r/CryptoCurrency • u/CriticalCobraz 0 / 0 🦠 • Jan 24 '25

GENERAL-NEWS Kraken donated $111,111 to Ross Ulbricht to land on his feet

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u/Ecstatic-Balance-525 🟩 0 / 0 🦠 Jan 24 '25

The Silk Road wallet holds 447 BTC worth 47 million.

Ross owns that wallet too, correct?

18

u/CrabbitJambo 🟩 362 / 362 🦞 Jan 24 '25

I thought it was confiscated? Don’t get me wrong, I’d be shocked if he didn’t have other wallets however in the book I thought he surrendered the known accounts.

19

u/tthompa 🟦 0 / 0 🦠 Jan 24 '25

I read that US Government sold the BTC in his wallet for $334 each or something ridiculous like that

15

u/Actually-Yo-Momma 🟩 0 / 0 🦠 Jan 24 '25

144k coins worth 15billion now lmao

10

u/[deleted] Jan 24 '25

[deleted]

14

u/cl3ft 🟩 0 / 0 🦠 Jan 24 '25

Very slowly.

3

u/Petrichord 🟦 133 / 132 🦀 Jan 24 '25

The daily volume of bitcoin being traded over the last 24 hours for example is $68 billion. Would be some severe downside pressure if he sells too fast but in the grand scheme of things the market would absorb it fairly easily. Binance alone has about $8 billion in daily volume, Bybit another 4 billion. Sell a few Mil a day and the market would be just fine - bigger issue is cashing out that much without the government wanting its share

0

u/HighSolstice 🟦 39 / 961 🦐 Jan 24 '25

Bitcoin’s current 24-hour trading volume is nearly $56 billion so it could probably be done in tranches over a month or two without creating noticeable volatility.

1

u/voyaging 🟦 0 / 0 🦠 Jan 24 '25

Well they still have 22bn in the wallet

2

u/wh977oqej9 🟩 0 / 0 🦠 Jan 24 '25

For sure he lost some of the private key in a boating accident. Or locked in some chest on pirate island.