shared a screenshot of a suspected Bitcoin address linked to Ulbricht, which held 88.77 BTC. However, he noted that it’s doubtful Ulbricht still has the private keys to these wallets.
He announced his findings on Twitter, stating that he found the Bitcoin associated with Ulbricht that were untouched for over 13 years and are now collectively worth around $47 million.
It’s important to note that these funds are not part of the 174,000 BTC that were seized by US authorities in 2013 during the Silk Road shutdown. This has reignited discussions about Bitcoin’s role in its early days as a tool for anonymous transactions.
Ulbricht’s Presidential Pardon
On January 21, President Donald Trump granted Ross Ulbricht a full and unconditional pardon after more than a decade of imprisonment. Ulbricht was serving two life sentences plus 40 years for operating Silk Road, a darknet marketplace that facilitated illegal transactions using Bitcoin.
Trump’s decision fulfills a campaign promise where he expressed support for Ulbricht, stating he would commute the sentence on his first day in office. True to his word, Ulbricht was pardoned just a day after Trump’s inauguration.
Cryptocurrency Community Reaction
Ulbricht’s release has been met with widespread celebration within the cryptocurrency community, which has long viewed Ulbricht’s punishment as excessive.
Ross Ulbricht had been serving two life sentences plus an additional 40 years for his involvement in operating Silk Road, a darknet marketplace. He was arrested by the Federal Bureau of Investigation in October 2013. In 2015, he was convicted on multiple charges, including running a continuing criminal enterprise, drug distribution, conspiracy to distribute narcotics, money laundering, among others.
Advocates argue that his life sentence was disproportionately harsh for a first-time offender who did not personally engage in illegal drug sales. For many, Ulbricht symbolizes the struggle for privacy, freedom, and innovation—core values of the crypto ecosystem.
Prominent Bitcoin advocate Anthony Pompliano lauded the decision, hinting at broader implications for the US government’s Bitcoin strategy. He stated, “If Ross Ulbricht got the pardon, we are definitely getting the Strategic Bitcoin Reserve.”
The pardon sparked optimism in the crypto market, with Bitcoin crossing $107,000 during the early hours of January 22. It is currently trading at $104,300. The overall cryptocurrency market saw a 1% uptick in capitalization, reflecting investor confidence.
