After the presidential pardon and release from prison after serving 12 years of a double life sentence, cryptocurrency exchange Kraken has donated $111,111 in Bitcoin to Ross Ulbricht, founder of Silk Road. The donation will help Ulbricht get back into life. Kraken went public with the contribution and invited the entire crypto community to join in supporting Ulbricht’s future.
Kraken’s Donation to Ulbricht
Kraken sent the Bitcoin to an address on Ulbricht’s official support website. The exchange said it aimed to help Ulbricht “land on his feet” with assistance from the Bitcoin community. The donation wallet, as of January 23, has received 2.569 BTC, worth roughly $263,000, in 161 transactions. Of course, included in these donations are contributions from other members of the crypto community.
According to Coinbase executive Conor Grogan, Ulbricht still has access to 430 BTC—worth $47 million—held across dozens of wallets. These were never seized by the U.S. government and have lain untouched for more than a decade. However, it is unclear whether Ulbricht still has the keys to these wallets. Community members are keeping a close eye on any activity at these addresses.
Community Reactions
The move by Kraken has largely been welcomed by the crypto community. Many view Ulbricht as a symbol of Bitcoin’s libertarian roots and as a victim of over-punishment for non-violent offences.
However, some critics argue that the move could help legitimize illicit activities. In the period between 2011 and 2013, Silk Road, an online black market where Ulbricht made his name, facilitated illegal transactions in Bitcoin, including drug sales.
What’s Next for Ulbricht?
Though he hasn’t uttered a single word, speculations are rife about his possible foray into the crypto space. Some say he will create new projects, while others warn to beware of associating him with memecoins.
Kraken’s donation is clear evidence that the crypto community will not abandon its forerunners like Ulbricht, and underlines the still-ongoing debate about how blockchain really does or does not foster freedom and transparency.
