Connect with us

Entertainment

Please Don’t Tell Ross Ulbricht What His 144,000 Bitcoin Are Worth Today…

Ross Ulbricht, the man who founded Silk Road, had 144,000 Bitcoin when he was taken into custody in 2013. Those 144k Bitcoin were valued $25 million at the time, or $180 per coin. They are worth a little more now.

Published

on

The FBI carried out a meticulously planned operation on the afternoon of October 2, 2013, to apprehend a person they believed to be one of the world’s most dangerous criminal lords. The operation didn’t take place in a Mexican complex, a South American jungle, or a secured Miami home. The action took place at a San Francisco public library’s science fiction department. Additionally, the FBI’s target might not have ever used a gun or drugs in his life, unlike the majority of world kingpins. He did, however, touch a keyboard. And it is claimed that he used that keyboard to establish and run Silk Road, the biggest illegal market on the internet.

The FBI was aware that “Josh” would probably set up shop at his neighborhood library on this specific October day as opposed to the coffee shop. They did indeed follow their target to the library, where he started up his laptop at 3:15 p.m. Agents were instructed to hold off until “Josh” entered his laptop’s password and signed into his email and social media accounts. A few feet away from where the signal was issued, two undercover FBI agents—a male and a female—started acting out a lover’s fight. As the fake lovers yelled at each other, a team of agents swooped in to arrest “Josh.” The unlocked laptop was taken by an agent and given to a senior IT professional. All of the computer’s admin passwords were promptly reset by the IT professional.

Now in handcuffs, agents read the 29-year-old target his rights. The real name of “Josh”?

Ross Ulbricht

Ross established the Silk Road market in February 2011, according to the FBI’s criminal papers. He operated under the username “Dread Pirate Roberts,” which was a reference to a fictional character from “The Princess Bride.”

The largest illegal drug bazaar on the “dark net” was shortly The Silk Road. Similar to eBay, if you wanted to purchase drugs like cocaine or ecstasy or firearms maybe perhaps an assassin. Users used the Tor network to access the website. When someone uses Tor, their IP address (geographic location) is encrypted several times over then routed all over the world to dozens of locations, allowing them to be totally anonymous and untraceable.

Using bitcoin, all transactions were funded. Silk Road took a 10% cut of every transaction.

Silk Road processed $9 billion in transactions during its brief existence. And with each and every one of those $9 billion worth of transactions, a little slice of Bitcoin was set aside for Ross Ulbricht.

In August 2014 Ulbricht was charged with money laundering, conspiracy to traffic narcotics and conspiracy to commit computer hacking. Ulbricht allegedly spent $730,000 to have a number of his acquaintances killed, according to the prosecution.

On February 4, 2015, Ulbricht was found guilty on each and every charge. On May 29, 2015 he was sentenced to two lifetimes in prison plus 40 years, without the possibility of parole. He is at a federal prison in Tucson, Arizona, completing his sentence at the moment. Additionally, he was mandated to pay $180 million in judgments.

Bitcoin Fortune

Ross Ulbricht managed to amass 144,000 bitcoins while running Silk Road as compensation for handling those $9 billion in transactions.

A single bitcoin cost $121 on the day of his arrest in October 2013. Therefore, at the time of his arrest Ross was worth around $17.4 million.

On the day of his conviction in February 2015, the price of bitcoin was $220. Ross’ 144,000 coins were valued at $31.7 million at that time.

I sincerely hope Ross doesn’t have access to the bitcoin price from prison for the sake of his sanity.

Earlier today (Friday February 19, 2021), the total market cap of bitcoin crossed $1 trillion for the first time. That occurred when bitcoin’s price briefly surpassed $53,000 for the first time recently.

$8 billion

In a strict sense, $8,010,648,000. And that’s where I’m leaving it because in the hour I’ve spent writing this article, the price of bitcoin has jumped over $1,000, forcing me to come back and update these numbers three times.

What Happened To Ross Ulbricht’s Bitcoins?

A Baltimore secret service member who assisted in Ross’ detention was unexpectedly detained and given a six-year prison term in 2017 for taking part of Ross’ bitcoins.

The United States Marshals service held nine auctions for 30,000 worth of Ross’ coins in the middle of 2014. Tim Draper, a venture capitalist, won all nine auctions. Tim bought 29,657 bitcoins for a total cost of $19 million.

$1.65 billion

Ross had additional 69,000 bitcoins when the US Department of Justice and the IRS’s criminal investigations division seized them in November 2020. In reality, a hacker had taken 69,000 bitcoin from Ross in 2012 and 2013. The government has not auctioned off this hoard of coins, which have a market worth of =, as of this writing.

$3.83 billion

For a website he created when he was 26 years old and passionate about free markets and privacy, my son Ross Ulbricht is a first-time offender facing a double life sentence without parole, plus 40 years. Ross, an Eagle Scout, scientist, and nonviolent businessman, was found not guilty of any violent crimes. He was never charged with hurt or physical injury, and there was no victim mentioned during the trial.

Can you picture how Ross must be feeling right now, guilty or innocent? One day, he left his flat with a $17 million net worth and a successful web business. He may technically still be a multibillionaire even if he is a 36-year-old federal prisoner today. And how tortuous it must be to know what could have been had he maybe escaped to South America before that fateful day in October 2013. What his life would be like today if the dice were rolled a little differently.