On June 5, WIRED published a report citing Chainalysis, which traced a Bitcoin donation worth around $31 million to Ross Ulbricht, founder of the Silk Road, back to an old Alphabay wallet.
The 300 Bitcoin donation was not linked to Silk Road but to Alphabay, another major darknet marketplace that operated from 2014 to 2017.
Phil Larratt, director of investigations at Chainalysis, said the Bitcoin likely came from a major Alphabay vendor.
“We have reasonable grounds to suspect that these funds originated in AlphaBay,” Larratt told WIRED. “Looking at the amount, that would suggest they came from someone who was possibly a vendor on AlphaBay back in the early days.”
This statement points to a long-term darknet marketplace actor, not a random supporter of Ross Ulbricht.
Alphabay gained popularity after the shutdown of the Silk Road in 2013 and operated until a global police operation took it offline in 2017.
Crypto Mixers Used to Obscure Bitcoin Trail
Blockchain investigator ZachXBT confirmed that the Bitcoin donation did not come from Silk Road.
He analyzed the fund flow and identified the use of several crypto mixers, which scrambled the transaction path to hide the original source.
The sender used Jambler, a centralized crypto mixing service. In contrast, typical privacy users prefer decentralized tools like Wasabi Wallet and Samourai Wallet, the latter of which is now defunct.
“Usage of multiple mixers, spreading out CEX [centralized exchange] deposits, etc, that is done typically if you are trying to avoid getting illicit funds frozen,” ZachXBT told WIRED.
He also commented on X that the Bitcoin donation was a “legitimate donation, but not legitimate funds,” based on the movement patterns and privacy tools used.
These actions included breaking down large amounts into smaller ones and cashing out other coins in limited batches.
Chainalysis Highlights Alphabay Link From Operation Bayonet Data
Chainalysis played a critical role in Operation Bayonet, the international investigation that led to Alphabay’s takedown .
Back in 2016–2017, Chainalysis helped track Bitcoin addresses associated with the darknet marketplace.
Their forensic tools provided key data to law enforcement, which shut down Alphabay in mid-2017.
Any Bitcoin held since that time would have appreciated significantly. In 2017, Bitcoin traded at approximately $2,500.
With prices now above $103,000, 300 Bitcoin would now equal over $31 million. The Bitcoin donation to Ross Ulbricht came after this steep rise in value, but the identity of the sender is still unknown.
The sender’s motivation remains unclear. The only known detail is that they moved funds in ways that reflect techniques used to avoid detection by blockchain monitoring.
Ulbricht Pardon Preceded Donation, Identity of Donor Still Hidden
In January 2025, Donald Trump issued a full pardon to Ross Ulbricht, who had served 12 years of a double life sentence plus 40 years.
He was sentenced for operating the Silk Road, which facilitated anonymous online drug sales and was shut down by U.S. authorities in 2013.
The Bitcoin donation arrived months later. Despite its size and visibility, the sender remains anonymous.
Still, both Chainalysis and ZachXBT agree the money did not originate from Silk Road. Their analysis shows it came from an entity tied to Alphabay, and most likely a former vendor.
“That would suggest they came from someone who was possibly a vendor on AlphaBay back in the early days,” said Phil Larratt, repeating that the amount suggests long-term accumulation by someone involved in Alphabay during its operational period.
The case draws a connection between two of the most well-known darknet marketplaces, using current blockchain data to tie together activities from nearly a decade ago.
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