Conor Grogan, Director of Product Strategy at Coinbase, recently discovered 430 Bitcoins, worth around $47 million, in a dormant wallet tied to Ross Ulbricht, the founder of the Silk Road marketplace. These Bitcoins had been untouched for over 13 years, separate from the 174,000 BTC seized by U.S. authorities when Silk Road was shut down.
Key Details:
Background of the Wallet: Grogan shared a tweet revealing the discovery of the dormant Bitcoins, which are linked to Ulbricht but were not part of the U.S. government’s seizure. He provided a screenshot of one of Ulbricht’s Bitcoin addresses, verified through blockchain explorer Mempool, showing 88.7 BTC.
Value and Potential Retrieval: The discovered Bitcoins are currently valued at around $47 million. Grogan also suggested that Ulbricht may still have access to the private keys for the wallet, hinting that the funds could be retrievable in the future.
Ulbricht’s Support in the Crypto Community: Despite Ulbricht’s criminal past related to the Silk Road operation, he remains a controversial figure with a strong following within the crypto community. Many supporters believe his sentence was excessively harsh and continue to advocate for his release through the “Free Ross” movement.
Trump’s Pardon: In a move that attracted significant attention, former President Donald Trump pardoned Ulbricht, fulfilling a campaign promise to address what he described as a “weaponized government.” Trump criticized the prosecutors involved in Ulbricht’s case and deemed the conviction politically motivated.
Crypto Community Reactions: The pardon has sparked mixed reactions. While many in the crypto community view Ulbricht as a hero for his role in early Bitcoin adoption via Silk Road, critics argue that it could set a troubling precedent for pardoning individuals involved in illegal activities, undermining accountability.
Summary:
The discovery of $47 million in dormant Bitcoin linked to Ross Ulbricht underscores the enduring legacy of Silk Road in the cryptocurrency world. While Ulbricht remains a divisive figure, the ongoing debate about his pardon highlights the complex relationship between cryptocurrency, legality, and the evolving attitudes towards financial innovation and justice.
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