Ross Ulbricht linked wallets contain 430 BTC, says Coinbase director
Potential Ross Ulbricht wallets contain 430 BTC
In a startling revelation, Conor Grogan, Coinbase’s director of product strategy, announced the discovery of 430 Bitcoin (BTC) held in wallets reportedly tied to Ross Ulbricht, the Silk Road founder.
Grogan shared his findings in a Jan. 22 post on X, noting that these funds, untouched for over 13 years, are now worth approximately $47 million, according to Crypto News.
“I found ~430 BTC across dozens of wallets associated with Ross Ulbricht that were not confiscated by the USGovt and have been untouched for 13+ years,” Grogan stated.
Originally considered minor “dust wallets,” their value has skyrocketed due to Bitcoin's remarkable appreciation.
Dormant Wallets and Unanswered Questions
The U.S. government seized 174,000 BTC from Silk Road in 2013, following Ulbricht’s arrest and subsequent conviction in 2015. Ulbricht, sentenced to two life terms plus 40 years, was recently pardoned by U.S. President Donald Trump on Jan. 21, 2025.
However, authorities appear to have overlooked smaller wallets during their investigation. One wallet, for instance, contains 88.77 BTC—now valued at over $9.4 million. Some wallets also hold assets from the 2017 Bitcoin Cash (BCH) hard fork, further boosting their worth.
Despite their staggering value today, Grogan speculated that Ulbricht likely lacks access to the private keys needed to control the funds. He assured the public that these wallet addresses have long been tracked by multiple sources and cited in trial documents.
While the discovery highlights the evolving value of digital currencies, it also underscores the unresolved mysteries surrounding Silk Road and its infamous founder’s financial legacy.
U.S. President Donald Trump has granted a full and unconditional pardon to Ross Ulbricht, creator of the Silk Road darknet marketplace. The move fulfills a campaign promise and has been welcomed by Ulbricht’s family and supporters.
