According to blockchain analysis, a cryptocurrency wallet associated with the now-closed dark web market Alphabay reportedly donated $31 million worth of Bitcoin (BTC) to Silk Road founder Ross Ulbricht.
Blockchain analysis firm Chainalysis revealed in a report on June 5, 2025, to WIRED that they linked the 300 BTC donated to Ulbricht earlier this month to Alphabay, which was the predecessor of Silk Road and operated from 2014 to 2017.
Chainalysis stated that the funds likely came from a major supplier on the platform, as only such individuals would possess such a large amount of funds.
"We have reasonable grounds to suspect that this funding originated from Alphabay," said Phil Larratt, Chainalysis's investigation director. "In terms of the amount, it suggests that the funds may have come from an early supplier of Alphabay."
Independent blockchain detective ZachXBT confirmed that the 300 BTC did not come from Silk Road and pointed out suspicious patterns in the donor's fund transfers.
They used various mixing services to obscure transaction traces and cashed out other cryptocurrencies in small amounts to avoid detection. ZachXBT believes this indicates that the funds may have a criminal origin.
ZachXBT stated on the X platform that this donation appears to come from a "suspicious centralized mixing service" called Jambler, while ordinary privacy enthusiasts typically use decentralized mixing tools like Wasabi and the now-closed Samourai.
🔥 TODAY: Ross Ulbricht, founder of the SilkRoad marketplace, received 300 $BTC in his donation wallet. pic.twitter.com/51tnFbWmCa
Analysis shows that this money is a "legitimate donation, but the source of the funds is illegal," ZachXBT told WIRED.
"Using multiple mixers, diversifying deposits in centralized exchanges (CEX), and other such behaviors are typically done to avoid having illegal funds frozen," he said.
Chainalysis played a crucial role in identifying Bitcoin addresses associated with Alphabay, which was key to shutting down the dark web market during an investigation known as "Operation Blade" from 2016 to 2017.
Any BTC held since then may have significantly appreciated, potentially over 40 times, but the identity and motives of the donor remain unknown.
In January of this year, U.S. President Donald Trump fully pardoned Ross Ulbricht, who was sentenced to two life terms plus 40 years for operating Silk Road and has been serving his sentence in prison for 12 years.
Related: Reports indicate that WLFI issued a cease-and-desist order for "unauthorized" Trump wallet.
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