On Sunday, Ross Ulbricht, the founder of the Silk Road, received a significant boost to his official donation wallet, amassing 300 Bitcoin valued at more than $31 million.
This large transaction has drawn the attention of blockchain analysts and been tracked by platforms such as Lookonchain and Arkham Intelligence, igniting discussions and speculation throughout the cryptocurrency community.
Notably, the funds made their way through Jambler, a centralized Bitcoin mixing service, which differs from more commonly utilized decentralized privacy tools like Wasabi or Samourai.
Blockchain researcher ZachXBT highlighted that two dormant addresses, dating back to 2014 and 2019, transferred substantial amounts into Jambler during April and May. These activities were closely linked to the donation to Ulbricht’s wallet, raising questions about the theory that the donation stemmed from a self-transfer of undisclosed funds before his arrest.
Update: Few entities regularly use Jambler in size so I found a potential demix for the donation. 1Mp5hH originates from late 2014 exchange activity. 1CNDW has 2019 exchange activity and was previously flagged in compliance tools.
1Mp5hH & 1CNDW were depositing in size to…
— ZachXBT (@zachxbt) June 2, 2025
ZachXBT Links Ross Ulbricht Donation to Flagged Bitcoin Address
ZachXBT indicated that the donation was unlikely to be a self-transfer, as some had initially conjectured, but appears to have originated from a source deemed “questionable.”
The sheer magnitude of the donation, along with its unclear provenance, has raised concerns within the crypto space.
One of the addresses implicated in the transaction, 1CNDW, had previously been marked in compliance tools, amplifying these apprehensions.
Ulbricht Reflects on Prison and Freedom
Ulbricht’s release earlier this year in January 2025 came after he served 12 years of a double life sentence, following a controversial pardon from former US President Donald Trump.
Since his return to public life, Ulbricht has participated in events such as the Bitcoin 2025 conference in Nashville, where he spoke openly and auctioned personal items, including art and possessions from his time in prison.
The timing of the 300 BTC donation was notable, arriving soon after Ulbricht’s auction, which generated over $1.3 million in Bitcoin. Despite the proximity of these events, there is no direct connection between the auction proceeds and the substantial donation, complicating the narrative surrounding its origin.
The funds in the donation wallet, overseen by the FreeRoss.org campaign, are directed towards legal advocacy and promoting public education on sentencing reform. While these resources are beneficial for the cause, the uncertain trajectory of the donation, particularly through a centralized mixer, has overshadowed what could have been a moment of celebration for Ulbricht.
During his address in Nashville, Ulbricht reflected on the drastic changes in his life, sharing memories of times when he feared for his life in “that awful cage.” Nonetheless, he expressed a determination to discover joy, even amidst the darkest periods of his incarceration.
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