Key Notes
- Crypto alternate Kraken has donated $111,111 in Bitcoin to Ross Ulbricht, offering monetary help as he steps into life after jail.
- In line with knowledge from Mempool, 93 donations have been despatched to Ulbricht’s help tackle, totaling 2.5 BTC.
- Coinbase govt Conor Grogan additionally found 430 BTC linked to Ulbricht, untouched for over 13 years.
- Ulbricht based Silk Street in 2011 as an nameless market powered by Bitcoin.
The cryptocurrency neighborhood has rallied behind Ross Ulbricht following his launch from jail, with main alternate Kraken donating $111,111 value of Bitcoin
BTC
$102 546
24h volatility:
1.5%
Market cap:
$2.03 T
Vol. 24h:
$64.74 B
to assist him restart his life.
The donation, introduced on January 22, comes only a day after United States President Donald Trump granted Ulbricht a full pardon, ending his greater than decade-long imprisonment for working the notorious Silk Street darknet market.
Background on Ross Ulbricht and Silk Street
Kraken’s donation was publicly addressed to Ulbricht in an announcement on X.
Pricey Ross,
All of us at Kraken wish to be sure that after what you have been by way of, you are in a position to land in your toes with the help of the neighborhood that loves you most, the ₿itcoin neighborhood.
That is why we have donated $111,111 in $BTC to YOU
-Kraken pic.twitter.com/SCnZety71W
— Kraken Change (@krakenfx) January 22, 2025
The gesture is a part of a broader outpouring of help from the crypto house. Information from Bitcoin blockchain explorer Mempool reveals that 93 separate donations have been despatched to an tackle listed on freeross.org, totaling 2.5 BTC, which is over $250K.
Ulbricht was arrested in 2013 for founding and working Silk Street, a darknet market the place customers might anonymously commerce items and providers, together with unlawful medication, utilizing Bitcoin.
In 2015, he was convicted on a number of fees, together with cash laundering, conspiracy to commit laptop hacking, and conspiracy to site visitors narcotics. His sentencing was extreme — two life phrases plus 40 years with out the potential of parole.
Nevertheless, Ulbricht’s supporters, together with a number of distinguished figures within the crypto and libertarian actions, lengthy argued that his punishment was extreme. Trump, who granted the pardon on his second day again in workplace, echoed these sentiments, calling Ulbricht’s sentence “ridiculous.”
Unclaimed Bitcoin Holdings Price $47 Million
The pardon has additionally sparked renewed curiosity in Bitcoin wallets linked to Ulbricht. Conor Grogan, a Coinbase govt, revealed that round 430 BTC, value roughly $47 million as of January 2025, stays in wallets related to Ulbricht that have been by no means confiscated by the US authorities. These wallets have remained untouched for over 13 years.
“Again then, these have been in all probability mud wallets. Now, collectively, they’re value about $47M,” Grogan famous in a tweet and added:
“Welcome again, Ross.”
What’s Subsequent for Ulbricht?
With robust monetary backing from the crypto neighborhood and a newfound freedom, Ulbricht’s subsequent steps stay unsure. His supporters hope he’ll proceed advocating for web privateness, decentralization, and crypto adoption. In the meantime, the talk over his legacy and the moral implications of his pardon continues to divide opinions.
Regardless of the controversies, Kraken’s donation and the broader crypto neighborhood’s help sign that, of their eyes, Ulbricht isn’t just a convicted felon however an emblem of Bitcoin’s early imaginative and prescient: a decentralized monetary system past authorities management.
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Chimamanda is a crypto fanatic and skilled author specializing in the dynamic world of cryptocurrencies. She joined the business in 2019 and has since developed an curiosity within the rising economic system. She combines her ardour for blockchain know-how along with her love for journey and meals, bringing a recent and interesting perspective to her work.
