Trump pardons Ross Ulbricht, founder of Silk Road, fulfilling campaign promise

Trump had initially promised to pardon Ulbricht during the Libertarian Party’s national convention in May, a promise he has now fulfilled.

President Donald Trump has granted a pardon to Ross Ulbricht, the man convicted in 2015 for orchestrating the Silk Road, an illicit online marketplace used for trafficking illegal drugs and hacking services. This decision came on the second day of Trump's presidency, fulfilling a campaign promise to free Ulbricht, whose case became a rallying cry for bitcoin advocates and libertarian groups over the past decade, according to the Financial Times.

Ulbricht was arrested in 2013 at a San Francisco public library and was sentenced to life in prison. Prosecutors argued that he had designed the Silk Road to exploit the dark web’s anonymity and the digital currency Bitcoin to facilitate illegal activities. However, Ulbricht's supporters have long framed him as a victim of government overreach, particularly in its efforts to regulate the internet.

In a post on Truth Social, Trump criticised the individuals involved in Ulbricht’s conviction, equating them to those responsible for what he described as the "weaponization of government" against him. Trump had initially promised to pardon Ulbricht during the Libertarian Party’s national convention in May, a promise he has now fulfilled.

Announcing the pardon, Trump praised the Libertarian Movement for its strong support, stating that Ulbricht's release was "in honor of the Libertarian Movement." The Libertarian Party hailed the move as a "seismic shift" that breaks through the "suffocating wall of state oppression," as reported by the Financial Times.

This pardon further strengthens Trump's ties to the cryptocurrency market, which he has actively courted during his presidency. Trump recently launched his own token, and key figures in the crypto world, including major companies, have supported his campaign, contributing substantial donations. Trump's stance has been clear: he seeks to establish the U.S. as the “bitcoin superpower of the world” and promises to end what he perceives as the industry's persecution under the Biden administration.

Industry leaders were quick to praise the pardon. Jesse Powell, co-founder of the crypto exchange Kraken, expressed his gratitude on social media, calling Ulbricht an “absolute legend and inspiration” and commended Trump for keeping his word, Financial Times added. Paolo Ardoino, CEO of the stablecoin company Tether, echoed similar sentiments, celebrating Ulbricht's newfound freedom.

The Silk Road, which was hosted on the Tor Network and exclusively accepted bitcoin, allowed users to buy and sell a wide range of illegal goods and services, from drugs to forged documents. While the dark web marketplace enabled criminals to hide their identities, it also attracted the attention of law enforcement. U.S. prosecutors revealed that some victims of drug overdoses had purchased their substances from the site.

At Ulbricht’s 2015 sentencing, the judge claimed that he had paid for five murders, though no charges or evidence supported this claim. At the time of his arrest, the U.S. government seized nearly 174,000 bitcoins from Ulbricht's laptop.