Coinbase executive identifies 430 BTC linked to Ross Ulbricht

Coinbase’s director of product, Conor Grogan, said he had found 430 BTC across dozens of wallets purportedly linked to Silk Road founder Ross Ulbricht. 

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.

Welcome back Ross pic.twitter.com/KmCp4xcrI7

— Conor (@jconorgrogan) January 22, 2025

The coins have remained untouched for more than 13 years. They are unrelated to the roughly 174,000 BTC the US government seized from the marketplace.

“Back then these were probably dust wallets, and now their total value is about $47m. Welcome back, Ross,” Grogan wrote.

However, in his view, it is unlikely that Ulbricht kept the private keys to the Bitcoin addresses all this time.

“We’ll find out soon!” the expert added.

On January 21, US president Donald Trump signed an order granting a full and unconditional pardon to the Silk Road founder. Ulbricht’s release was one of the campaign promises.

US authorities arrested the founder of the darknet marketplace in October 2013. In May 2015, US district judge Katherine Forrest found him guilty of drug trafficking, conspiracy to distribute narcotics, hacking computer networks and money laundering, as well as running a criminal organisation. The platform’s creator received two life sentences without the possibility of parole, of which he served 11 years.

Ulbricht’s case drew widespread public attention. More than 250 organisations, notable figures and opinion leaders voiced support for his release. In 2019, the group included well-known venture investor Tim Draper. Later, Elon Musk said the sentence handed to the Silk Road creator was too harsh.

Community reaction

In the crypto community, Ulbricht’s pardon prompted a wave of posts.

January 21 will be FOREVER known as ROSS ULBRICHT FREEDOM DAY

AN OFFICIAL #BITCOIN HOLIDAY ? pic.twitter.com/B2Dhdv3zrh

— The Bitcoin Historian (@pete_rizzo_) January 22, 2025

“January 21 will forever remain Ross Ulbricht Freedom Day. An official bitcoin holiday,” said Pete Rizzo, a historian of the first cryptocurrency.

The educational project Satoshi Nakamoto Institute also welcomed president Trump’s decision:

“Without Ross’s vision that bitcoin would create a space for more peaceful trade, we might not be here today,” the statement said.

Vijay Boyapati, author of The Bullish Case for Bitcoin, set out to explain to newcomers to the industry why the community cared so much about Ulbricht’s case and considered the sentence unjust.

Newcomers to Bitcoin may not understand why old timers care so much about Ross Ulbricht. Let me explain.

He embodied the ethos of early Bitcoin more than anyone. He was an entrepreneur who created a thriving marketplace.

He believed in radical freedom, including the freedom to…

— Vijay Boyapati (@real_vijay) January 22, 2025

“He embodied the ethos of early Bitcoin more than anyone and was an entrepreneur who created a thriving marketplace. He believed in radical freedom, including the freedom to trade anything with anyone, provided it was peaceful and voluntary,” Boyapati wrote.

Author and columnist Jeffrey Tucker likewise noted that libertarians viewed Ulbricht’s internet project as an experiment in market freedom based on new technology. He drew attention to the role of Ross’s mother in securing her son’s release.  

To understand the Ross Ulbricht case, here are some excerpts from my article:

The reason why the libertarians cheered Trump’s announcement was that the sentence was profoundly unjust and crazy, and because Ross is an intelligent, good-hearted, and wonderful person whose work in…

— Jeffrey A Tucker (@jeffreyatucker) January 21, 2025

“The person who deserves all the credit for Ross Ulbricht going free is someone who won’t claim it: his mom Lyn,” confirmed LBRY founder Jeremy Kauffman.

the person who deserves all the credit for Ross Ulbricht going free is someone who won’t claim it: his mom Lyn

she is savvy, relentless, tenacious, and made working to free her son a non-stop obsession for an entire decade pic.twitter.com/8leOQVvFnK

— Jeremy Kauffman ??? (@jeremykauffman) January 21, 2025

Strike founder and CEO Jack Mallers said his project launched a merchandise line whose proceeds will fully support the Silk Road creator. According to the entrepreneur, receipts reached $50,000 in the first hour alone.

Rizzo said the Ross Ulbricht Freedom Fund raised $250,000 in a single day. Crypto exchange Kraken made a bitcoin donation of $111,111.

BREAKING: KRAKEN DONATES $111,111 IN #BITCOIN TO ROSS ULBRICHT’S FREEDOM FUND

LOVE TO SEE IT ? ? ? pic.twitter.com/QZ1K6yWZAJ

— The Bitcoin Historian (@pete_rizzo_) January 22, 2025

During the campaign, Trump promised to commute the Silk Road founder’s sentence on his first day in office. The 47th US president was inaugurated on January 20.

“We freed Ross. This counts as ‘Day 1’. Promises made, promises kept. Thank you President Trump. Speechless tbh,” wrote Bitcoin Magazine CEO David Bailey.

We Freed Ross.

This counts as “Day 1”

Promises Made, Promises Kept.

Thank you President Trump.

Speechless tbh

— David Bailey?? $0.85mm/btc is the floor (@DavidFBailey) January 21, 2025

Rizzo suggested Kraken’s donation amount was a nod to “Day 1”.

Ulbricht’s release has fuelled expectations that Trump will deliver other industry pledges, such as creating a US strategic bitcoin reserve (SBR). According to Bailey, the chances of that have now “risen sharply”.

In December, experts suggested that the president would sign an order establishing the SBR on inauguration day. They even outlined a mechanism by which the head of state could finance the initiative before it is approved by Congress.