Silk Road Founder Ross Ulbricht Receives $31.4 Million Bitcoin Donation

Ross Ulbricht, the founder of the darknet marketplace Silk Road, has received 300 Bitcoin (BTC) worth $31.4 million from unknown sources. The donation was made through wallets using Jambler, a centralized mixing service, which sparked online debate about the funds’ origin. Some social media users speculated that the BTC might be Ulbricht’s hidden profits from Silk Road. However, blockchain researcher ZachXBT disputed this theory, noting that the addresses involved showed exchange activity dating back to 2014 and 2019, periods when Ulbricht was in prison. ZachXBT pointed out that normal privacy enthusiasts use decentralized mixers rather than services like Jambler, and that both sending addresses had dormant BTC from November 2019 until the mixer deposits made from April to May 2025.

The large donation comes after Ulbricht has already raised over $1.8 million in Bitcoin through an auction of his personal belongings on Scarce City, a Bitcoin-only marketplace. The auction included items from before his 2013 arrest and from his time in prison. Among the most valuable items was Ulbricht’s final prison ID card, which sold for 5.5 BTC (over $576,000). In the item description, Ulbricht shared that a guard had attempted to make him stop smiling for the photo. Other auctioned items included a sleeping bag, backpack, drum, and prison memorabilia such as a lock, notebook, clothing, and several paintings created while incarcerated. An oil painting titled “Archway,” which Ulbricht created with a fellow inmate known as Omega, sold for 1.01 BTC (over $106,000).

Ulbricht might also have access to millions in Bitcoin that were never seized by authorities. Coinbase director Conor Grogan claimed in January to have found 430 BTC, worth over $45 million, in wallets tied to Ulbricht that have been inactive for more than 13 years. Blockchain analytics firm Arkham Intelligence supported Grogan’s findings, tracing 14 Bitcoin addresses connected to Silk Road, with one holding over $9 million in Bitcoin. Reports indicate that two of these dormant wallets became active earlier last month, transferring 3,422 BTC worth $324.2 million.

Ulbricht ran Silk Road, which used Bitcoin for payments, until his arrest in 2013. He was sentenced to a double life sentence plus 40 years in 2015 but served only 11 years before receiving a full pardon from US President Donald Trump on January 21, 2025. Following his release, a wallet operated by the Free Ross campaign received $270,000 worth of Bitcoin within days. These funds were donated to “help Ross’s transition into his new life.” Blockchain data shows that Ulbricht transferred the recently received 300 BTC on June 1, sending $31.29 million to one address and $10,000.43 to another. In a note on the Scarce City auction page, Ulbricht explained his decision to sell his personal items: “I’ve decided to auction some personal items from before my arrest and during my time in prison. I don’t need the reminders, and I’m sure some of you will love to have them.” The auction, which ends on June 2, has attracted crypto history collectors from around the world, with bidders required to deposit 1% of their bid as collateral.