In a significant turn of events in the cryptocurrency world, Bitcoin wallets linked to the notorious Silk Road marketplace were active for the first time in over five years on Tuesday, transferring approximately $3 million in Bitcoin. These wallets are believed to be associated with Ross Ulbricht, the founder of Silk Road, who was granted a full pardon by former President Donald Trump in January 2021 after serving more than a decade in prison for various charges, including conspiracy to traffic narcotics and money laundering.
The move was identified by blockchain intelligence firm Arkham Intelligence, which noted a cluster of wallets that once held a staggering 442,000 BTC in 2012 but now contain only around 416 BTC, valued at roughly $38.25 million at current Bitcoin prices. The most recent activity involved the transfer of 33.7 BTC to a new address, with transactions tracked to a new wallet ending in “z7ga54.”
Conor Grogan, a director at Coinbase and an on-chain analyst, had previously connected one of these wallets, identified by its ending “WoPx1” and containing approximately 90 BTC worth nearly $9 million, to Ulbricht back in January. Notably, this wallet has remained dormant for 14 years. Grogan also reported finding around 430 BTC across numerous wallets associated with Ulbricht that had not been seized by the U.S. government. At the time, he remarked that these holdings, which were likely considered negligible in the past, have significantly appreciated in value due to the rise in Bitcoin’s price.
Grogan stated, “Not going to share the addresses but all of them are public (cited in trial docs or directly adjacent) and tracked already by multiple sources.” While the reasons behind Tuesday’s transactions remain unclear, experts warn that if these are indeed linked to the defunct Silk Road, they could be at risk of seizure by federal authorities.
In a related development, a U.S. court recently sanctioned the sale of $6.5 billion worth of Bitcoin previously seized from the Silk Road marketplace, which underlines ongoing government interest in Silk Road-associated assets. Ulbricht expressed gratitude toward the Bitcoin community for their support during his incarceration when he addressed attendees at the Bitcoin 2025 conference a few months after his pardon.
The resurgence of these wallets adds a new chapter to the ongoing conversation around cryptocurrency regulation and the ethical implications of digital asset ownership tied to controversial figures and activities.
