Silk Road Founder Nets $1.8M in Bitcoin from Auctioned Prison Items

After spending more than a decade behind bars, Ross Ulbricht—the controversial founder of the Silk Road darknet marketplace—is beginning a new chapter.

Recently pardoned by US President Donald Trump, Ulbricht marked his re-entry into public life with a high-profile auction of personal items and prison memorabilia, raising over $1.8 million in Bitcoin.

Hosted on the Bitcoin-only marketplace Scarce City, the auction featured 13 artifacts spanning his life before and during incarceration, including a sleeping bag, backpack, and drum, as well as prison-issued items such as ID cards, sneakers, notebooks, and artwork created while imprisoned.

In a message posted to the auction platform, Ulbricht stated he was ready to part with these personal effects, describing them as relics of a chapter he no longer wishes to carry forward—though he acknowledged that some of his supporters might treasure them:

“I’ve left Arizona, the state where I was in prison. It’s time to travel. That means downsizing and turning the page. I’ve decided to auction some personal items from before my arrest and during my time in prison. I don’t need the reminders and I’m sure some of you will love to have them.”

Among the standout items was his final prison ID card, which sold for 11 BTC—over $1.1 million.

He commented:

“The guard tried to get me to stop smiling for the photo, but my joy comes from within. So I smiled that day, even though I was in prison.”

A collaborative painting created with a fellow inmate, known as “Omega,” also drew considerable attention, fetching 1.01 BTC.

Ulbricht said the piece, depicting an archway, symbolised hope:

“It gave me the feeling that, if I could pass through it, something better would be on the other side.”

To bid, participants were required to deposit 1% of their offer as collateral, and last-minute bids extended the countdown timer to prevent sniping.

Bitcoin was the preferred payment method, though smaller PayPal payments were accepted. Final payments are due by 2 June.

The auction coincided with Ulbricht’s appearance at Bitcoin 2025, his first public event since release—a symbolic return to the crypto community that once propelled him to notoriety.

Ulbricht Receives Millions in Bitcoin as Crypto Community Rallies

Not long after Ulbricht’s auction concluded, blockchain analytics firm Lookonchain flagged a striking transaction: a donation of 300 BTC—valued at roughly $31.4 million—sent directly to Ulbricht.

It stands as one of the largest individual crypto donations recorded this year and came just days after his emotional reappearance at the Bitcoin 2025 conference.

The gift adds to a growing wave of financial support Ulbricht has received since his release.

Earlier this year, crypto exchange Kraken contributed $111,111 in Bitcoin to aid his transition back into society.

The Free Ross campaign also reported receiving more than $270,000 in crypto donations aimed at helping Ulbricht rebuild his life.

In addition, a wallet linked to him has collected $4,615 across various digital assets, including Ethereum, USDC, Tether (USDT), and Binance Coin (BNB).

While public support has been strong, questions linger about Ulbricht’s broader financial standing.

Some speculate that he may still hold access—directly or indirectly—to dormant Bitcoin wallets tied to the Silk Road, which are believed to contain as much as $47 million.

Ulbricht’s First Public Appearance at Bitcoin 2025

Ulbricht made his public return to the crypto stage at the Bitcoin 2025 conference in Las Vegas, sharing the spotlight with leading figures in the industry.

In a keynote address that drew a mix of curiosity and admiration, Ulbricht expressed deep gratitude for the unwavering support he received throughout his imprisonment.

He emphasized the importance of unity and mutual support within the crypto community—values he believes are essential as the industry moves forward:

“You didn’t leave me. You didn’t forget me. You wrote me letters. You raised money for my defense.”

Reflecting on the path ahead, the Silk Road founder called for a renewed commitment to core principles like freedom, decentralisation, and solidarity—ideals that once inspired early adopters and continue to shape the narrative around digital assets:

“When it comes to freedom, we’re not there yet. There’s still more freedom to be won.”

His appearance marked a symbolic re-entry into the space, not as a platform operator, but as an advocate for the movement's philosophical roots.

Though his past remains contentious, Ulbricht’s message struck a chord with many attendees who view Bitcoin as a vehicle for individual empowerment.

His speech also came amidst shifting regulatory winds in the US, where authorities are gradually pulling back from aggressive enforcement—most notably by dropping cases against crypto mixers like Tornado Cash.

These changes signal the possibility of clearer regulatory frameworks and a more innovation-friendly environment for the next wave of crypto development.

Ulbricht’s Access to Bitcoin Wealth in the Millions?

In addition to raising $1.8 million through the auction and receiving a wave of community donations, Ulbricht may still have access to a substantial cache of Bitcoin.

According to Coinbase director Conor Grogan, roughly 430 BTC—currently valued at around $47 million—remain in dormant wallets potentially linked to Ulbricht.

These addresses have been inactive for over 13 years and were never confiscated by authorities.

Blockchain analytics firm Arkham Intelligence corroborated Grogan’s findings, identifying 14 Bitcoin wallets associated with Silk Road.

One of these alone holds over $9 million in BTC, raising fresh questions about Ulbricht’s financial standing post-release—and whether this long-idle fortune could one day resurface.