Coinbase’s Conor Grogan identified 430 dormant BTC linked to Ross Ulbricht as the Silk Road founder received a full pardon from Trump.
Coinbase Director of Product Strategy Conor Grogan recently claimed to have uncovered around 430 Bitcoin BTC $68 991 24h volatility: 3.9% Market cap: $1.38 T Vol. 24h: $42.77 B linked to Silk Road founder Ross Ulbricht. These funds, spread across multiple wallets, were untouched for over 13 years. Once considered “dust wallets” worth around $60,000 at the time, their current valuation exceeds $45 million.
Grogan shared a screenshot of a suspected Bitcoin address linked to Ulbricht on X, holding 88.77 BTC. While the discovery is significant, Grogan added that it’s unlikely Ulbricht still possesses the private keys to these wallets.
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 funds are not part of the 174,000 BTC seized by US authorities in 2013 during the Silk Road shutdown. This has reignited discussions about Bitcoin’s role in its early days as a medium for anonymous transactions.
Presidential Pardon
On January 21, President Donald Trump granted Ross Ulbricht a full and unconditional pardon after over a decade of incarceration. Ulbricht, who was serving two life sentences plus 40 years, had been convicted for operating Silk Road, a darknet marketplace that facilitated illegal transactions using Bitcoin.
Trump’s decision fulfills a campaign promise where he expressed support for Ulbricht, stating he would commute the sentence on his first day in office. True to his word, Ulbricht was pardoned just a day after Trump’s inauguration.
Crypto Market Reacts Positively
Ulbricht’s release has met with widespread celebration within the cryptocurrency community, which has long viewed Ulbricht’s punishment as excessive.
Ross Ulbricht had been serving two life sentences plus an additional 40 years for his involvement in operating Silk Road, a darknet marketplace. Imprisoned for over 11 years, he was arrested by the Federal Bureau of Investigation in October 2013. In 2015, he was convicted on multiple charges, including running a continuing criminal enterprise, drug distribution, conspiracy to distribute narcotics, money laundering, among others.
Advocates argue that his life sentence was disproportionately harsh for a first-time offender who did not personally engage in illegal drug sales. For many, Ulbricht symbolizes the struggle for privacy, freedom, and innovation—core values of the crypto ecosystem.
Prominent Bitcoin advocate Anthony Pompliano lauded the decision, hinting at broader implications for the US government’s Bitcoin strategy. “If Ross Ulbricht got the pardon, we are definitely getting the Strategic Bitcoin Reserve,” Pompliano stated.
The pardon sparked optimism in the crypto market, with Bitcoin crossing $107,000 during the early hours of January 22. It is trading at $104,300 at press time. The overall cryptocurrency market saw a 1% uptick in capitalization, reflecting investor confidence.
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