The Ross Ulbricht case and why it matters

You’ll get many different opinions from crypto enthusiasts if you bring up Ross Ulbricht. Some will argue that he’s a criminal mastermind who deserves to spend the rest of his life in prison, while others say he’s the victim of an overzealous criminal justice system.

Despite the varying opinions and perspectives about Russ Ulbricht, let’s understand what happened first. His story begins when he was running an online bookstore but started experimenting with the idea of a website where anyone in the world could purchase goods or services anonymously. He eventually created that website on the dark web and named it Silk Road.

The goal was simple: he wanted to create a marketplace that existed without any government regulation whatsoever. He accomplished this thanks to the fact that Silk Road accepted Bitcoin and cryptocurrency rather than cash or credit cards.

A mother on a mission

Our CEO, Michael Hearne, had the opportunity to interview the mother of Ross Ulbricht recently. She speaks about how Ross grew up in Austin, Texas, and had an early passion and fascination for the concept of “free markets.” In their interview, Lyn Ulbricht candidly shares some insights into Ross’s upbringing, their relationship, and she also points out that she actually didn’t realize what Ross was doing until he was arrested.

She has defended her son in the past, arguing that the sentence is severe when you consider that he is a first-time offender, stating that “none of his charges involved violence.” She’s also the organizing force behind freeross.org, and continues to campaign to free Ross Ulbricht. In fact, Lyn also credits Roger Ver, a well-known crypto entrepreneur, for donating hundreds of thousands of dollars to her cause.

She also believes that Ross is a “trophy” for law enforcement, because, like cryptocurrency, his dark web marketplace was anti-establishment. She also notes that the prosecutors didn’t even recommend that Ulbricht spend life in prison; that was the judge’s decision.

The birth of the Silk Road marketplace

The Silk Road was an infamous online marketplace that gained a reputation for selling everything from drugs to hitmen services. It operated as a Tor hidden service and became the first established dark web market. It was launched in February 2011 but was shut down by the FBI and Europol in 2013. Users paid for goods and services with cryptocurrency.

The founder and owner of Silk Road operated under an anonymous pseudonym, “Dread Pirate Roberts,” or “DPR.” The name is a reference to a pirate in the movie The Princess Bride. The FBI determined that Ulbricht was DPR, and arrested Ross Ulbricht at a San Francisco Public Library branch.

The judge who presided over the trial received death threats. The Silk Road also led to the arrests of two federal agents. Ultimately, Ulbricht was sentenced to two life sentences and 40 years on top of that. He was charged with seven counts, including narcotics trafficking, money laundering, and a kingpin statute.

Life after conviction for Ross Ulbricht

Many cryptocurrency enthusiasts all over the world are still interested in helping to free Ross Ulbricht, years after his conviction. His clemency petition boasts over 460,000 signatures. Even though he remains imprisoned, he recently sold an NFT for $6 million. As if that wasn’t interesting enough, the NFT was purchased by the FreeRossDAO, an organization hoping to free Ross Ulbricht and also raise money for prison reform.

Whether or not you agree that Ulbricht should be punished, you may believe that his punishment is excessive. The movement to free Ross Ulbricht seems to be stronger than ever, despite ongoing accusations which have yet to have been proven. 

We do need to mention that he’s accused of paying money to have five people murdered. However, none of these people were actually killed, and he was never formally charged with these crimes.

Ross Ulbricht and the Silk Road remain polarizing, with some describing him as a crypto entrepreneur or just someone who helped prove that people could safely purchase recreational drugs online. 

Others point out that people like Ross made the association between Bitcoin and crime mainstream, and that it’s been used as a common criticism since then. One thing is clear: the movement to free Ross Ulbricht still remains quite strong.