- A Coinbase executive discovered $47 million in Bitcoin potentially belonging to Ross Ulbricht, the founder of the Silk Road.
- These funds, dormant for over a decade, have significantly increased in value due to Bitcoin’s price surge.
Conor Grogan, a Director at Coinbase, recently discovered 430 Bitcoin distributed across various wallets, believed to belong to Ulbricht. These funds, untouched for over a decade, have skyrocketed in value due to Bitcoin’s meteoric rise.
One wallet, holding a substantial 89.77 BTC (worth approximately $9.5 million), particularly caught Grogan’s attention. He also noted smaller holdings of Bitcoin Cash.
However, accessing these funds may prove challenging. “Unlikely if he has the keys still stored down anywhere, I guess we will know soon enough!” Grogan tweeted. Years of inactivity could have rendered the private keys inaccessible.
The discovery has sparked debate within the crypto community. Some express concern about the potential repercussions of publicizing this information, arguing it could draw unnecessary attention to Ulbricht. Grogan clarified that the wallet details are publicly available and have been referenced in court documents.
Ulbricht, convicted in 2015 for operating the Silk Road, was recently granted a presidential pardon. His release has reignited discussions about his impact on the early Bitcoin ecosystem. Many view him as a pioneer who embodied the core principles of decentralization and individual liberty that underpinned Bitcoin’s creation.
Whether Ulbricht can claim this newfound fortune remains uncertain. Regardless, the discovery of this dormant wealth serves as a stark reminder of Bitcoin’s enduring power and the unpredictable nature of its history.
