Ross Ulbricht, the imprisoned founder of the Silk Road darknet marketplace who was granted clemency by US President Donald Trump earlier this year, received a whopping $31 million Bitcoin donation from an anonymous wallet over the previous weekend.

The sizable gift, sent less than five months after Ulbricht’s sentence was commuted, immediately sparked speculation that he had covertly reclaimed old Silk Road earnings.

Anonymous Bitcoin Gift to Ross Ulbricht

According to the intel shared by cryptocurrency tracing firm Chainalysis with WIRED, the 300 BTC donation did not originate from Silk Road at all. Instead, the funds appear to trace back to AlphaBay, a now-defunct darknet market that operated between 2014 and 2017, well after Silk Road’s takedown.

AlphaBay, which was reportedly ten times the size of Silk Road at its peak, was known for trafficking in drugs, malware, and illegal services. Phil Larratt, Chainalysis’s director of investigations and a former UK law enforcement official, said there are “reasonable grounds to suspect” the Bitcoin came from someone involved with AlphaBay – likely a former vendor, given the size of the amount.

Prominent blockchain investigator ZachXBT, who had earlier examined the donation, also concluded the funds did not come from Silk Road.

Despite the sender’s use of Bitcoin mixing services, ZachXBT traced the BTC to a wallet previously flagged by Chainalysis as connected to illicit activity. He shared his conclusion with WIRED, wherein he noted that the donation itself may be genuine, but “not legitimate funds.”

Additional clues suggest the person behind the transfer may have been actively trying to avoid detection: ZachXBT discovered the same individual had previously cashed out other crypto through centralized exchanges in small, spread-out amounts, rather than large single transactions. This behavior is consistent with an effort to evade asset freezing or scrutiny.

AlphaBay Crackdown

Chainalysis reportedly declined to share specifics on how exactly it linked the donation to AlphaBay.  But it is important to note that the firm is widely known for its expertise in mapping illicit activity across blockchain networks and played a crucial role in dismantling the now-defunct marketplace during the multinational law enforcement initiative known as Operation Bayonet, involving the FBI, DEA, and Europol.

The crackdown later led to the conviction of Bryan Connor Herrell, an AlphaBay moderator, who was sentenced to 11 years in prison. As for Ulbricht, he has not publicly addressed the donation.