The pardoning of Ross Ulbricht

The Economist discusses Ross Ulbricht's recent pardon by Donald Trump on January 21st, 2025. Ulbricht created the Silk Road, the first dark-web drug marketplace, in 2011. Using Tor and Bitcoin, the site enabled anonymous drug transactions until Ulbricht's arrest in 2013. He received a life sentence in 2015.

Trump pardoned Ulbricht in exchange for Libertarian Party support in the 2024 election. While supporters portray Ulbricht as a non-violent offender and political prisoner, prosecutors alleged he attempted to arrange a murder-for-hire (though this involved corrupt DEA agents who were later convicted).

The article concludes by noting Ulbricht's significance as cryptocurrency's first major criminal, with the Silk Road being compared to Napster's impact on the music industry. His innovation has led to widespread adoption of cryptocurrency in modern cybercrime, particularly in dark-web markets and ransomware attacks.