US President Donald Trump pardoned Ross Ulbricht on Tuesday, ending the Silk Road founder’s life sentence.
Ulbricht, 40, was convicted of creating and operating the Silk Road marketplace, where illegal goods and services were sold for Bitcoin, generating more than $200 million in transactions.
Ross Ulbricht Finally Freed After More Than a Decade of Imprisonment
The move fulfills Trump’s campaign promise to release Ulbricht, whose case became a landmark in both the legal and cryptocurrency fields. His arrest in 2013 marked one of the first major prosecutions related to the use of cryptocurrency to emerge for illegal activities.
The Silk Road platform operated from 2011 to 2013. It attracted more than 100K users involved in trafficking drugs and illegal services worth approximately $214 million.
“I have just called Ross William Ulbricht’s mother to inform her that in honor of her and the Libertarian Movement, which has supported me so strongly, I have been pleased to sign a full and unconditional pardon for him. her son, Ross. He was sentenced to two life sentences plus 40 years. Unreasonable,” US President Donald Trump said.
The FBI busted this market in 2013 and seized 69,370 Bitcoins, currently worth more than $6 billion. Last month, the Biden administration authorized the sale of these Bitcoins before leaving office.
Trump announced his intention to commute Ulbricht’s sentence in a speech at the Libertarian National Convention in May.
The Libertarian Party has repeatedly called for his release. They criticized the case as government overreach and used it in their broader effort to reform drug policy.
“Ulbricht was sentenced to two life sentences plus 40 years, a harsher sentence than the worst drug dealers on the site,” Collin Rugg writes.
Prediction platform Polymarket has estimated a 93% chance that Trump will pardon Ulbricht within the first 100 days. This prediction came true in just two days.
There has been speculation that Trump could use the confiscated BTC to establish a national Bitcoin reserve. However, those assets were sold under the Biden administration.
A Penalty Too Harsh?
In 2022, TinTucBitcoin sat down with Ross’s mother, Lyn Ulbricht, who spoke candidly about her son.
Lyn mentioned that she did not support her son’s actions and thought that Ross Ulbricht deserved the punishment. However, like much of the community, she is concerned about the severity and length of the sentence.
“He wants to solve problems and help make the world better, which is why he loves Bitcoin, because it opens up the possibility of prosperity to people who can’t have a bank account. That was his ideal,” Lyn said.
Lyn told TinTucBitcoin that Ross has served a decade and has learned his lesson. His true intention was never to facilitate illegal trading.
Instead, he wanted a marketplace where people could interact and communicate freely. However, he failed to consider malicious actors.
In short, today’s presidential pardon will allow Ross Ulbricht to get some of his life back.
