Presently, users on the Kalshi prediction market are estimating that there is a 79% chance Ross Ulbricht, the founder of Silk Road, will be granted clemency by President-elect Donald Trump within his first 100 days in office.
During his address at the Libertarian Party’s National Convention on May 25, 2024, the incoming President declared that he would work towards granting freedom to Ulbricht. In his speech to the audience, President-elect Trump expressed this intention.
“If you vote for me, on day one, I will commute the sentence of Ross Ulbricht to a sentence of time served. He has already served 11 years. We are going to get him home.”
At the Bitcoin conference held in July 2024, Trump restated his commitment. A significant cause of concern within the cryptocurrency community – and particularly among Bitcoin users – is the release of Ulbricht from prison. This group tends to align with libertarian ideals.
The arrest and trial of Ross Ulbricht
In 2011, Ross Ulbricht created an online black market known as Silk Road, where illegal items and services were sold, using the pseudonym “Captain of the Fearsome Dread Pirates.
After a two-year probe into the illegal online market, American law enforcement agents apprehended Ulbricht in October 2013, closed down the trading platform, and confiscated approximately 174,000 Bitcoins.
In addition to apprehending the Silk Road founder, law enforcers confiscated his digital devices such as a laptop and external storage drives. These items proved crucial during the court proceedings.
The main figure behind Silk Road was accused by American officials for assisting in illegal drug distribution, managing a criminal organization, conspiring to hack computers, committing identity theft, and participating in a scheme to launder money.
In February 2014, Ulbricht stood before a court in Manhattan and denied all accusations. In the subsequent year, the creator of Silk Road was convicted on every charge levied against him.
2015-05-29 marked the day when the creator of Silk Road was given a life sentence in prison, despite pleading for mercy from Judge Katherine Forrest of Manhattan’s Southern District of New York.
As a crypto investor, I’m keeping an eye on recent developments regarding the Silk Road founder. He seems optimistic about President-elect Trump fulfilling his pledge to commute his life sentence.
11 and a half years spent shrouded in darkness have led me to glimpse the beacon of liberty at last. I owe you an immense gratitude, Donald Trump, for this momentous occasion. – Written by Ulbricht on November 12, 2024.
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2025-01-19 22:13