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Speculations Surrounding Ross Ulbricht’s Bitcoin Donation
Recently, 300 Bitcoin, valued at over AU$47 million (approximately US$31 million), was received at Ross Ulbricht’s public donation address, igniting a wave of speculation about the transaction’s origin. Many users on the social platform X conjectured that it could be a self-donation or a hidden cache from Silk Road, the controversial online marketplace he operated. However, blockchain investigator ZachXBT has countered both assertions, providing insights into the transaction.
The analysis of on-chain data indicates that the Bitcoin was processed through Jambler, a centralised mixer that is not commonly used for large transactions. In a post dated June 2, ZachXBT communicated that he discovered a potential method to demystify the donation’s origins, but he dismissed the notion of it being a self-donation. He explained that claims surrounding its questionable source could be misleading due to the flagged nature of the address involved.
On-Chain Activity
ZachXBT pointed out that the Bitcoin originated from addresses that had been inactive for years. One such address showed transaction activity linked to exchanges as far back as 2014, while another had remained dormant since 2019 before transferring funds to Jambler in April and May 2025, in advance of the notable donation of 300 Bitcoin. These revelations seem to contradict claims of Ulbricht accessing a concealed stash.
Reaffirming his findings, ZachXBT stated, “If anything, this proves it was a donation and not his secret stash because there was activity when he was away in prison,” pushing back against the narrative that the funds might be secretly linked to Silk Road.
Ulbricht’s Auction Success
Coinciding with this Bitcoin donation, Ulbricht recently launched an auction for personal items on Scarce City, a platform that accepts Bitcoin exclusively. So far, the auction has garnered AU$2.77 million (about US$1.8 million). Among the items being sold are his prison-issued identity cards, a sleeping bag and backpack from before his arrest, and a variety of paintings he created while incarcerated.
One standout piece is an oil painting titled "Archway," which he completed in 2023 with the guidance of a fellow inmate named Omega, who imparted painting skills to Ulbricht. This artwork fetched a remarkable price of 1.01 BTC, translating to over AU$161,000.
Background on Ross Ulbricht
Ulbricht became infamous as the mastermind behind Silk Road before his arrest in 2013. In 2015, he was sentenced to two life sentences along with an additional 40 years without the possibility of parole. After spending over 11 years in prison, Ulbricht was granted a presidential pardon by Donald Trump on January 21, 2025.
In addition to the recent Bitcoin donations and auction items, there is speculation that Ulbricht may have access to old Bitcoin wallets that have not been seized by law enforcement. Earlier this year, Conor Grogan, a director at Coinbase, discovered 430 Bitcoin—worth upwards of AU$69.3 million (over US$45 million)—in wallets associated with Ulbricht. Arkham Intelligence later corroborated these findings, tracing 14 addresses linked to Silk Road, one of which still contains over AU$13.9 million (more than US$9 million) in Bitcoin.
Conclusion
While the recent Bitcoin donation has stirred speculation regarding its origins, the analysis by ZachXBT suggests a complex web of transactions that indicate a donation rather than a self-donation or hidden Silk Road funds. Meanwhile, Ulbricht’s ongoing auctions hint at a shift in his narrative and public persona in the wake of his pardon and the emerging developments associated with Bitcoin.
