President Trump fulfilled his promise from the campaign by forgiving Ross Ulbricht, the man who started Silk Road and played a role in Bitcoin’s early days after he spent 12 years in prison.
Conor Grogan, Coinbase’s Director of Product Strategy, recently tweeted that he found 430 bitcoins tied to Ross. Grogan pointed out that these bitcoins were not part of the 174,000 BTC that U.S. authorities seized after Silk Road was shut down.
These bitcoins, worth around $47 million, have been sitting unused for over 13 years. He also posted a screenshot of one of Ulbricht’s Bitcoin addresses, which holds 88.7 BTC, verified through the blockchain explorer Mempool.
He also remarked that these coins are now worth millions. Additionally, Grogan hinted that Ulbricht might still possess the private keys, allowing for potential future retrieval.
Despite Ulbricht’s criminal history, he has a lot of supporters in the crypto community. Silk Road was one of the first platforms to use Bitcoin, and many of his supporters feel his sentence was too harsh. They continue to support him with the “Free Ross” movement at crypto events and online.
Trump pardoned Ulbricht, keeping a campaign promise to take on what he believes is a “weaponized government.” In the post on Truth Social, Trump criticized the prosecutors involved in Ulbricht’s case, calling the conviction politically motivated.
Trump’s move has sparked a strong reaction in the crypto community, where Ublricht is seen as a hero for his role in promoting Bitcoin on Silk Road. Trump’s reelection campaign reportedly received over $100 million from the cryptocurrency community, which was a major factor in Ulbricht’s release.
However, not everyone has agreed with this decision. Critics argue that this move could set a dangerous precedent for future cases involving illegal activities. They believe this pardon sends the wrong message about accountability and the consequences of profiting from crime.
Also Read: Ross Ulbricht’s Pardon: Does it Change Bitcoin’s Reputation?
