The cryptocurrency trading platform Kraken has taken a noteworthy action towards Silk Road creator Ross Ulbricht, contributing $111,111 in Bitcoin (BTC) to facilitate his reintegration following years of imprisonment.
Simultaneously, Coinbase’s Conor Grogan disclosed he has discovered a Bitcoin reserve connected to Ulbricht after more than 13 years of inactivity.
Kraken Supports Ross Ulbricht with $111,111 Bitcoin Contribution
The exchange announced the donation through a message on X (Twitter), indicating they had established a public address for further donations. Through this initiative, Kraken invited the Bitcoin community to unite in support of Ulbricht.
“Dear Ross, Everyone at Kraken wants to ensure that after all you’ve endured, you can bounce back with the help of the community that cherishes you the most, the Bitcoin community. That’s why we’ve contributed $111,111 in BTC to YOU,” the exchange stated.
Kraken’s contribution signifies the wider Bitcoin community’s dedication to aiding individuals who have been instrumental in its narrative. This action follows Ulbricht’s presidential pardon issued on Wednesday.
Ross Ulbricht, the creator of the notorious dark web platform Silk Road, was sentenced to life in prison in 2015. His charges included conspiracy related to money laundering, hacking, and drug trafficking. His situation has sparked significant discussions regarding internet freedom, excessive sentencing, and cryptocurrency’s involvement in illegal markets.
In light of Ulbricht’s presidential pardon, and as BeInCrypto reported, participants in the crypto market are advocating for clemency to be granted to Roger Ver, “Bitcoin Jesus.” Among those voices is Kraken co-founder and chairman Jesse Powell, who also expressed appreciation to President Donald Trump for fulfilling his commitment to liberate Ulbricht.
“Release Roger Ver,” Powell remarked in a post.
Coinbase Executive Uncovers Ulbricht’s Forgotten Wealth
In a related development, Conor Grogan made a fascinating finding. The Director of Product Strategy and Business Operations at Coinbase shared that he had identified around 430 BTC across numerous wallets associated with Ulbricht. This fortune, dormant for over 13 years, is presently valued at approximately $47 million.
“I discovered ~430 BTC in various wallets linked to Ross Ulbricht that were not seized by the US Government and have remained untouched for 13+ years. At that time, these were likely insignificant wallets, now they collectively amount to about $47M. Welcome back Ross,” Grogan revealed.
The BTC, referenced in court documents during Ulbricht’s trial, has stayed inactive since his apprehension. This revelation has prompted varied responses across social platforms. Some individuals have raised concerns regarding the morality of reactivating funds associated with Silk Road’s activities.
“Some matters are best left untouched,” one individual on X commented.
This indicates the cautious nature of the conversation. Grogan opted not to disclose specific wallet addresses, mentioning that they constitute publicly accessible information from court documents and blockchain investigations. It remains uncertain whether Ulbricht still possesses the access keys.
“It’s unlikely if he has the keys stored anywhere. I suppose we will find out shortly,” he noted.
This finding adds another dimension to Grogan’s reputation as a blockchain detective, which has earned him the nickname “crypto’s Indiana Jones.” In 2023, Grogan recovered $322,000 worth of inactive Ethereum Classic (ETC) and returned it to an owner who was unaware of its existence. His initiatives have garnered him considerable acclaim for ethical blockchain endeavors.
“ETH forked in 2016; if you held a balance, you would receive a 1:1 credit for the ETC. My theory is that many individuals are unaware they participated in the snapshot. It’s common to forget you have funds onchain (or to lose track of airdrops). I’ve found six-figure sums for people in the past,” Grogan remarked previously.
These occurrences arise at a time when Bitcoin’s principles of decentralization and financial independence are under examination. Nevertheless, Kraken’s donation and Grogan’s findings regarding the dormant BTC wallets introduce a financial aspect to Ulbricht’s opportunity for a fresh start.
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