Ulbricht, 40, was convicted in 2015 for creating and operating Silk Road, a darknet site that facilitated more than 1.5 million transactions involving illegal goods, including heroin and cocaine. According to federal prosecutors, the platform's revenues exceeded $200 million. Silk Road also pioneered the use of Bitcoin for online commerce, cementing Ulbricht's status as a controversial figure in the cryptocurrency world.
This pardon fulfilled a promise that Trump made during his campaign, actively seeking support from the cryptocurrency sector. The industry contributed more than $100 million in political contributions during the 2024 election cycle, with many supporting Trump's promise to promote digital asset innovation and reform.
In his post on the Truth Social platform, Trump announced the pardon, calling the prosecutors involved in the Ulbricht case "scum" and claiming that they were part of an "armed government" against him.
Ulbricht's pardon reignited debate over his role in online drug trafficking and the severity of his sentence. At his sentencing in 2015, the federal judge called him "the main organizer of the global digital drug trade" and emphasized the devastating social impact of his actions. Prosecutors linked at least six deaths to drugs purchased through Silk Road, although Ulbricht was not charged in those deaths.
The case was also marred by accusations that he ordered the killings to protect the site. Prosecutors acknowledged that no evidence of actual killings was presented.
Ulbricht's release was greeted with joy by cryptocurrency supporters. For years, his supporters have argued that the sentence was too harsh for a non-violent crime. The slogan "Free Ross" has become popular at crypto conferences and on social media.