ZachXBT dismissed claims Ross Ulbricht donated 300 BTC to himself, citing wallet activity during his imprisonment and use of centralized mixer Jambler.
The donation has reignited speculation around Ulbricht’s hidden Bitcoin, though analysts say linked wallets remain dormant.
Blockchain investigator ZachXBT has poured cold water on theories that Ross Ulbricht, founder of the Silk Road marketplace, recently donated 300 Bitcoin to himself. The donation, worth approximately $31.4 million, originated from flagged addresses using centralized mixing service Jambler — raising suspicions about the true source of the funds.
Ross Ulbricht(@RealRossU), the founder of the #SilkRoad marketplace, received 300 $BTC($31.4M) to his donation wallet 8 hours ago.https://t.co/3DEsM9rpBq pic.twitter.com/JoUMNqM99p
— Lookonchain (@lookonchain) June 1, 2025
Donation Tied to Wallets Active During Ulbricht’s Incarceration
Ulbricht, who was sentenced in 2015 to a double life sentence plus 40 years, received the massive Bitcoin transfer to a wallet previously used for soliciting donations. Blockchain analytics firm Lookonchain flagged the activity on June 1, noting the involvement of Jambler, a centralized crypto mixer. Some speculated this could be Ulbricht cashing in on a hidden Silk Road stash.
However, ZachXBT refuted the self-donation theory in a June 2 post on X. He pointed out that the wallets involved were active in 2014 and 2019 — while Ulbricht was behind bars — and that few legitimate entities use Jambler for large-scale mixing. “It likely doesn’t appear to be a self-donation,” he wrote, although he acknowledged the source remains questionable due to flagged activity and mixing behavior.
Update: Few entities regularly use Jambler in size so I found a potential demix for the donation. 1Mp5hH originates from late 2014 exchange activity. 1CNDW has 2019 exchange activity and was previously flagged in compliance tools.
— ZachXBT (@zachxbt) June 2, 2025
1Mp5hH & 1CNDW were depositing in size to…
Privacy Tools and Suspicious Wallet History Under Scrutiny
ZachXBT highlighted that privacy-minded users typically use decentralized mixers, not centralized options like Jambler. The two wallets linked to the donation had prior exchange activity and had been dormant since 2019 before recently making deposits into Jambler between April and May 2025. The timing and scale of these transactions triggered further scrutiny, but ultimately suggested third-party involvement.
In response to a user inquiry, ZachXBT emphasized the activity on these wallets during Ulbricht’s imprisonment as strong evidence against the self-donation narrative.
Everyone was accusing Ross of a self donation so if anything this proves it was a donation and not his “secret stash” bc there was activity when he was away in prison.
— ZachXBT (@zachxbt) June 2, 2025
Ross Ulbricht’s Bitcoin Holdings Remain a Topic of Interest
Ulbricht’s history with Bitcoin remains controversial. Earlier this year, Coinbase director Conor Grogan identified 430 BTC across 14 addresses he claimed were linked to Ulbricht and had never been seized. Supported by Arkham Intelligence, these wallets remain inactive since 2013. Ulbricht also recently auctioned personal items for over $1.8 million in Bitcoin, including prison-made artwork and memorabilia — a sign of continued support from parts of the crypto community.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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