Kraken Increases Support for Ulbricht Amid $47M Wallet Rumors
Date: 2025-01-23 Author: Oliver Abernathy Categories: BUSINESS
Kraken transferred $111,111 in Bitcoin to an address listed on freeross.org, a website that is believed to be Ulbricht’s official resource. The site provides information on how to support the creator of the dark web marketplace Silk Road.
According to blockchain explorer Mempool, at the time of writing, the address has already received 93 donations totaling 2.5 BTC, or $261,000.
Ross Ulbricht, the creator of Silk Road, has been released after President Donald Trump signed an executive order granting him a full and unconditional pardon. This happened on the second day of his presidency, as part of his promises to libertarians and the crypto community.
Ulbricht was arrested in October 2013 and sentenced to double life in prison without parole, plus an additional 40 years. The sentence was widely criticized as excessive for non-violent crimes.
On the Truth Social platform, Trump noted that he thought Ulbricht’s sentence was “ridiculous” and was happy to sign an executive order pardoning him.
Amid the news of his release, rumors are circulating online that wallets linked to Ulbricht that were not confiscated by the US government contain BTC worth about $47 million, according to Conor Grogan, a spokesman for Coinbase.
When Ulbricht was arrested in 2013, these BTC were considered “dust” due to their low value. However, over the years and several crypto market cycles, their value has increased significantly.
Grogan expressed doubt that Ulbricht retained the keys to these wallets, but suggested that it would soon become clear whether the funds would be moved.
Ulbricht’s pardon has brought renewed attention to Silk Road and its role in crypto history. Many believe that the creator of the platform is being prosecuted for his role as an innovator in the world of crypto assets, rather than for the harm he has caused to society.
In addition, as Cointelegraph reports, a Hollywood documentary about Ulbricht’s life is already in the final stages of production.
The crypto community has generally reacted positively to the pardon, perceiving it as a sign that Trump is delivering on his promises. Some believe that it could lead to further actions, such as the creation of a Bitcoin strategic reserve.
