Conor Grogan, Coinbase’s Director of Product Strategy and Business Operations, claims that he has identified 430 BTC linked to Silk Road founder Ross Ulbricht, who was granted a full and unconditional pardon by President Donald Trump on Tuesday.
Grogan shared on X that the funds are separate from the roughly 17,400 BTC seized by the United States authorities from Silk Road-related wallets after the platform’s shutdown in 2013. They have remained untouched for more than 13 years.
The Coinbase director also revealed a screenshot showing one of Ulbricht’s possible Bitcoin addresses, which holds a balance of 88.77 BTC.
“Back then these were probably dust wallets, now, collectively, they are worth about $47M,” Grogan said.
According to the Coinbase executive, it’s unlikely that Ulbricht still holds the private keys, given the passage of time and the potential for them to have been lost or destroyed.
Trump Pardons Ulbricht
The latest discovery came after United States President Donald Trump granted a full pardon to the founder of the Silk Road, who had spent over 10 years in custody. Ulbricht was arrested in 2013 and convicted on charges of money laundering and conspiracy to commit computer hacking. Silk Road, which allowed users to buy and sell illegal products—primarily drugs—using BTC.
Ulbricht’s arrest signified the end of what prosecutors described as a global black market platform, which, from 2011 to 2013, facilitated over 100,000 users in transactions worth $214 million involving illegal drugs and other illicit services.
What’s Next for the Dormant Bitcoin?
The discovery of the dormant Bitcoin further complicates the former executive’s case, especially as the digital asset’s value has skyrocketed in recent years. Ulbricht’s supporters have long pushed for his release, arguing that he has served an excessive sentence for his crimes. Some believe that regaining access to his crypto holdings could provide a financial avenue for his defense.
With the bitcoins still untouched, no official statement on their use has been made. Authorities may likely work to trace their origins and confirm their link to Ulbricht. However, he is free from all charges.
