Key Takeaways
- Coinbase's Conor Grogan identified 430 BTC linked to Ross Ulbricht.
- The Bitcoin, untouched for 13 years, is now worth $47 million.
- Ulbricht was pardoned by President Trump, ending over a decade of incarceration.
Conor Grogan, Coinbase’s Director of Product Strategy and Business Operations, claims to have uncovered 430 BTC, worth approximately $47 million, in wallets linked to Ross Ulbricht, the Silk Road founder recently pardoned by President Donald Trump.
Details of the Bitcoin wallets
Grogan shared on X (formerly Twitter) that these funds are separate from the 174,000 BTC seized by U.S. authorities in 2013 and have remained untouched for over 13 years.
A screenshot of one potential wallet showed a balance of 88.77 BTC, verified on the blockchain explorer Mempool.
Grogan explained:
Back then these were probably dust wallets. Now, collectively, they are worth about $47M. Welcome back, Ross.
Despite the discovery, Grogan acknowledged that Ulbricht likely no longer has access to the private keys.
He added:
I guess we will know soon enough!
Presidential pardon & release
The revelation follows Trump’s announcement of a full and unconditional pardon for Ulbricht, sparking celebrations among supporters of the Free Ross campaign.
Ulbricht, an integral figure in Bitcoin’s early history, had been serving two life sentences plus 40 years for operating the Silk Road darknet marketplace.
Family response
The pardon, announced on Truth Social, was warmly received by Ulbricht’s family, who stated:
Words cannot express how grateful we are. President Trump is a man of his word and he just saved Ross’s life.
