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Kraken donates $111,111 in BTC to support Ross Ulbricht’s reintegration after his release, urging community contributions.
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Coinbase exec Conor Grogan uncovers $47M in dormant Bitcoin wallets linked to Ulbricht, untouched for over 13 years.
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The revelations and donations spark ethical debates about reviving funds tied to Silk Road’s controversial operations.
Kraken’s notable support for Ross Ulbricht raises moral questions surrounding his past as Silk Road’s founder, while dormant Bitcoin wealth resurfaces after years.
Kraken Cushions Ross Ulbricht with $111,111 Bitcoin Donation
The exchange revealed the donation via a post on X (Twitter), adding that it set up a public address for additional contributions. With this, Kraken encouraged the Bitcoin community to rally behind Ulbricht.
“Dear Ross, All of us at Kraken want to ensure that after what you’ve been through, you’re able to land on your feet with the support of the community that loves you most, the Bitcoin community. That is why we’ve donated $111,111 in BTC to YOU,” the exchange shared.
Kraken’s donation reflects the broader Bitcoin community’s commitment to supporting those who have been pivotal in its history. The move follows Ulbricht’s presidential pardon on Wednesday.
Ross Ulbricht, the founder of the infamous dark web marketplace Silk Road, was sentenced to life in prison in 2015. Charges entailed conspiracy tied to money laundering, hacking, and drug trafficking. His case has been a lightning rod for debates about internet freedom, overreach in sentencing, and cryptocurrency’s role in illicit markets.
Following Ulbricht’s presidential pardon, and as COINOTAG reported, crypto market participants are calling for clemency extended to Roger Ver, “Bitcoin Jesus.” Among them is Kraken co-founder and chair Jesse Powell, who expressed gratitude to President Donald Trump for honoring his commitment to free Ulbricht.
“Free Roger Ver,” Powell said in a post.
Coinbase Executive Tracks Ulbricht’s Long-Lost Fortune
In a parallel development, Conor Grogan made an interesting discovery. The Director of Product Strategy and Business Operations at Coinbase revealed that he had identified approximately 430 BTC across dozens of wallets associated with Ulbricht. This stash, untouched for over 13 years, is now valued at around $47 million.
“I found ~430 BTC across dozens of wallets associated with Ross Ulbricht that were not confiscated by the US Govt and have been untouched for 13+ years. Back then these were probably dust wallets, now, collectively, they are worth about $47M. Welcome back Ross,” Grogan disclosed.
The BTC, documented in court filings during Ulbricht’s trial, has remained dormant since his arrest. The news has sparked mixed reactions across social media. Some users have raised questions about the ethics of reviving funds tied to Silk Road’s operations.
“Some things are better left unsaid,” one user on X expressed.
This reflects the cautious tone of the debate. Grogan refrained from sharing specific wallet addresses, noting that they are publicly available data from trial documents and blockchain analysis. It remains unknown whether Ulbricht still has access to the keys.
“Unlikely if he has the keys still stored down anywhere. I guess we will know soon enough,” he noted.
The discovery adds another layer to Grogan’s reputation as a blockchain sleuth, which had earned him the title “crypto’s Indiana Jones.” In 2023, Grogan tracked down $322,000 worth of dormant Ethereum Classic (ETC) and returned it to an owner who was unaware of its existence. His efforts have earned him widespread recognition for ethical blockchain exploration.
“ETH forked in 2016; if you held a balance you would get credited 1:1 the ETC. My thesis is that many people are not aware that they were in the snapshot. Forgetting you have funds onchain (or not keeping track of airdrops) is common. I’ve found 6+ figures for people previously,” Grogan said at the time.
These developments come at a time when Bitcoin’s ethos of decentralization and financial sovereignty is under scrutiny. Nevertheless, Kraken’s donation and Grogan’s revelations about the dormant BTC wallets add a financial dimension to Ulbricht’s second chance.
Conclusion
In summary, as Kraken supports Ross Ulbricht with substantial donations, the crypto community grapples with the implications of enabling individuals associated with controversial histories. The resurfacing of long-dormant Bitcoin only adds complexity to the ongoing dialogue about ethics in cryptocurrency.
