Long Dormant Silk Road Bitcoin Wallets Move Millions in Mysterious Transfers

On Monday, May 5, 2025, two long-dormant Bitcoin wallets, first activated in July 2013, sprang to life after nearly 11 years of inactivity. These wallets, which had not seen a single transaction since their inception a decade and ten months ago, moved a staggering 3,421 Bitcoin, valued at approximately $322.5 million. The sudden activity has sparked a lot of interest among analysts and enthusiasts, particularly due to the wallets' historical ties to the infamous Silk Road, a darknet marketplace that was shut down in 2013 for facilitating illegal trades.

The first transaction involved 2,343.481 BTC, worth $220.83 million, and occurred at block height 895,421. Originating from a Pay-to-Public-Key-Hash (P2PKH) address activated on July 11, 2013, the funds were distributed across 31 outputs, with 30 of them directed to a newly created Pay-to-Witness-Public-Key-Hash (P2WPKH) wallet.

As of now, the Bitcoin remains untouched in its new destination. A second transaction soon followed, transferring 1,078.99 BTC, valued at over $101 million, at block height 895,433. This wallet, also initialized on July 11, 2013, executed 27 outputs, ultimately sending the funds to another unfamiliar P2WPKH address, where they currently reside. These movements were flagged by blockchain parsing accounts, drawing attention to their significance.

A Connection to Silk Road and Ross Ulbricht

Adding a layer of fascination to these transactions, Sani, the creator of timechainindex.com, traced the origins of these Bitcoins back to the Silk Road, revealing that they were withdrawn in 2012.

The Silk Road, once a hub for illicit activities, was shut down by authorities, and its founder, Ross Ulbricht, was sentenced to life in prison in 2015. However, in January 2025, Ulbricht received a full pardon from President Trump and was released from a federal prison in Arizona. Since his release, Ulbricht has maintained a relatively low profile, occasionally sharing updates about his life on X. In February, he made a post in support of his long time friend and Bitcoin supporter Roger Ver, who is currently embroiled in a battle with the IRS. Ulbricht also plans to make an appearance at the upcoming Bitcoin Conference in Las Vegas at the end of May.

While there is no direct evidence linking these Bitcoin movements to Ulbricht, the timing of his release and the activation of these Silk Road associated wallets has sparked curiosity. The idea that Ulbricht might be reclaiming his freedom alongside potential access to these funds paints an intriguing picture, one that resonates with those who have followed his story and hoped for his fresh start.