Additional Coverage:
- Crypto crime lord Ross Ulbricht gets a pardon—but his fortune is gone after the U.S. auctioned off his Bitcoins in 2014 for just $334 each (newsbreak.com)
Local man Ross Ulbricht, formerly known as “Dread Pirate Roberts,” has been released from federal prison after serving nearly 12 years for operating the online drug marketplace Silk Road. His release comes thanks to a presidential pardon.
Ulbricht’s sentence stemmed from his role in running the Silk Road, where prosecutors presented evidence of drug trafficking and an alleged murder-for-hire plot. The latter involved a government agent posing as a hitman. Testimony from parents whose children overdosed on drugs purchased through the platform also contributed to his conviction.
The pardon, granted by then-President Trump after pressure from Ulbricht’s mother and libertarian supporters, fully clears Ulbricht’s conviction. This raises questions about the possibility of reclaiming his seized Bitcoin fortune.
Legal experts suggest this is unlikely. Although pardons traditionally nullify offenses, modern legal interpretations limit their scope. Since Ulbricht’s Bitcoin was already sold, it likely cannot be recovered.
Despite this, Ulbricht may not be penniless. He generated millions of dollars selling art and NFTs while incarcerated, though these funds were initially intended for legal fees. Speculation exists about the possibility of undiscovered Bitcoin wallets, but there’s no evidence to support this.
Ulbricht’s notoriety within cryptocurrency and libertarian communities could open lucrative opportunities. He may be sought after for speaking engagements, and his story could attract interest from book publishers and movie studios.
Interestingly, the FBI wallet that once held Ulbricht’s vast Bitcoin holdings now contains a significantly smaller amount. The future of these remaining funds remains unclear.