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$31 Million Bitcoin Gift to Ross Ulbricht Tied to AlphaBay, Not Silk Road

Key Takeaways

  • ​Chainalysis linked Ross Ulbricht’s $31 million Bitcoin donation to former AlphaBay wallets;
  • The sender used mixers and exchanges to hide the BTC trail and avoid detection;
  • ZachXBT said the donation looked real, but the funds likely came from shady sources.

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$31 Million Bitcoin Gift to Ross Ulbricht Tied to AlphaBay, Not Silk Road

A recent blockchain investigation revealed that the 300 Bitcoin BTC $104,258.25 , worth about $31 million, sent to Silk Road founder Ross Ulbricht likely came from AlphaBay, a dark web marketplace.

The finding came from Chainalysis, a blockchain analytics company, which linked the donation to wallets once connected to AlphaBay.

AlphaBay operated between 2014 and 2017 and was known for handling illegal online trades.

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On June 5, Chainalysis told WIRED that the Bitcoin appears to have come from someone who may have been a seller on the platform, as they would have had access to that kind of money.

Chainalysis director of investigations, Phil Larratt, explained, "We have reasonable grounds to suspect that these funds originated in AlphaBay".

The sender moved Bitcoin through several services designed to break up and hide the transactions. These steps, including using smaller exchanges and mixing tools, were likely done to avoid drawing attention or having the funds frozen.

Blockchain researcher ZachXBT confirmed on X that the Bitcoin did not originate from Silk Road and stated that the pattern of transfers raised concerns. The sender used a centralized mixer called Jambler, which is different from more common privacy tools like Wasabi or the now-closed Samourai.

In a follow-up with WIRED, ZachXBT explained that while the donation itself may have been genuine, the way the money was handled suggests it came from sources that were not clean.

On May 30, Ulbricht spoke to a live audience at the Bitcoin 2025 conference. What did he say? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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