Resurfacing of Silk Road Wallets
In a striking development on Tuesday, a set of wallets associated with the infamous Silk Road dark web marketplace—linked to its founder Ross Ulbricht who was previously pardoned—has resurfaced for the first time in over five years. According to blockchain analytics company Arkham Intelligence, these wallets previously managed up to 442,000 Bitcoin back in 2012, but now hold approximately 416 BTC, translating to about $38.25 million at current market valuations.
Recent Transactions
The notable transaction involved the transfer of 33.7 BTC—around $3 million—to a newly created wallet with the identifier ending in “z7ga54”. This particular wallet had been identified by Coinbase’s on-chain analyst Conor Grogan, who made connections to Ulbricht’s assets back in January, identifying another prominent wallet ending in “WoPx1”. This specific wallet contains roughly 90 BTC, valued at nearly $9 million, but has remained inactive for over 14 years.
Analysis of Holdings
Grogan highlighted that, aside from the “WoPx1” wallet, he identified a total of about 430 BTC spread across various wallets associated with Ulbricht. He remarked that while these holdings might have been essentially negligible a decade ago, the significant appreciation of Bitcoin’s value has transformed them into considerable assets.
Legal Implications
Despite the intrigue surrounding these transactions, the motivations remain unclear. Experts suggest that if indeed these wallets belong to the Silk Road, the federal government retains the ability to seize the Bitcoins, as indicated in discussions about this matter earlier in the year. This revelation comes in light of a U.S. court’s recent authorization to liquidate $6.5 billion in Bitcoin previously confiscated from Silk Road operations.
Ulbricht’s Release and Community Support
Ulbricht himself was sentenced to more than ten years in prison for offenses including conspiracy to distribute narcotics and money laundering, but he received a full pardon from former President Donald Trump in January. Following his release, Ulbricht expressed gratitude to the Bitcoin community during a speech at the Bitcoin 2025 conference, acknowledging their support during his incarceration.
