Silk Road Founder's 300 Bitcoin Payday Raises More Questions Than Answers

Blockchain researcher ZachXBT has weighed in on the recent receipt of 300 Bitcoin by Ross Ulbricht, the founder of infamous online black market Silk Road. The funds, worth approximately $31.4 million, were sent to Ulbricht's wallet soliciting donations from "questionable sources," sparking speculation that it could be a self-donation or a stash of profits from the Silk Road.

However, ZachXBT expressed skepticism about the latter claim, citing that "few entities regularly use Jambler in size" and finding "a potential demix for the donation." According to ZachXBT, the funds likely do not come from Ulbricht's secret stash, but rather from "questionable sources" due to the flagged address.

"It likely doesn’t appear to be a self donation as people were claiming though it comes from a questionable sources due to the flagged address," said ZachXBT in a June 2 X post. "Normal privacy enthusiasts use decentralized mixers, but both addresses involved have exchange activity dating back to late 2014 and 2019 respectively."

One of the addresses involved, which received Bitcoin deposits in April and May 2025, was previously flagged in compliance tools. ZachXBT noted that this could indicate that it is a legitimate donation from an unknown source.

"Everyone was accusing Ross of a self-donation, so if anything, this proves it was a donation and not his secret stash because there was activity when he was away in prison," said ZachXBT. "This new donation comes at a time when Ulbricht's freedom is being re-examined by President Donald Trump."

Ulbricht, who founded Silk Road in 2011, was arrested in 2013 and sentenced to a double life sentence plus 40 years in 2015. He served 11 years behind bars before being pardoned on January 21.

Coinbase director Conor Grogan recently discovered 430 Bitcoin, worth over $45 million, in wallets he claimed were tied to Ulbricht. These wallets have been inactive for over 13 years and were never seized by authorities.

Blockchain analytics firm Arkham Intelligence backed up Grogan's assessment, tracing 14 Bitcoin addresses connected to Silk Road, with one holding over $9 million in Bitcoin. The discovery of these funds raises more questions about Ulbricht's financial dealings during his imprisonment.

Recently, Ulbricht held an auction of personal belongings, which brought in more than $1.8 million worth of Bitcoin. The collection included personal effects from before his 2013 arrest, such as a sleeping bag, backpack, a drum, and prison memorabilia like a lock, notebook, clothing, and several paintings created while incarcerated.