{"id":20578,"date":"2025-01-23T12:00:55","date_gmt":"2025-01-23T10:00:55","guid":{"rendered":"https:\/\/forklog.com\/en\/coinbase-executive-identifies-430-btc-linked-to-ross-ulbricht\/"},"modified":"2025-01-23T12:00:55","modified_gmt":"2025-01-23T10:00:55","slug":"coinbase-executive-identifies-430-btc-linked-to-ross-ulbricht","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coinbase-executive-identifies-430-btc-linked-to-ross-ulbricht\/","title":{"rendered":"Coinbase executive identifies 430 BTC linked to Ross Ulbricht"},"content":{"rendered":"<p>Coinbase\u2019s director of product, Conor Grogan, said he had found 430 BTC across dozens of wallets purportedly linked to Silk Road founder Ross Ulbricht.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">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<\/p>\n<p>Back then these were probably dust wallets, now, collectively, they are worth about $47M. <\/p>\n<p>Welcome back Ross <a href=\"https:\/\/t.co\/KmCp4xcrI7\">pic.twitter.com\/KmCp4xcrI7<\/a><\/p>\n<p>\u2014 Conor (@jconorgrogan) <a href=\"https:\/\/twitter.com\/jconorgrogan\/status\/1882046613709115875?ref_src=twsrc%5Etfw\">January 22, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBack then these were probably dust wallets, and now their total value is about $47m. Welcome back, Ross,\u201d Grogan wrote.<\/p>\n<\/blockquote>\n<p>However, in his view, it is unlikely that Ulbricht kept the private keys to the Bitcoin addresses all this time.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe\u2019ll find out soon!\u201d the expert added.<\/p>\n<\/blockquote>\n<p>On January 21, US president Donald Trump signed an order granting a full and unconditional pardon to the Silk Road founder. Ulbricht\u2019s release was <a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-advocates-for-us-leadership-in-cryptocurrency-industry\">one of the campaign promises<\/a>.<\/p>\n<p>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\u2019s creator received two life sentences without the possibility of parole, of which he served 11 years.<\/p>\n<p>Ulbricht\u2019s case drew widespread public attention. More than 250 organisations, notable figures and opinion leaders <a href=\"https:\/\/freeross.org\/\">voiced support<\/a> 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.<\/p>\n<h2 class=\"wp-block-heading\">Community reaction<\/h2>\n<p>In the crypto community, Ulbricht\u2019s pardon prompted a wave of posts.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">January 21 will be FOREVER known as ROSS ULBRICHT FREEDOM DAY<\/p>\n<p>AN OFFICIAL <a href=\"https:\/\/twitter.com\/hashtag\/BITCOIN?src=hash&#038;ref_src=twsrc%5Etfw\">#BITCOIN<\/a> HOLIDAY ? <a href=\"https:\/\/t.co\/B2Dhdv3zrh\">pic.twitter.com\/B2Dhdv3zrh<\/a><\/p>\n<p>\u2014 The Bitcoin Historian (@pete_rizzo_) <a href=\"https:\/\/twitter.com\/pete_rizzo_\/status\/1881865965035807097?ref_src=twsrc%5Etfw\">January 22, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cJanuary 21 will forever remain Ross Ulbricht Freedom Day. An official bitcoin holiday,\u201d said Pete Rizzo, a historian of the first cryptocurrency.<\/p>\n<\/blockquote>\n<p>The educational project Satoshi Nakamoto Institute also <a href=\"https:\/\/x.com\/NakamotoInst\/status\/1881877759401877739\">welcomed<\/a> president Trump\u2019s decision:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWithout Ross\u2019s vision that bitcoin would create a space for more peaceful trade, we might not be here today,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>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\u2019s case and considered the sentence unjust.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Newcomers to Bitcoin may not understand why old timers care so much about Ross Ulbricht. Let me explain.<\/p>\n<p>He embodied the ethos of early Bitcoin more than anyone. He was an entrepreneur who created a thriving marketplace.<\/p>\n<p>He believed in radical freedom, including the freedom to\u2026<\/p>\n<p>\u2014 Vijay Boyapati (@real_vijay) <a href=\"https:\/\/twitter.com\/real_vijay\/status\/1881869635915809001?ref_src=twsrc%5Etfw\">January 22, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cHe 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,\u201d Boyapati wrote.<\/p>\n<\/blockquote>\n<p>Author and columnist Jeffrey Tucker likewise noted that libertarians viewed Ulbricht\u2019s internet project as an experiment in market freedom based on new technology. He drew attention to the role of Ross\u2019s mother in securing her son\u2019s release. \u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">To understand the Ross Ulbricht case, here are some excerpts from my article:<\/p>\n<p>The reason why the libertarians cheered Trump\u2019s announcement was that the sentence was profoundly unjust and crazy, and because Ross is an intelligent, good-hearted, and wonderful person whose work in\u2026<\/p>\n<p>\u2014 Jeffrey A Tucker (@jeffreyatucker) <a href=\"https:\/\/twitter.com\/jeffreyatucker\/status\/1881699580997165520?ref_src=twsrc%5Etfw\">January 21, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe person who deserves all the credit for Ross Ulbricht going free is someone who won\u2019t claim it: his mom Lyn,\u201d confirmed LBRY founder Jeremy Kauffman.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">the person who deserves all the credit for Ross Ulbricht going free is someone who won&#8217;t claim it: his mom Lyn<\/p>\n<p>she is savvy, relentless, tenacious, and made working to free her son a non-stop obsession for an entire decade <a href=\"https:\/\/t.co\/8leOQVvFnK\">pic.twitter.com\/8leOQVvFnK<\/a><\/p>\n<p>\u2014 Jeremy Kauffman ??? (@jeremykauffman) <a href=\"https:\/\/twitter.com\/jeremykauffman\/status\/1881737656725651647?ref_src=twsrc%5Etfw\">January 21, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Strike founder and CEO Jack Mallers <a href=\"https:\/\/x.com\/jackmallers\/status\/1881881004631314824\">said<\/a> 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.<\/p>\n<p>Rizzo said the Ross Ulbricht Freedom Fund raised $250,000 in a single day. Crypto exchange Kraken made a bitcoin donation of $111,111.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\" data-theme=\"light\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: KRAKEN DONATES $111,111 IN <a href=\"https:\/\/twitter.com\/hashtag\/BITCOIN?src=hash&#038;ref_src=twsrc%5Etfw\">#BITCOIN<\/a> TO ROSS ULBRICHT&#8217;S FREEDOM FUND<\/p>\n<p>LOVE TO SEE IT ? ? ? <a href=\"https:\/\/t.co\/QZ1K6yWZAJ\">pic.twitter.com\/QZ1K6yWZAJ<\/a><\/p>\n<p>\u2014 The Bitcoin Historian (@pete_rizzo_) <a href=\"https:\/\/twitter.com\/pete_rizzo_\/status\/1882145955233047005?ref_src=twsrc%5Etfw\">January 22, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>During the campaign, Trump promised to commute the Silk Road founder\u2019s sentence on his first day in office. The 47th US president was inaugurated on January 20.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe freed Ross. This counts as \u2018Day 1\u2019. Promises made, promises kept. Thank you President Trump. Speechless tbh,\u201d wrote Bitcoin Magazine CEO David Bailey.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">We Freed Ross.<\/p>\n<p>This counts as \u201cDay 1\u201d<\/p>\n<p>Promises Made, Promises Kept. <\/p>\n<p>Thank you President Trump. <\/p>\n<p>Speechless tbh<\/p>\n<p>\u2014 David Bailey?? $0.85mm\/btc is the floor (@DavidFBailey) <a href=\"https:\/\/twitter.com\/DavidFBailey\/status\/1881853263324291396?ref_src=twsrc%5Etfw\">January 21, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Rizzo suggested Kraken\u2019s donation amount was a nod to \u201cDay 1\u201d.<\/p>\n<p>Ulbricht\u2019s 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 \u201crisen sharply\u201d.<\/p>\n<p>In December, experts <a href=\"https:\/\/forklog.com\/en\/news\/trump-considers-200-billion-fund-for-bitcoin-acquisition\">suggested<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coinbase\u2019s director of product, Conor Grogan, said he had found 430 BTC across dozens of wallets purportedly linked to Silk Road founder Ross Ulbricht.\u00a0 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1150,1568,236],"class_list":["post-20578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-news-plus","tag-ross-ulbricht","tag-silk-road"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=20578"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20578\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/20577"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=20578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=20578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=20578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}