Auction of Silk Road Founder Ross Ulbricht’s items nets over $1.8M

An auction of personal belongings from Silk Road founder Ross Ulbricht has brought in more than $1.8 million worth of Bitcoin as collectors vied for pieces of crypto history.

Ulbricht, who waspardoned by former President Donald Trumpearlier this year, offered a range of items through Bitcoin-only marketplace Scarce City.

The collection included personal effects from before his 2013 arrest — such as a sleeping bag, backpack, and drum — as well as prison memorabilia like a lock, notebook, clothing, and several paintings created while incarcerated.

“I’ve left Arizona, the state where I was in prison. It’s time to travel. That means downsizing and turning the page,” Ulbrichtwroteon the auction page. “I don’t need the reminders and I’m sure some of you will love to have them.”

Related:Is the pardoned Silk Road founder getting more involved in US politics?

Ulbricht’s final prison ID card fetches 11 BTC

One of the standout pieces, Ulbricht’s final prison ID card, fetched 11 BTC — over $1.1 million at current prices. “The guard tried to get me to stop smiling for the photo, but my joy comes from within,” Ulbricht commented. “So I smiled that day, even though I was in prison.”

A collaborative painting by Ulbricht and a fellow prisoner known as “Omega” also drew attention, securing a winning bid of 1.01 BTC. “It gave me the feeling that, if I could pass through it, something better would be on the other side,” Ulbricht said of the artwork.

In order to participate in the auction, Bidders had to deposit 1% of their bid as collateral. Last-minute bids also reset the countdown timer to ensure fair competition.

Final payments must be completed by June 2, with BitcoinBTC$104,291BitcoinChange (24h)0.48%Market Cap$2.07TVolume (24h)$21.15BView Morepreferred, though smaller PayPal payments were also accepted.

Related:Ross Ulbricht-tied crypto wallets lose $12M in memecoin misstep: Arkham

Millions in Dormant Bitcoin

In addition to raising $1.8 million from the auction and receivingsignificant community donations, Ulbricht may have access to millions in Bitcoin.

Coinbase director Conor Grogan recentlyhighlightedthat approximately 430 BTC, currently valued at around $47 million, remain in wallets likely tied to Ulbricht. These wallets have been inactive for over 13 years and were never seized by authorities.

“I found ~430 BTC across dozens of wallets associated with Ross Ulbricht that were not confiscated by the [US government] and have been untouched for 13+ years,” Grogan shared on X.

Blockchain analytics firm Arkham IntelligenceconfirmedGrogan’s assessment, tracing 14 Bitcoin addresses connected to Silk Road. One of these wallets alone holds more than $9 million in BTC.

Magazine:China’s state-backed think tank considers Bitcoin reserve, Sony Bank goes Web3: Asia Express

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