A Coinbase executive has uncovered 430 Bitcoin (BTC) linked to Ross Ulbricht, the founder of the Silk Road marketplace, in a dormant wallet that has remained untouched for over 13 years. The stash, currently valued at approximately $47 million, was not among the 174,000 BTC seized by U.S. authorities when Silk Road was dismantled.
Discovery of Ulbricht’s Long-Dormant Bitcoin
Conor Grogan, Coinbase’s Director of Product Strategy, shared his findings on social media, revealing that these bitcoins remained unspent for more than a decade. He posted a blockchain explorer screenshot confirming that one of Ulbricht’s addresses contains 88.7 BTC. Grogan also speculated that Ulbricht might still have access to the private keys, raising the possibility of future retrieval.
Ulbricht’s Controversial Pardon
Ross Ulbricht, once sentenced to life in prison for his role in operating Silk Road, was granted clemency by President Donald Trump, fulfilling a campaign promise. Trump’s decision has been met with both strong support and sharp criticism.
Supporters in the cryptocurrency community view Ulbricht as a pioneer who helped establish Bitcoin’s early use case. The “Free Ross” movement, which has long advocated for his release, continues to be active at crypto conferences and online forums.
However, critics argue that pardoning Ulbricht sets a dangerous precedent, potentially undermining the consequences of crimes linked to digital assets. Some believe the decision signals leniency toward illicit online activities.
Crypto’s Influence in Trump’s Campaign
Trump’s move to pardon Ulbricht aligns with his broader stance against what he calls a “weaponized government.” In a statement on Truth Social, he accused prosecutors of pursuing a politically motivated conviction.
The pardon also comes amid reports that Trump’s reelection campaign has received over $100 million in contributions from the cryptocurrency industry, fueling speculation that the crypto community played a significant role in securing Ulbricht’s release.
While the debate over Ulbricht’s legacy continues, the discovery of his long-dormant Bitcoin raises new questions about the fate of the remaining funds and whether they could resurface in the future.
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