- Kickstarting his second chance, Ross Ulbricht wants to launch a crypto venture.
- Beyond earlier donations to guarantee his freedom, VCs note any new venture and its prospects.
Silk Road founder Ross Ulbricht, recently freed from prison, is reportedly preparing to return to the crypto market. According to reports, Ulbricht is soliciting funds to establish a new crypto firm.
Is Ross Ulbricht Back to the Crypto Market?
VC firms, including a16z and Paradigm, claim that the initial valuation for Ulbricht’s new crypto venture could stretch to over $1 billion. These firms cited Ross’ killer mentality and track record for their bold projections.
Several crypto online community members have disapproved of Ulrbricht’s alleged new crypto venture. One commenter on social media platform X wrote, “Just goes to show PR, marketing, and stardom still drive the tech world and not innovation or achievement.”
Another commenter said it appears the Silk Road founder’s crypto holdings were returned undamaged. However, others see Ulbricht’s supposed new venture as a win for the market. They claim it would at least eliminate the violent crime associated with the black market, weaken cartels, and eliminate the demand for hard drugs.
As highlighted in an earlier CNF article, Ulbricht gained freedom from the federal prison in Tucson, Arizona. The release followed a plea that urged President Donald Trump to prioritize Ulbricht’s pardon as a top executive order.
Donald Trump pledged to set Ulbricht free during his 2024 campaign. At the Libertarian Party’s National Convention in May, Trump promised to commute Ulbricht’s sentence “on day one” if reelected. True to the President’s promise, Ulbricht is now a free man after spending nearly a decade in prison.
Ulbricht received a double life imprisonment plus 40 years in May 2015. Ulbricht created and operated the darknet market Silk Road from 2011 until his arrest in 2013. The US government charged Ulbricht with narcotics and money laundering conspiracies. Ubricht’s infamous website allowed people to buy and sell drugs, as well as other criminal commodities, including phony IDs.
He also faced charges of paying hundreds of thousands of dollars to have other people murdered. However, the murder-for-hire charges were later dropped due to a lack of strong evidence.
Massive Support for Ross Ulbricht
Despite the charges, Ulbricht’s family maintained that he is an entrepreneur committed to free markets and privacy. Moreover, several libertarian Bitcoin advocates and some prominent industry leaders took to their social media platforms to support Ulbricht’s release.
As previously mentioned in a CNF post, the Bitcoin community donated cryptocurrencies to support Ulbricht’s FreeRoss.org fund. Many others, including crypto exchange Kraken, have donated money to Ulbricht since his release from federal prison.
Still, many questions persist about Ross Ulbricht’s financial status. Conor Grogan, a Director at Coinbase exchange, said Ulbricht may currently possess millions of Bitcoin (BTC). Grogan revealed that the wallets holding 430 Bitcoin in unclaimed funds remain linked to potential connections with Ulbricht.
The United States government seized 173,991 Bitcoin from Ulbricht, both directly and indirectly. As of today, this sum is valued at over $18 billion. It is uncertain whether Ulbricht still has access to any of the remaining Silk Road Bitcoin.