Anonymous blockchain investigator ZachXBT was instrumental in tracing a $31 million Bitcoin donation sent to Ross Ulbricht, the founder of Silk Road . The donation, made in June 2025, sparked speculation about its origin, with some suggesting it came from hidden Silk Road profits .
ZachXBT stepped in to investigate the source of the funds, as many were falsely accusing Ulbricht of making the donation himself . Through blockchain analysis, ZachXBT concluded that the funds were not a “self-donation” from Ulbricht, but originated from wallets that had been previously flagged for illicit activity .
Specifically, ZachXBT traced that the funds had passed through Jambler, a centralized Bitcoin mixing service . Two dormant addresses, dating back to 2014 and 2019, had deposited large amounts into Jambler between April and May 2025, coinciding with the transfer to Ulbricht's wallet . One of the addresses had been previously flagged in compliance tools, adding to the concerns .
Chainalysis, a blockchain analysis firm, also concluded that the donation did not originate from Silk Road . Instead, the funds appear to trace back to AlphaBay, a darknet marketplace that operated between 2014 and 2017 . AlphaBay was reportedly ten times the size of Silk Road at its peak and was known for trafficking in drugs, malware, and illegal services .
Phil Larratt, Chainalysis's director of investigations, stated that there are “reasonable grounds to suspect” that the Bitcoin came from someone involved with AlphaBay, likely a former vendor . Chainalysis' forensic analysis showed that the donor used several Bitcoin mixers, including Jambler, to obscure the flow of funds .
ZachXBT noted that the person behind the transfer may have been actively trying to avoid detection, as they had previously cashed out other crypto through centralized exchanges in small, spread-out amounts . This behavior is consistent with an effort to evade asset freezing or scrutiny .
Ulbricht, who had been sentenced to a double life sentence plus 40 years, received a pardon from President Donald Trump in January 2025 . Following his release, he also auctioned off personal items, raising over $1.8 million in Bitcoin .