Blockchain researcher ZachXBT has cast doubt on the theory that Ross Ulbricht, the founder of Silk Road, self-donated 300 Bitcoin to his own wallet. While acknowledging the funds originated from "questionable sources" via a centralized mixing service, ZachXBT's analysis suggests the transaction is unlikely to be a hidden stash from Ulbricht's past activities.
Ulbricht's Bitcoin Transaction Under Scrutiny
Ross Ulbricht, the creator of the notorious online black market Silk Road, recently received 300 Bitcoin (BTC), valued at approximately $31.4 million, into a wallet soliciting donations. This transaction, identified by blockchain analytics firm Lookonchain, sparked speculation that Ulbricht might have been moving hidden profits from Silk Road.
ZachXBT's Skepticism Regarding Self-Donation
Blockchain researcher ZachXBT, however, expressed skepticism about the self-donation theory. His analysis points to several factors:
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The funds originated from Jambler, a centralized mixing service, which ZachXBT notes is not typically used by "normal privacy enthusiasts" who prefer decentralized mixers.
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ZachXBT found a "potential demix for the donation," suggesting the source could be traced.
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One of the addresses involved in the transaction shows exchange activity dating back to late 2014, and another was flagged in compliance tools in 2019. Both deposited significant amounts to Jambler around the same time Ulbricht's donor received funds from the mixer.
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These addresses had dormant Bitcoin from November 2019 until the mixer deposits were made between April and May 2025.
ZachXBT concluded that while the funds come from "questionable sources due to the flagged address," it "likely doesn’t appear to be a self donation as people were claiming." He further clarified that this activity, occurring while Ulbricht was incarcerated, indicates it was a genuine donation rather than a secret stash.
Ulbricht's Past and Unseized Bitcoin
Ulbricht was arrested in 2013 for his role in Silk Road and sentenced to a double life sentence plus 40 years in 2015. He served 11 years before being pardoned by President Donald Trump in January. Despite his incarceration, some Bitcoin wallets allegedly tied to Ulbricht remained unseized by authorities.
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In January, Coinbase director Conor Grogan claimed to have found 430 Bitcoin, worth over $45 million, in wallets he believed were linked to Ulbricht. These wallets had reportedly been inactive for over 13 years.
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Blockchain analytics firm Arkham Intelligence corroborated Grogan's assessment, identifying 14 Bitcoin addresses connected to Silk Road, with one holding over $9 million in Bitcoin.
Ulbricht recently held an auction of personal belongings, including items from before his arrest and prison memorabilia, which raised over $1.8 million in Bitcoin.
Sources
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Ross Ulbricht 300 Bitcoin payday unlikely ‘self donation’, Cointelegraph.
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