Ross Ulbricht, the founder of the infamous Silk Road marketplace, recently received a 300 Bitcoin donation into a wallet known to be soliciting support for his cause.
The move quickly drew attention across the crypto community. Specifically, some speculate that the coins could be part of Ulbricht’s hidden Silk Road stash, suggesting a self-donation. However, crypto investigator ZachXBT pushed back on these claims. According to him, the funds originated from wallets that utilized Jambler, a centralized Bitcoin mixing service.
Likely Source of the 300 BTC
ZachXBT revealed that the addresses had histories dating as far back as 2014 and 2019 and had remained dormant until activity resumed between April and May 2025. Both addresses deposited significant amounts into Jambler shortly before the 300 BTC donation was sent to Ulbricht.
ZachXBT explained that while the transaction probably isn’t a self-donation, as some have alleged, it raises concerns due to its origin from a flagged address associated with questionable sources. He also emphasized that privacy-focused users typically opt for decentralized mixers, not centralized ones like Jambler.
Update: Few entities regularly use Jambler in size so I found a potential demix for the donation. 1Mp5hH originates from late 2014 exchange activity. 1CNDW has 2019 exchange activity and was previously flagged in compliance tools.
1Mp5hH & 1CNDW were depositing in size to…
— ZachXBT (@zachxbt) June 2, 2025
Meanwhile, it’s worth noting that Ulbricht has already cashed out the disputed 300 BTC. Data from Arkham shows he withdrew the tokens to an external wallet 24 hours ago. That wallet now holds only $1,968 in crypto.
Silk Road Ties Still Under the Microscope
Ulbricht, who was arrested in 2013 and sentenced in 2015 to a double life sentence plus 40 years, served 11 years in prison before receiving a pardon from U.S. President Donald Trump in January 2025. Despite his release, wallet activity connected to Silk Road continues to draw scrutiny.
In January, Coinbase director Conor Grogan reported discovering 430 BTC worth over $45 million in long-dormant wallets he believes are linked to Ulbricht.
These funds have remained untouched for over 13 years and were never seized by authorities. Arkham Intelligence later validated Grogan’s assessment, tying 14 wallets to Silk Road activity, including one holding over $9 million in BTC.
I found ~430 BTC across dozens of wallets associated with Ross Ulbricht that were not confiscated by the USGovt and have been untouched for 13+ years
Back then these were probably dust wallets, now, collectively, they are worth about $47M.
Welcome back Ross pic.twitter.com/KmCp4xcrI7
— Conor (@jconorgrogan) January 22, 2025
Beyond Donations
Ulbricht recently held an online auction featuring personal belongings from his pre-arrest and prison life. The event raised over $1.8 million in Bitcoin. Items he sold included a backpack, a sleeping bag, a drum, and original paintings created during his incarceration.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
