Former President Donald Trump has pledged to help the notorious mastermind behind the infamous website Silk Road, Ross Ulbricht. On Wednesday, Trump promised on Truth Social, “I WILL SAVE ROSS ULBRICHT!”. This brings a load of attention back to Ulbricht’s case and that website, which helped shape the early days of Bitcoin.
Key Insights
- Former President Donald Trump has again pledged to help Ross Ulbricht, founder of the Silk Road dark net marketplace.
- Trump’s declaration on Truth Social, “I WILL SAVE ROSS ULBRICHT!”, has reignited public interest in Ulbricht’s case.
- Silk Road, founded in 2011, used Bitcoin to facilitate anonymous transactions, often involving illegal goods such as drugs.
- Ulbricht was arrested in 2013 and sentenced to two life terms plus 40 years in prison, sparking debates about the severity of his punishment.
- Critics argue that the harsh sentence was a government effort to send a strong message against dark net platforms and cryptocurrency use in illegal activities.
- In May 2024, Trump promised at a Libertarian National Convention to commute Ulbricht’s sentence on “day one” if re-elected.
- Ulbricht expressed gratitude for Trump’s continued support, while the crypto community remains divided on the sincerity of Trump’s intentions.
- Trump’s support of Ulbricht aligns with his shift toward backing Bitcoin and other cryptocurrencies, despite his earlier criticism of digital currencies.
The Silk Road
“Thank you. Thank you. Thank you. After 11 years in prison, it is hard to express how I feel at this moment.”- Ross Ulbricht
Ross Ulbricht founded Silk Road in 2011 as an online marketplace on the “darknet”, that part of the internet that is not searchable with Google or any normal search engine. The darknet is designed to be anonymous, and many people who wanted to privatize their activities flocked to it. This allowed its users to sell and buy practically anything on it, but shortly afterward, it became notorious for illegal products, especially drugs. Transactions on Silk Road were done with Bitcoin, a digital currency independent of banks and government oversight, making it more viable for people to stay anonymous.
Bitcoin was a central part of how Silk Road worked: it is a cryptocurrency means of exchange that exists independently of traditional currencies, enabling Silk Road users to make purchases without identifying themselves. This, in turn, for that reason, had attracted onto this site a great share of its clientele who wished to purchase illegal goods, such as drugs, because the risks of getting detected were smaller. While the Silk Road could have easily used its platform to sell legal goods, it became shackled with a reputation tied largely to illegal activity-especially that of narcotics sales. Therefore, intense interest from the point of view of law enforcement agencies arose. Thus he created the first major Darknet Market, though there are many still available today, check out our list.
Going by the nickname of “Dread Pirate Roberts” from the movie The Princess Bride, Ulbricht operated a website called Silk Road to disguise his identity. However, after extensive investigations, in 2013 the FBI tracked and arrested him, and seized his laptop, which contained all evidence linking him to the site. The shutdown of the Silk Road revealed both the great power of Bitcoin for anonymous transactions and how the darknet could be used for illegal purposes. Whereas for some the idea of Ulbricht was one more step toward freedom on the internet, others viewed it as a very dangerous threat because it helped along crime with ease.
Ulbricht’s Arrest and Harsh Sentence
In 2013, the FBI arrested Ross Ulbricht after unmasking him as the mastermind behind Silk Road. He was found in a San Francisco public library with his laptop, which contained all the information that linked him to the site. The FBI had been investigating Silk Road for quite some time, as it had become a leading platform for illegal deals, especially in drugs. They shut down the site and started compiling a case against him after they caught Ulbricht.
Ulbricht received two life sentences and an additional 40 years in prison in 2015, with no possibility of release. The sentence was considered extremely harsh because this guy didn’t take part in the very trading of drugs on this site but just gave a platform for their implementation. Most people, including the cryptocurrency community, generally felt that the punishment didn’t fit the crime. They meant while Ulbricht needed some form of punishment for operating the site, giving him life inside was way too extreme.
Critics argue that the sentencing was just an avenue for the government to make an example of Ulbricht as part of making a loud and clear statement concerning the danger of the darknet, as well as using Bitcoin for ill activities. It was, according to them, far more than a punishment for the crimes run on Silk Road but as a warning to others who may try to create similar sites. This sentence has sharply divided opinion concerning fairness and justice, with many calling for his release or at least a reduction in his sentence.
Trump’s Earlier Promises to Help
This is not the first time Trump has said he would help Ulbricht. In May 2024, Trump told a Libertarian National Convention, a gathering of people who want more freedom for individuals and less government control-that if he becomes president again, he will commute-or lessen-Ulbricht’s life sentence “on day one.” The promise got many convention attendees cheering and waving “Free Ross” signs.
When Ulbricht came to know about Trump’s latest promise to help him, he sent out a tweet: “Thank you. Thank you. Thank you. After 11 years in prison, it is hard to express how I feel at this moment.” Ulbricht’s words epitomize how much hope Trump’s promise has given him, but not everyone in the crypto community feels the same. Some genuinely believe that Trump is trying to be genuinely helpful, while others think that he’s only trying to appeal to Bitcoin and other digital currency enthusiasts for favor in the upcoming election in 2024.
Why the Silk Road and Bitcoin Are Important
The story of Silk Road is important to Bitcoin’s success in making it more well-known, yet it gave Bitcoin a bad reputation. Due to the case of Silk Road, many people associated Bitcoin with illegal activities. Ulbricht operated the site under his fake name “Dread Pirate Roberts,” but when the FBI caught him and seized his laptop, he went straight to jail.
Many libertarians and fans of cryptocurrencies have said that Ross’s sentence was grossly disproportionate. They say that he is not only being punished for what happened on Silk Road but also as a penalty for using Bitcoin to subvert government control over money and finance.
Interestingly enough, Trump is indeed flip-flopping on his Bitcoin stance. From calling cryptocurrencies a scam and risky initially, he is now in favor. At the Libertarian convention, Trump even went as far as to say that he would protect Bitcoin from people such as Elizabeth Warren, who are opposed to digital currencies.
What’s Next for Ulbricht and Silk Road’s Legacy?
Trump’s support for Ulbricht has restarted debates about government control, justice, and the future of digital money like Bitcoin. Some people are hopeful that Trump will help Ulbricht, but others think it’s all part of his plan to win more votes in the next election. Only time will tell what will happen next, but Ross Ulbricht’s story and the legacy of Silk Road are still a hot topic.