Blockchain Analyst Disputes Claims of Self-Donation by Ross Ulbricht
Ross Ulbricht, the founder of the dark web marketplace Silk Road, recently received 300 Bitcoin (BTC) — valued at over $31 million — in a wallet linked to his donation campaign. However, blockchain researcher ZachXBT has dismissed rumors that the transaction was a self-donation from hidden Silk Road funds.
“It likely doesn’t appear to be a self donation,” ZachXBT stated, citing evidence from on-chain analytics.
BTC Came From Questionable Sources
According to ZachXBT, the funds were sent through Jambler, a centralized Bitcoin mixing service, which obscures the origin of transactions. While this raised speculation that the funds were part of Ulbricht’s old holdings, ZachXBT traced the source to two wallet addresses with activity during 2014 and 2019 — years when Ulbricht was incarcerated.
“Both addresses had BTC activity while Ross was in prison, making a self-donation unlikely,” ZachXBT noted.
He emphasized that decentralized mixers are more commonly used by privacy-focused users, whereas Jambler’s centralized service is less typical for legitimate privacy purposes.
Wallet Activity Traced to Exchange Use
The two wallets in question were reportedly depositing large amounts into Jambler at the same time the 300 BTC donation was being processed. One of the wallets had been dormant since November 2019, only becoming active again between April and May 2025, when it sent Bitcoin to Jambler before ultimately reaching Ulbricht’s donation address.
“The address was flagged in compliance tools and had exchange activity, suggesting it’s not tied to Ross himself,” ZachXBT added.
Ulbricht’s Bitcoin History Remains Under Scrutiny
Ulbricht, who ran Silk Road until his arrest in 2013, is serving a double life sentence plus 40 years, though he was reportedly pardoned in January after 11 years in prison. Some Bitcoin wallets tied to Silk Road — holding over 430 BTC worth more than $45 million — remain untouched and unseized, according to blockchain analysts.
One such wallet has remained inactive for over 13 years.
Auction and Ongoing Support
Ulbricht recently conducted a Bitcoin-based auction of personal items, raising over $1.8 million. The collection featured personal effects and artwork created during his time in prison, showing continued public interest and support for his cause.
While the source of the 300 BTC is unclear, evidence strongly suggests it was a donation and not hidden Silk Road wealth.