The Rise and Fall of Ross Ulbricht: How a Pardon and Lost Bitcoins Could Have Made Him a Billionaire
Fortune3 weeks ago
1000

The Rise and Fall of Ross Ulbricht: How a Pardon and Lost Bitcoins Could Have Made Him a Billionaire

General Bitcoin News
rossulbricht
silkroad
bitcoin
crypto
pardon
Share this content:

Summary:

  • Ross Ulbricht pardoned after nearly 12 years in prison for running Silk Road.

  • Seized 144,000 bitcoins sold for only $334 each in 2014, worth $14 billion today.

  • Ulbricht waived claims to his bitcoins in 2017 after a legal battle.

  • Venture capitalist Tim Draper acquired 30,000 bitcoins from the auctions.

  • Ulbricht's pardon raises questions about the possibility of reclaiming his lost fortune.

Ross Ulbricht has regained his freedom after nearly 12 years in federal prison for operating the infamous Silk Road. Ulbricht, known as the Dread Pirate Roberts, recently received a pardon from President Trump, which erased his life sentence but did not restore his fortune.

When arrested in 2013, the FBI seized Ulbricht's laptop, revealing his stash of 144,000 bitcoins. As part of his sentence, he was ordered to forfeit nearly $184 million, leading to a series of auctions by the U.S. Marshal Service to sell his bitcoins. Unfortunately, these bitcoins were sold in early 2014 for around $48 million, averaging just $334 each, a mere fraction of their current value, which would now amount to about $14 billion.

Despite filing a legal challenge to reclaim his bitcoins, Ulbricht ultimately waived his claims in 2017. The auctions benefited venture capitalist Tim Draper, who acquired around 30,000 bitcoins and criticized Ulbricht’s harsh sentence.

The U.S. Justice Department continues to pursue crypto forfeitures tied to the Silk Road, including seizing bitcoins from corrupt agents involved in the original investigation.

A Once and Future Tycoon?

Ulbricht's pardon came after persistent advocacy from his mother and supporters who believed his sentence was excessive. While a pardon removes the punishment, it does not necessarily restore forfeited property, especially after it has been sold. Legal experts suggest Ulbricht’s fortune is likely lost, but he remains in a strong position to rebuild. During his incarceration, he maintained a social media presence and sold art and NFTs, generating millions.

There is speculation that Ulbricht may have undiscovered bitcoin wallets, but there is no evidence to support this claim. Regardless, Ulbricht's notoriety in crypto and libertarian circles positions him well for future opportunities, including potential speaking engagements and media deals.

Meanwhile, the FBI wallet that once held Ulbricht's bitcoins now contains just over 1 Bitcoin, valued around $129,000. The fate of those funds remains uncertain.

Comments

0
0/300
Newsletter

Subscribe our Newsletter

BitcoinToday.app logo

BitcoinToday.app

Get BitcoinToday.app on your phone!