TLDR
- Ross Ulbricht received 300 Bitcoin ($31.4 million) from unknown sources using the Jambler mixing service
- Blockchain researcher ZachXBT found the donation likely came from external sources, not Ulbricht’s hidden funds
- The donor wallets were active in 2014 and 2019 while Ulbricht was in prison, proving it wasn’t a self-donation
- Ulbricht also raised $1.8 million from auctioning personal items including prison memorabilia and artwork
- Separate dormant wallets linked to Silk Road contain 430 Bitcoin worth $47 million that authorities never seized
Ross Ulbricht, founder of the darknet marketplace Silk Road, received 300 Bitcoin worth $31.4 million from an unknown donor on June 1. The massive donation went to his wallet that was soliciting contributions from supporters.
Blockchain analytics firm Lookonchain first reported the transaction. The funds came from wallets using Jambler, a centralized Bitcoin mixing service designed to obscure transaction origins.
Ross Ulbricht(@RealRossU), the founder of the #SilkRoad marketplace, received 300 $BTC($31.4M) to his donation wallet 8 hours ago.https://t.co/3DEsM9rpBq pic.twitter.com/JoUMNqM99p
— Lookonchain (@lookonchain) June 1, 2025
The donation sparked speculation on social media about whether Ulbricht had sent the money to himself from hidden Silk Road profits. Some users suggested he might have accessed secret Bitcoin stashes from before his 2013 arrest.
However, blockchain researcher ZachXBT disputed this theory after analyzing the transaction data. He found evidence that the donor wallets were active in 2014 and 2019 while Ulbricht was serving his prison sentence.
“Everyone was accusing Ross of a self-donation, so if anything, this proves it was a donation and not his secret stash because there was activity when he was away in prison,” ZachXBT wrote on X.
Interestingly the 300 BTC appears to come from Jambler outputs (sketchy centralized mixing service)
Whereas normal privacy enthusiasts use decentralized mixers (Wasabi, Samourai, etc)
— ZachXBT (@zachxbt) June 1, 2025
Mystery Donor Used Questionable Methods
ZachXBT described the donation sources as “questionable” due to the use of Jambler mixing service. He noted that legitimate privacy users typically choose decentralized mixers instead of centralized services like Jambler.
One donor address showed exchange activity dating back to late 2014. Another address was active in 2019 and had been previously flagged in compliance monitoring tools.
Both addresses deposited large amounts to Jambler around the same time the 300 Bitcoin donation was made to Ulbricht. The wallets had remained dormant since November 2019 until making mixer deposits between April and May 2025.
ZachXBT found what he called “a potential demix for the donation” but noted that few entities regularly use Jambler for large transactions. This made the donation source even more mysterious.
Auction Raises Additional Funds
The Bitcoin donation came as Ulbricht was already raising money through a personal items auction. The auction on Bitcoin marketplace Scarce City brought in over $1.8 million worth of Bitcoin.
Items for sale included personal belongings from before his 2013 arrest and prison memorabilia. A sleeping bag, backpack, and drum were among the pre-arrest items available.
Prison items included ID cards, notebooks, clothing, and several paintings Ulbricht created while incarcerated. His most recent prison ID card sold for 5.5 Bitcoin worth over $580,000.
One oil painting titled “Archway” from December 2023 sold for 1.01 Bitcoin worth over $106,000. Ulbricht created the artwork with help from a fellow inmate who taught him oil painting techniques.
Hidden Bitcoin Stash Remains Untouched
Separate from the recent donation, Ulbricht may still control Bitcoin wallets worth millions that authorities never found. Coinbase director Conor Grogan discovered 430 Bitcoin worth $47 million across multiple wallets linked to Ulbricht in January.
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
These wallets have remained inactive for over 13 years since before Ulbricht’s arrest. Blockchain analytics firm Arkham Intelligence confirmed Grogan’s findings, tracing 14 Bitcoin addresses connected to Silk Road.
One wallet alone contains Bitcoin worth $9 million according to Arkham’s analysis. The government seized over 100,000 Bitcoin during the 2013 Silk Road bust but missed these additional holdings.
Two dormant wallets became active last month, transferring 3,422 Bitcoin worth $324.2 million. This activity occurred after Ulbricht’s release from prison following his presidential pardon.
Ulbricht transferred the recent $31.4 million donation on June 1, sending $31.29 million to one address and $10,000 to another address.
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