Conor Grogan, Coinbase’s Director of Product Strategy and Business Operations, claims to have identified around 430 BTC (~$47 million) linked to Silk Road creator Ross Ulbricht. These funds, spread across dozens of wallets, have remained untouched for over 13 years.

Grogan shared his findings on social media platform X, revealing one Bitcoin address containing 88.77 BTC, verified via the blockchain explorer Mempool. He noted these wallets likely held small amounts of Bitcoin, or “dust,” at the time but have grown significantly in value.

“Back then, these were probably dust wallets,” Grogan said. “Now, collectively, they are worth about $47M. Welcome back, Ross.”

Grogan speculated that Ulbricht might still possess the private keys to access these funds, stating, “I guess we will know soon enough!”

Presidential Pardon

The discovery coincides with Ross Ulbricht’s release from prison after President Donald Trump granted him a full and unconditional pardon on Tuesday. Ulbricht, the founder of Silk Road—a darknet market that used Bitcoin for illicit transactions—had been serving two life sentences plus 40 years following his conviction in 2015.

Trump announced the pardon in a Truth Social post:
“I just called the mother of Ross William Ulbricht to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross.”

The pardon ended over a decade of incarceration for Ulbricht, sparking relief and celebration among his supporters. The Free Ross campaign account responded, “Words cannot express how grateful we are … ROSS IS A FREE MAN!!!!!”

Historical Context

The Federal Bureau of Investigation arrested Ulbricht in 2013, linking him to Silk Road, which facilitated the sale of narcotics and other illegal goods using Bitcoin. Authorities seized approximately 174,000 BTC from Silk Road-linked wallets during the platform’s shutdown. However, Grogan noted that the 430 BTC he identified is not part of this seizure.