Ross Ulbricht Accepts Kraken Donations, Bitcoin Stash Discovered

Cryptocurrency exchange Kraken has made a significant gesture to Silk Road founder Ross Ulbricht by donating $111,111 in Bitcoin (BTC) to support its reunification after years of imprisonment.

Meanwhile, Coinbase's Conor Grogan has revealed the discovery of a Bitcoin stash linked to Ulbricht after more than 13 years of dormancy.

Kraken Cushions Ross Ulbricht with a $111,111 Bitcoin donation

The exchange announced the donation in a post on X (Twitter) and said it has set up a public address for additional contributions. In doing so, Kraken encouraged the Bitcoin community to rally behind Ulbricht.

“Dear Ross, all of us at Kraken want to make sure that after what you've been through, you can rest on your feet with the support of the Bitcoin community that loves you so much. That's why we gave you $111,111 in BTC,” the exchange shared.

Kraken's donation demonstrates the broader Bitcoin community's commitment to supporting those who have been instrumental in its history. The move follows Ulbricht's presidential pardon on Wednesday.

Ross Ulbricht, founder of the infamous dark web Silk Road He was sentenced to life imprisonment in 2015. His case has been a lightning rod for debates about internet freedom, judicial overreach and cryptocurrency's role in illicit markets.

Following Ulbricht's presidential pardon, and as BeinCrypto reports, crypto market participants are calling for clemency. Roger Ver, “Bitcoin Jesus” is among them the co-founder and chair of Kraken Jesse Powell thanked President Donald Trump for honoring his promise to free Ulbricht.

“Free Roger Ver,” Powell said in one post.

Coinbase executive follows up on Ulbricht's long-lost fortune

In parallel development, Conor Grogan made an interesting discovery. The director of product strategy and business operations at Coinbase revealed that there are approximately 430 BTC in dozens of wallets linked to Ulbricht. This junk, untouched for over 13 years, has now sold for around $47 million.

“I found ~430 BTC in dozens of wallets associated with Ross Ulbricht that have not been confiscated by the US government and have not been touched for 13+ years. Back then these were probably dust bags, now, they are worth around $47 million in total. Welcome, Ross,” Grogan said.

BTC, which was listed in court records during Ulbricht's trial, has remained dormant since its arrest. The news has sparked mixed reactions on social media. Some users have raised questions about the ethics of reimbursing funds associated with Silk Road operations.

“Some things are better left unsaid,” said one user on X.

This reflects the cautious tone of the debate. Grogan declined to share specific wallet addresses, citing publicly available data from test documents and blockchain analysis. It is unknown if Ulbricht still has access to the keys.

“It is unlikely that the keys are still stored anywhere. I guess we'll find out soon,” he said.

The discovery earned Grogan the title of “the Indiana Jones of crypto,” adding another layer to his reputation as a blockchain sleuth. In the year 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 fork in 2016; if you have a balance, you earn 1:1 with ETC. My thesis is that most people don't know that they were in the snapshot. It's common to forget that you have money on chain (or not tracking airdrops). I've made 6+ figures for people in the past,” said Grogan. He said at the time.

These developments come at a time when Bitcoin's system of decentralization and financial sovereignty is being explored. However, Kraken's donation and Grogan's revelations about dormant BTC wallets add a financial dimension to Ulbicht's second chance.