Silk Road is known as one of the first major darknet marketplaces in cryptocurrency history. It also serves as a prominent example of how Bitcoin was used in illicit economies.

Unexpected Activity in Silk Road Wallets

According to blockchain analytics platform Arkham, wallets linked to Silk Road conducted 176 transactions on Tuesday. This represents the highest activity in the last five years. Previous years saw only a few minor test transactions. The new wallet, starting with bc1qn, holds only the $3.14 million transferred recently. The primary Silk Road wallets still contain about $38.4 million in Bitcoin.

This activity occurred following Ross Ulbricht’s full pardon by former U.S. President Donald Trump. Ulbricht, the founder of Silk Road, had been convicted of creating and operating the darknet marketplace and sentenced to double life imprisonment in 2015. After the pardon, supporters donated around $270,000 worth of Bitcoin to the Free Ross campaign.

Ulbricht May Still Hold Millions in Bitcoin

The U.S. government seized at least $3.36 billion worth of Bitcoin from Silk Road. However, some industry observers claim that Ulbricht may still possess several undiscovered wallets. Coinbase executive Conor Grogan revealed that 430 BTC, approximately $47 million, remains untouched in dormant wallets for over 13 years. Another wallet possibly linked to Ulbricht holds $8.3 million in Bitcoin, and in the past ten months, only three small test transactions were recorded.

Key details about wallets:

• 176 transactions represent the highest activity in five years.

• The new wallet holds only $3.14 million in BTC.

• Primary wallets still contain $38.4 million.

• Undiscovered wallets potentially hold $47 million in BTC.

These movements demonstrate that Silk Road’s influence in digital markets persists and that some Bitcoin remains traceable. Experts note that the owner of the new wallet has not been confirmed, and any future transactions are being closely monitored.

Silk Road’s Ongoing Impact on the Crypto World

The resurfacing of Silk Road activity is seen as a warning for both darknet markets and cryptocurrency investors. Meanwhile, blockchain records continue to prove valuable for tracking past illicit activity and identifying potential risks in advance.

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Prison ID Sells for 11 BTC in Historic Crypto Auction

Using the Bitcoin-only marketplace Scarce City, Ross Ulbricht sold a variety of items tied to his life before and during prison. From a backpack and sleeping bag to notebooks, prison clothing, and paintings, collectors eagerly bid in BTC, driving the total proceeds past $1.8 million.

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The biggest draw? Ulbricht’s final prison ID card, which alone sold for 11 BTC (~$1.1 million). Ulbricht remarked on the photo, saying:

“The guard tried to stop me from smiling — but joy comes from within.”

Collaborative Prison Art and Collector Demand

A collaborative painting made with a fellow inmate named “Omega” sold for 1.01 BTC, while other items included hand-painted works, a prison lock, and handwritten notes.

Participants had to deposit 1% of their bid as collateral. Late bids reset the auction timer, keeping the process transparent and competitive. Bitcoin was the preferred payment method, though smaller bids via PayPal were also accepted. All payments are due by June 2.

Dormant Wallets Hold $47M in BTC

Beyond the auction, Ulbricht may still be linked to significant Bitcoin holdings. Coinbase exec Conor Grogan revealed that around 430 BTC (~$47M) across dormant wallets associated with Ulbricht were never seized by the U.S. government.

Arkham Intelligence backed the claim, identifying 14 wallet addresses linked to Silk Road, one holding over $9 million in BTC alone.

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The Bitcoin 2025 Conference, held in Las Vegas from May 27–29, concluded with powerful messages about BTC global future. Key figures like Michael Saylor, Ross Ulbricht, JD Vance, Cynthia Lummis, Jack Mallers, and members of the Trump family took the stage. Hundreds of speakers evaluated Bitcoin’s progress and provided guidance for investors. 

Michael Saylor delivered a presentation titled “21 Paths to Wealth” on the third day. He emphasized the importance of clarity, conviction, and courage in Bitcoin investments. Saylor defined BTC not just as an investment tool, but as a key to financial freedom. He also clarified that MicroStrategy will not become a Bitcoin bank, but will instead develop Bitcoin-collateralized shares and credit products. 

U.S. Vice President JD Vance gave a noteworthy speech, arguing that BTC represents economic freedom and acts as a defense mechanism against centralized governments. He stated that stablecoins are not a threat to the dollar, but rather a strength multiplier. 

Ross Ulbricht appeared on stage for the first time after being pardoned by Donald Trump. He announced that he had regained his freedom and thanked the attendees. Ulbricht talked about the founding of Silk Road and emphasized the principles of freedom, decentralization, and unity. His emotional speech received a standing ovation from the Bitcoin community. 

Clear Messages from Leaders: The U.S. Will Lead Crypto 

Jack Mallers harshly criticized the fiat money system, stating: “No one can print BTC; no one can devalue my time and effort.” He also introduced a Bitcoin-backed lending system, which will offer loans ranging from $10,000 to $1 billion with interest rates between 9–13%. Mallers encouraged investors to HODL and enjoy the process. 

Eric Trump and Donald Trump Jr. openly expressed their support for Bitcoin. Eric Trump revealed that he mortgaged Mar-a-Lago to buy BTC, inspired by Michael Saylor’s views. The Trump brothers emphasized that the U.S. is ready to lead in crypto and urged investors to take action without hesitation. 

Senator Cynthia Lummis stood out with her speech on regulatory frameworks. She also stated that the U.S. is considering BTC as a strategic reserve. “If we hold one million Bitcoins for 20 years, we can cut the national debt in half,” she said. Lummis stressed the need for clear, fair, and sustainable regulations for crypto businesses. 

In summary, the conference highlighted that BTC is no longer just a technology—it’s a movement. 

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Global crypto funds managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares recorded a combined net inflow of $1.9 billion. These robust inflows were attributed to Trump’s crypto-focused executive actions.

What Did Trump’s Crypto Orders Achieve?

On Thursday, President Donald Trump signed an executive order establishing a “Presidential Working Group on Digital Asset Markets” to create a federal regulatory framework for digital assets, including stablecoins, and to evaluate the formation of a “strategic national digital assets stockpile.”

On Tuesday, Trump also issued a full and unconditional pardon for Ross Ulbricht, the Silk Road founder closely tied to Bitcoin’s early history.

These orders boosted investor confidence, resulting in zero net outflows from digital asset investment products last week.

U.S. and Bitcoin-Based Funds Lead

U.S.-based crypto funds led the charge, accounting for $1.7 billion of the weekly net inflows. Digital asset products in Switzerland, Canada, and Germany also attracted net inflows of $35 million, $31 million, and $23 million, respectively.

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Bitcoin (BTC)-based investment products dominated globally, adding $1.6 billion in net inflows last week. Year-to-date, Bitcoin-based funds have accumulated $4.4 billion, representing 92% of all net inflows. U.S. spot Bitcoin ETFs accounted for $1.8 billion of these inflows.

Ethereum and Other Altcoins

Ethereum (ETH) investment products continued their recovery, recording net inflows totaling $205 million. U.S. spot Ethereum ETFs contributed $139.4 million to the total inflows last week.

XRP investment products attracted $18.5 million in inflows, extending their streak to over $500 million since mid-November.

Other notable inflows included Solana (SOL) with $6.9 million, Chainlink (LINK) with $6.6 million, and Polkadot (DOT) with $2.6 million.

Market Movement and Trading Volumes

While price action was relatively flat over the past week, trading volumes remained robust at $25 billion, accounting for 37% of all activity on trusted crypto exchanges.

Despite these strong inflows, the crypto market experienced a sell-off early Monday. Bitcoin dropped below $100,000 after reaching an all-time high of approximately $109,000 on January 20. Liquidations amounted to $850 million, and Bitcoin is now trading at $99,295.

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Trump’s Statements

Trump made the following statements regarding the pardon:

“I just called the mother of Ross William Ulbricht to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross.”

Trump also described Ulbricht’s sentence of 40 years plus two life terms as “ridiculous.”

The Story of Silk Road and Ross Ulbricht

Ross Ulbricht was arrested in 2013 and sentenced to life in prison without parole in 2015. Ulbricht was punished for his role in founding and operating Silk Road.

Silk Road was an anonymous darknet marketplace where users could buy and sell both illegal and legal products using Bitcoin. This platform played a major role in Bitcoin’s early adoption.

Crypto Community’s Support

Pardoning Ulbricht was one of Trump’s many promises to the crypto community. Trump had pledged to pardon Ulbricht on his first day if re-elected.

Meanwhile, many people argued that Ulbricht’s role in Silk Road was exaggerated and that the platform’s free trade approach represented more than just crime. Some contended that he didn’t deserve a life sentence because both legal and illegal products were traded on the platform.

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“If you vote for me on day one I will commute the sentence of Ross Ulbircht,” Donald Trump stated at the Libertarian Party’s National Convention in Washington on May 25.

“He’s already served 11 years, we’re going to get him home,” he said of the creator of Silk Road — which is known as the first modern darknet market with a payment system built on Bitcoin.

Silk Road started in 2011 and was run and operated by Ulbricht from his personal laptop under the username “Dread Pirate Roberts.” On Oct. 1, 2013, the U.S. Federal Bureau of Investigation (FBI) seized the laptop.

Ulbricht was convicted in a U.S. federal court in 2015 for various charges relating to the operations of the Silk Road. He was sentenced to two life terms plus forty years and no possibility of parole.

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