Coinbase Executive Discovers 430 BTC in Dozens of Ross Ulbricht’s Dormant Wallets, Valued at $47M
President Trump fulfilled one of his re-election promises by pardoning Ross Ulbricht, the founder of Silk Road and a key figure in early Bitcoin, who has been in prison for 12 years. in the most recent tweetA Coinbase executive claimed he discovered Bitcoin worth nearly $47 million linked to Ross that had remained untouched for more than 13 years.
430 Bitcoins not seized by the government
Conor Grogan, director of product strategy and business operations at Coinbase, recently announced that he had discovered approximately 430 Bitcoins in multiple wallets associated with Silk Road founder Ross Ulbricht.
The discovery came after Ulbricht received a full pardon from President Donald Trump. Grogan emphasized that the Bitcoins, currently worth approximately $47 million, are not part of the 174,000 Bitcoins seized by U.S. authorities. The seizure was taken from the wallet after the Silk Road platform was shut down in 2013. These Bitcoins have remained untouched for over 13 years.
In a post on X, Grogan shared a screenshot of what he believed to be one of Ulbricht’s Bitcoin addresses, which currently holds 88.7 BTC, as verified by blockchain explorer Mempool.
“These were probably just dust wallets at the time, and now they’re worth a total of about $47 million,” Conner said. “Welcome Ross back.”
He noted that these funds may have been considered insignificant at the time but are of significant value now. Grogan also mentioned that Ulbricht may still have access to the private keys, suggesting that time will tell whether they can be recovered.
Despite Ulbricht’s criminal activities, he remains popular among cryptocurrency enthusiasts because Silk Road was an early platform for Bitcoin trading. His supporters believed his sentence was too harsh and promoted “Free Ross” slogans at industry events and online.
Why did Trump pardon Ross Ulbricht?
President Trump pardoned Ross Williams Ulbricht, fulfilling his campaign promise to confront what he called “weaponized government.” In a post on Truth Social announcing the pardon, Trump blamed Ulbricht’s conviction on political corruption and publicly criticized prosecutors.
Also read: Breaking News: Donald Trump pardons Silk Road founder Ross Ulbricht
Ulbricht is known as a cult hero among cryptocurrency enthusiasts, who view Silk Road as an early adopter of Bitcoin. The slogan “Free Rose” has been a popular rallying cry at blockchain events and online forums for years. The crypto community, which reportedly donated more than $100 million to Trump’s re-election campaign, played a major role in Ulbricht’s release.
Critics worry, however, that pardoning Ross Ulbricht could lead to greater leniency for similar crimes in the future. They point to the serious harm of the drug trade on Silk Road, arguing that it sends the wrong message about holding accountable those who profit from illegal activity.
