Significant Bitcoin Transfers Linked to Defunct Marketplace
Over 170 cryptocurrency addresses associated with the defunct Silk Road marketplace executed transfers totaling $3.14 million in Bitcoin on Tuesday, marking their first significant activity in five years. The movement occurred less than one year after President Trump pardoned the marketplace's founder Ross Ulbricht, who had been serving life sentences.
Blockchain analytics firm Arkham tracked 176 transactions flowing from Silk Road-tagged wallets into a single unidentified address labeled bc1qn. The sending wallets retain approximately $38.4 million in Bitcoin, while the receiving address now holds only the newly transferred funds.
Prior to Tuesday's activity, these wallets had executed just three small test transactions throughout 2025. The timing and purpose of the large-scale movement remain unexplained, with Ulbricht not responding to inquiries about the transfers or wallet control.
Background on Ross Ulbricht and Silk Road
Trump granted Ulbricht a full pardon in January, terminating his double life sentence without parole for creating and operating the darknet marketplace. His 2015 conviction stemmed from facilitating anonymous trade of illicit goods, with Bitcoin serving as the platform's transaction medium during its operational years.
The Free Ross campaign received roughly $270,000 in Bitcoin donations following the pardon, demonstrating continued community support. Federal authorities seized at least $3.36 billion in Bitcoin during their Silk Road investigation, though observers believe additional wallets escaped detection.
Untouched Bitcoin Holdings Linked to Ulbricht
Coinbase Director Conor Grogan identified approximately 430 Bitcoin worth around $47 million sitting in wallets likely connected to Ulbricht. These addresses have remained untouched for over 13 years, containing funds from the marketplace's active period that weren't located during government seizure operations.
Another Silk Road-linked wallet holds $8.3 million in Bitcoin with minimal activity beyond three small test transactions in recent months. The address has otherwise stayed dormant for 14 years, raising questions about control and ownership of these long-inactive assets.
The sudden, simultaneous reactivation of hundreds of wallets suggests coordinated access rather than random individual movements. No official explanation has emerged for