Conor Grogan, a Director at Coinbase, has identified 430 BTC distributed across various wallets potentially tied to Ross Ulbricht, the founder of the Silk Road marketplace.
These Bitcoin holdings, untouched for over a decade, are estimated to be worth $47 million based on current market prices.
In a Jan. 22 post on X (formerly Twitter), Grogan pointed out that these funds are not among the more than 100,000 BTC seized by US authorities during Silk Road’s 2013 shutdown.
The wallets, which were once considered insignificant in value, have grown substantially due to Bitcoin’s rise in price. Grogan shared the screenshot of one notable wallet with 89.77 BTC, valued at approximately $9.5 million, alongside smaller holdings like 87.7 Bitcoin Cash (BCH), worth about $39,700.
He suggested that Ulbricht may still possess airdrop rewards linked to these wallets but questioned whether the private keys required to access the funds remain available to him after years of inactivity.
Grogan wrote:
“Unlikely if he has the keys still stored down anywhere, I guess we will know soon enough!”
Meanwhile, the revelation has drawn mixed reactions from the crypto community. Some industry participants expressed concern about the potential implications of publicizing these findings, arguing it might direct unnecessary attention toward Ulbricht.
In response to the criticism, Grogan clarified that the wallet details are publicly accessible and have been referenced in court documents.
Ulbricht, who was convicted in 2015 for his role in operating the Silk Road marketplace, received a presidential pardon from President Donald Trump on Jan. 22 after serving over a decade in prison.
His release has reignited discussions about his influence on Bitcoin’s early ecosystem. Many in the community regard Ulbricht as a pioneer who embodied the principles of decentralization, freedom, and voluntary exchange that defined Bitcoin’s inception.
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