To many, Ulbricht symbolizes Bitcoin’s original promise — an uncensored, decentralized financial system beyond government reach.
The cryptocurrency community has rallied behind Ross Ulbricht following his release from prison, with major exchange Kraken donating $111,111 worth of Bitcoin BTC $83 814 24h volatility: 2.4% Market cap: $1.66 T Vol. 24h: $25.38 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.
Dear Ross,
All of us at Kraken want to make sure that after what you've been through, you're able to land on your feet with the support of the community that loves you most, the ₿itcoin community.
That's why we've donated $111,111 in $BTC to YOU
-Kraken pic.twitter.com/SCnZety71W
— Kraken Exchange (@krakenfx) January 22, 2025
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.
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