Kraken Donates $111,111 in Bitcoin to Ross Ulbricht Following Presidential Pardon | Coinspeaker
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Kraken Donates $111,111 in Bitcoin to Ross Ulbricht Following Presidential Pardon

To many, Ulbricht symbolizes Bitcoin’s original promise — an uncensored, decentralized financial system beyond government reach.

Chimamanda U. Martha By Chimamanda U. Martha Julia Sakovich Edited by Julia Sakovich Updated 3 mins read
Kraken Donates $111,111 in Bitcoin to Ross Ulbricht Following Presidential Pardon
Photo: Depositphotos

Key Notes

  • Crypto exchange Kraken has donated $111,111 in Bitcoin to Ross Ulbricht, providing financial support as he steps into life after prison.
  • According to data from Mempool, 93 donations have been sent to Ulbricht’s support address, totaling 2.5 BTC.
  • Coinbase executive Conor Grogan also discovered 430 BTC linked to Ulbricht, untouched for over 13 years.
  • Ulbricht founded Silk Road in 2011 as an anonymous marketplace powered by Bitcoin.

The cryptocurrency community has rallied behind Ross Ulbricht following his release from prison, with major exchange Kraken donating $111,111 worth of Bitcoin BTC $96 555 24h volatility: 0.5% Market cap: $1.91 T Vol. 24h: $26.82 B to help him restart his life.

The donation, announced on January 22, comes just a day after United States President Donald Trump granted Ulbricht a full pardon, ending his more than decade-long imprisonment for operating the infamous Silk Road darknet marketplace.

Background on Ross Ulbricht and Silk Road

Kraken’s donation was publicly addressed to Ulbricht in a statement on X.

The gesture is part of a broader outpouring of support from the crypto space. Data from Bitcoin blockchain explorer Mempool shows that 93 separate donations have been sent to an address listed on freeross.org, totaling 2.5 BTC, which is over $250K.

Ulbricht was arrested in 2013 for founding and operating Silk Road, a darknet marketplace where users could anonymously trade goods and services, including illegal drugs, using Bitcoin.

In 2015, he was convicted on multiple charges, including money laundering, conspiracy to commit computer hacking, and conspiracy to traffic narcotics. His sentencing was severe — two life terms plus 40 years without the possibility of parole.

However, Ulbricht’s supporters, including several prominent figures in the crypto and libertarian movements, long argued that his punishment was excessive. Trump, who granted the pardon on his second day back in office, echoed these sentiments, calling Ulbricht’s sentence “ridiculous.”

Unclaimed Bitcoin Holdings Worth $47 Million

The pardon has also sparked renewed interest in Bitcoin wallets linked to Ulbricht. Conor Grogan, a Coinbase executive, revealed that around 430 BTC, worth approximately $47 million as of January 2025, remains in wallets associated with Ulbricht that were never confiscated by the US government. These wallets have remained untouched for over 13 years.

“Back then, these were probably dust wallets. Now, collectively, they are worth about $47M,” Grogan noted in a tweet and added:

“Welcome back, Ross.”

What’s Next for Ulbricht?

With strong financial backing from the crypto community and a newfound freedom, Ulbricht’s next steps remain uncertain. His supporters hope he will continue advocating for internet privacy, decentralization, and crypto adoption. Meanwhile, the debate over his legacy and the ethical implications of his pardon continues to divide opinions.

Despite the controversies, Kraken’s donation and the broader crypto community’s support signal that, in their eyes, Ulbricht is not just a convicted felon but a symbol of Bitcoin’s early vision: a decentralized financial system beyond government control.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Chimamanda U. Martha

Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.

Chimamanda U. Martha on X