Donations Pour In..."Silk Road Founder May Hold $47 Million in Bitcoin"

An analysis suggests that Ross Ulbricht, the founder of Silk Road recently pardoned by U.S. President Donald Trump, may hold Bitcoin (BTC) worth $47 million.

According to Decrypt on the 24th, Conor Grogan, a director at the global virtual asset exchange Coinbase, recently revealed on X that he discovered 430 Bitcoins in dozens of wallets associated with Ulbricht. Grogan stated, "These Bitcoins were not seized by the U.S. government," and added, "Their value is approximately $47 million (about 67.5 billion KRW)."

In fact, according to blockchain analysis firm Arkham Intelligence, there are 14 wallets suspected to be linked to Silk Road that hold Bitcoins worth $47 million. However, there is also a possibility that Ulbricht does not possess the private keys to these wallets. Decrypt noted, "(Ulbricht's) funds may be irrecoverable," and estimated that about 20% of the total Bitcoin supply is held in wallets where the private keys have been lost, or the owners have died or disappeared.

Meanwhile, President Trump pardoned Ulbricht on the 21st (local time). Silk Road, founded by Ulbricht, was an internet site for the illicit trade of drugs, weapons, and more. He was arrested by the FBI in 2013 and sentenced to life imprisonment in 2015. Donations for Ulbricht surpassed $270,000 just one day after the pardon.