This article reviews the story of Ross Ulbricht and Bitcoin, exploring how he could have become the richest Bitcoin holder in the world. In 2014, the U.S. government, through the Marshals Service, auctioned nearly 30,000 Bitcoins seized from the Silk Road's main wallet, which were worth about $18 million at the time and are now valued at approximately $3.3 billion. After Ross was arrested in 2013, 144,000 Bitcoins he personally held were also seized, with the government auction yielding only $48 million, now worth over $15 billion. Additionally, 120,000 Bitcoins were stolen by hackers from the Silk Road’s operating wallet. If Ross still controlled all these Bitcoins, his total assets would reach nearly 300,000 Bitcoins, valued at about $30.7 billion, making him the largest Bitcoin holder on the internet. The article also mentions a mistake during the auction process that led to the identities of 40 bidders being leaked, and that the entire auctioned Bitcoin was ultimately purchased by venture capitalist Tim Draper for $19 million. Nevertheless, Ross eventually gained his freedom. The article is excerpted from Supply Shock newsletter.
