US President Donald Trump pardoned Ross Ulbricht on Tuesday, ending the double life sentence handed down to the Silk Road founder.
Ulbricht, aged 40, was convicted of creating and operating the Silk Road marketplace, where illegal goods and services were sold using Bitcoin. generating over $200 million in transactions.
Ross Ulbricht is Finally Free After More Than a Decade of Imprisonment
This move fulfilled Trump’s campaign promise to release Ulbricht, whose case had become a landmark in the legal and crypto worlds. His arrest in 2013 marked one of the first major prosecutions involving the emerging use of cryptocurrencies for illicit activities.
The Silk Road platform operated between 2011 and 2013. It hosted over 100,000 users engaged in the sale of illegal drugs and services worth approximately $214 million.
“I just called the mother of Ross William Ulbright 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. He was given two life sentences, plus 40 years. Ridiculous,” said US President Donald Trump.
The FBI dismantled the marketplace in 2013 and seized 69,370 Bitcoins, which are now valued at more than $6 billion. Last month, the Biden administration authorized the sale of these Bitcoins before leaving office.
Trump had previously announced his intention to commute Ulbricht’s sentence during a speech at the Libertarian National Convention in May.
The Libertarian Party had long advocated for his release. They criticized the case as government overreach and used it as an example in their broader push for drug policy reform.
“Ulbricht was sentenced to two life sentences, plus 40 years, a sentence worse than the worst drug sellers on the site,” wrote Collin Rugg.
Prediction platform Polymarket had estimated a 93% chance that Trump would grant clemency to Ulbricht during the first 100 days. That prediction materialized in just two days.
There was speculation that Trump might use the confiscated BTC to establish a national Bitcoin reserve. However, those assets had already been liquidated under Biden’s administration.
A Punishment Too Harsh?
Back in 2022, BeInCrypto sat down with Ross’s mother, Lyn Ulbricht, who gave an honest account of her son.
Lyn mentioned that she doesn’t condone her son’s actions and thinks Ross Ulbricht deserves the punishment. However, like most of the community, she was concerned about the severity and longevity of the sentencing.
“He wants to solve problems and to help make the world a better place, which is a lot of why he loves Bitcoin, because it opens up prosperity for people who can’t get a bank account and people. That’s his idealism,” said Lyn.
Lyn told BeInCrypto that Ross already severed a decade and learned his lesson. His true intention was never to facilitate illegal trade.
Rather, he wanted a marketplace where people could interact and communicate freely. However, he failed to consider the malicious actors.
Overall, today’s presidential pardon will allow Ross Ulbricht to regain some of his life.
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