A recent blockchain analysis suggests that a massive $31 million Bitcoin (BTC) donation to Ross Ulbricht, the founder of the infamous Silk Road darknet marketplace, may have originated from AlphaBay—a successor to Silk Road that operated between 2014 and 2017.
According to a June 5 report by WIRED, blockchain analytics firm Chainalysis traced the 300 BTC (worth approximately $31 million at the time) sent to Ulbricht earlier this month back to wallets associated with AlphaBay. Investigators believe the funds likely came from a high-profile vendor on the platform, given the substantial amount involved.
Suspicious Transaction Patterns Point to Illicit Origins
Independent blockchain investigator ZachXBT confirmed that the Bitcoin did not originate from Silk Road and uncovered several red flags in how the funds were moved:
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Multiple mixing services were used to obscure the transaction trail.
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Other cryptocurrencies were cashed out in small amounts to avoid detection.
In a post on 𝕏 (Twitter), ZachXBT noted that the donation appeared to come from Jambler, a shady centralized mixing service, rather than privacy-focused tools like Wasabi Wallet or the now-defunct Samourai Wallet.
AlphaBay’s Bitcoin Trail & Its Dramatic Takedown
Chainalysis played a crucial role in identifying AlphaBay-linked Bitcoin wallets, which helped law enforcement shut down the marketplace in 2017 as part of Operation Bayonet.
Any Bitcoin held since then would have seen a massive price surge—potentially over 40x its original value. Yet, the donor’s identity and motives remain unknown.
Ross Ulbricht’s Controversial Pardon
In January 2021, former U.S. President Donald Trump granted Ulbricht a full pardon after he served 12 years of a double life sentence plus 40 years for operating Silk Road. The decision sparked heated debates about justice, cryptocurrency, and darknet markets.
Key Takeaways:
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$31M Bitcoin donation to Ross Ulbricht traced back to AlphaBay, a Silk Road successor.
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Likely from a major vendor due to the large sum involved.
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Mixing services & small withdrawals suggest money laundering.
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AlphaBay shut down in 2017, but held Bitcoin would now be worth millions more.
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Ulbricht was pardoned in 2021, but the donation’s source remains a mystery.
