300 Bitcoin Donation to Ross Ulbricht Linked to ‘Questionable Source,’ Says ZachXBT

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

June 2, 2025

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Silk Road founder Ross Ulbricht received a donation of 300 Bitcoin, worth over $31m, to his official donation wallet on Sunday.

The transaction, flagged by blockchain analysts and tracked by platforms such as Lookonchain and Arkham Intelligence, has sparked a wave of speculation across the crypto community.

The funds appear to have passed through Jambler, a centralized Bitcoin mixing service, rather than more widely used decentralized privacy tools like Wasabi or Samourai.

Blockchain investigator ZachXBT noted that two dormant addresses, active as far back as 2014 and 2019, deposited large sums into Jambler between April and May. These deposits coincided with the transfer to Ulbricht’s wallet, casting doubt on theories that the donation was a self-transfer from hidden pre-arrest funds.

ZachXBT Links Ross Ulbricht Donation to Flagged Bitcoin Address

According to ZachXBT, the donation likely was not a self-transfer as some had speculated, though it appears to have originated from a “questionable source.”

The unusually large size of the gift, coupled with its obscure origin, has raised eyebrows.

One of the addresses linked to the transaction, 1CNDW, had previously been flagged in compliance tools, adding to the concerns.

Ulbricht Reflects on Prison and Freedom

Ulbricht walked free in Jan. 2025 after serving 12 years of a double life sentence. His release followed a controversial pardon issued by US President Donald Trump.

Since then, Ulbricht has re-entered public life, speaking at the Bitcoin 2025 conference in Nashville and auctioning personal memorabilia, including prison-era art and possessions.

The donation arrived shortly after Ulbricht’s auction concluded, which had raised over $1.3m in Bitcoin. However, despite the timing, the 300 BTC transfer was not connected to the sale. This disconnect has only deepened the mystery surrounding its origin.

The donation wallet, managed by the FreeRoss.org campaign, funds legal advocacy and public education around sentencing reform. While the money greatly supports these causes, its unclear path, especially through a centralized mixer, has cast a shadow over what might have been a celebratory moment.

Meanwhile, Ulbricht addressed a packed audience in Nashville. He reflected on the dramatic shift in his life, recalling moments when he thought he might die in that “awful cage.” Still, he said he fought to find joy, even in the darkest times.