Elon Musk Confirms Ross Ulbricht’s Imminent Release from Prison
Highlights
- Elon Musk has confirmed Silk Road founder Ross Ulbricht's release in a post on X platform.
- Industry sources say Ulbricht's release order could be coming in 24 to 48 hours.
- Despite high expectations, Trump has yet to announce crypto-related executive orders.
- Following the inauguration, the TRUMP meme coin dropped 40%, while the MELANIA token fell 60%.
As Donald Trump begins his next term in the White House, attention is turning to the anticipated release of Silk Road founder Ross Ulbricht. Tesla CEO Elon Musk, a close ally of the Trump administration, has confirmed the decision. Responding to a social media post, Musk stated, “Ross will be freed too.”
Silk Road Founder Ross Ulbricht To Be Out of Prison Soon
Silk Road’s Ross Ulbricht has yet to receive an official communication from Donald Trump for lifting his prison sentence. Back during his presidential campaign last year, Trump stated: “If you vote for me, on day one, I will commute the sentence of Ross Ulbricht”.
As Trump signed several executive orders at the Oval Office after the inauguration ceremony, everyone is waiting for Trump to pardon Ulbricht after 11 years in prison. Trump’s close associate and tech billionaire Elon Musk has confirmed the Silk Road founder’s release.
Ross will be freed too
— Elon Musk (@elonmusk) January 21, 2025
Angela McArdle, chair of the Libertarian National Committee (LNC), announced that Ross Ulbricht is likely to receive a presidential pardon within the next 24 to 48 hours. In a message on the X platform, McArdle wrote:
“Pres. Trump’s staff just confirmed to me Ross’s pardon will be issued late tonight or tomorrow morning”.
Elon Musk also confirmed the same in a recent X post response, which has further fueled market optimism. Notably, as per Ross Ulbricht’s post on X last May 2024, Trump will “commute” the sentence for the Silk Road founder.
This means that the severity of the punishment or the prison term would be reduced. Thus, it will be interesting to see whether Trump takes a step further to pardon the sentence, meaning complete forgiveness.
No Crypto Executive Order On Day 1?
While the broader crypto industry had high hopes from President Donald Trump of having a crypto executive order on the first day, there’s no such development so far. There have been mixed reactions to this development.
Anonymous crypto handle that goes by the name “Flood” noted: “NO ROSS PARDON, NO LEGALIZATION OF PERPETUAL SWAPS AND NO CRYPTO EXECUTIVE ORDER HAVE WE BEEN BAMBOOZLED BY THE TRUMP CRIME FAMILY?”. However, other experts have asked the industry to maintain patience for the same. Sharing his thoughts on the same, popular crypto analyst Miles Deutscher highlighted positive developments surrounding Ross Ulbricht’s pardon and said:
“Tbh, it was unlikely Trump was going to mention crypto in his speech anyway. What matters is what happens over the coming days. There are already reports of pardoning Ross Ulbricht + and an executive order to allow banks to more easily hold digital assets. Patience”.
TRUMP Meme Coin Tanks 40%
Following the January 20 inauguration, the Official Trump (TRUMP) meme coin has collapsed 40% dropping to $32 as of press time. Similarly, the Official Melania Meme (MELANIA) is down by 60%, a day after its launch.
The launch of meme coins by the Trump family has received severe criticism from several experts, including some from the crypto industry. Billionaire investor Mark Cuban has voiced criticism of the TRUMP meme coin, labeling it overly speculative. Cuban expressed concerns about the token’s potential to harm cryptocurrency credibility and exacerbate regulatory challenges for the broader market
- Ripple Eyes Tokenization and Stablecoins in XRP Ledger Institutional DeFi Roadmap
- UK and US Announce Joint Task force to Boost Collaboration on Crypto Regulation
- Deutsche Bank Predicts Central Banks Could Adopt Bitcoin Alongside Gold by 2030
- Bitget’s Universal Exchange Merges Crypto, Stocks, and RWAs To Offer Global Market Access
- PancakeSwap Launches Crosschain Swaps on Solana Amid Aster DEX Competition
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
