Silk Road Founder Ross Ulbricht Nets $1M in Scarce City Crypto Auction

Ross Ulbricht, founder of the Silk Road darknet marketplace, has turned his personal history into crypto heritage. In a high-profile auction on Scarce City, the Silk Road founder sold off his belongings—from the free days before his 2013 arrest to the solitude of prison—raising over $1 million in Bitcoin.

Bidders from around the world snapped up symbolic mementos: a sleeping bag, backpack, and drum from his time running the marketplace; a prison lock, worn clothes, personal journals, and his own paintings—each one a fragment of a life lived at the edge of freedom.

To enter the bidding process, participants had to pay a 1% deposit based on their expected bid. Scarce City’s system extended the auction timer with each new last-minute bid to prevent auction sniping. The highlight was Ulbricht’s final prison ID, which showed him smiling—a photo taken in defiance of prison rules. It sold for 5.5 BTC (~$576,000).

The guard tried to get me to stop smiling for the photo, but my joy comes from within, so I smiled that day, even though I was in prison :),

Ross shared.

Scarce City Auction Rules

Successful bidders were required to complete payments by June 2, with Bitcoin favored as the primary method. For lower-value items, PayPal was accepted. The Scarce City platform maintained strict user confidentiality throughout the crypto auction. Experts say this kind of event strengthens Bitcoin’s standing as a legitimate payment currency in the global economy.

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In one of his earliest executive decisions, President Donald Trump pardoned Ross Ulbricht in January 2025. The decision offered Ulbricht a rare second chance after years behind bars. He later shared that it was finally time to part with the reminders of his past and begin the next phase of his life.

Dormant Assets

Ross Ulbricht may still control a sizeable Bitcoin fortune. Coinbase’s Conor Grogan estimates that around 430 BTC—nearly $45 million—sit in crypto wallets associated with the Silk Road. These funds have remained dormant since Ulbricht’s arrest and have not been confiscated. Blockchain analytics firm Arkham Intelligence has confirmed the validity of these addresses.

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Among the so-called “sleeping” wallets, one is believed to store more than 90 BTC—equivalent to nearly $9 million. While their sudden reentry into circulation could cause sharp market shifts, it's unlikely that Ulbricht, given his long detachment from the market and the symbolic value of his holdings, would choose to sell—assuming access still exists.