The Majority of Dread Pirate Roberts’ Bitcoins Remain Unseized

November 25, 2013

Check out this article from The Guardian.

Majority of Silk Road’s Bitcoins may remain unseized

Four-fifths of the income received by the Silk Road boss, Dread Pirate Roberts (DPR), has not been seized by FBI, research shows

The supposed one-fifth of Silk Road’s bitcoins that have been seized are held at this wallet by the FBI: 1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX.   It is great fun to read through all the transaction notes, angry rantings, loan requests, etc that people are sending to the publicly viewable address.  These bitcoins were seized from the Silk Road but they were not  seized from Mr. Ross Ulbricht.  Those bitcoins sitting in the FBI wallet are mostly “innocent” user funds, and those funds that were held in escrow due to pending orders at the time.  Some Silk Road users are attempting to claim their bitcoins back from the US government by claiming that they were using Silk Road for their legal goods, of which there were just a few.

By the way Business Insider, is not the actual blockchain, it is just a crawler that allows you to view a lot of useful data.  Suggesting otherwise shows blatant stupidity.

The bitcoins that the article are actually referring to are for all intents and purposes the private stash of Mr. Ross Ulbricht.  The same stash that he would supposedly use to escape custody should he be released on bail.  The media around the world is doing their best to obscure the lines between the Silk Road and Mr. Ross Ulbricht in an attempt to render him guilty until proven innocent as opposed to the other way around.  This is an anticipated angle given that Mr. Ross Ulbricht’s only probable defense is attacking the evidence tying his physical identity to the virtual identity of DPR.

The research article that spawned this recent headline comes from two Israeli researchers from the Weizman Institute of Science’s Computer Science Department.  They trace the Silk Road connected bitcoins back from the FBI wallet and through Silk Road’s mixer to confirm what every Bitcoiner worth half a satoshi already knew: The majority of bitcoins that Mr. Ross Ulbricht probably has control over remain unseized.


Not surprisingly, Mr. Ross Ulbricht was recently denied bail due to “high flight risk.”

In case you missed it, the prosecutors argued very convincingly that Mr. Ross Ulbricht  perhaps had the highest flight risk out of any fugitive ever apprehended.  The public is supposed to believe that should Mr. Ross Ulbricht, whom is denied internet access while he is in prison, make it out on bail that he would immediately book a ticket on to the Dominican using his hidden bitcoins.  For those interested in the politicking behind the headlines, check out this AMA on reddit’s silkroad subreddit from an attendee of Mr. Ross Ulbricht’s Bail Hearing.

In the interest of journalistic integrity I must also present to you this highly discussed post on the Silk Road subreddit.  The Bitcoin community, of which the Silk Road community is a small part of, is incredibly torn as to how to view Mr. Ross Ulbricht aka Dread Pirate Roberts.  Is he a murderer? Is he a psychopath? Is he ever going to get out of jail? Do his “good” deeds outweigh his bad deeds?

The only thing we do know for sure is that Mr. Ross Ulbricht will remain behind bars, and major media will continue to pop out sensationalist headlines about Bitcoin, drugs, and anything and everything for the foreseeable future.

Last modified (UTC): April 20, 2014 18:25

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