Share this article
Alleged Silk Road Ringleader Ross Ulbricht Indicted on Drugs, Money Laundering
Ross Ulbricht has been formally indicted by federal prosecutors for his involvement in Silk Road.
By Pete Rizzo
Updated Sep 11, 2021, 10:19 a.m. Published Feb 4, 2014, 9:13 p.m.
Ross Ulbricht, the 29-year-old alleged mastermind behind the now-defunct online black market Silk Road has been indicted on charges related to computer hacking, drugs and money laundering, federal prosecutors revealed on 4th February.
Notably, prosecutors found that Ulbricht engaged in "continuing criminal enterprise," a charge typically reserved for mafia members and high-profile gangsters, and sometimes referred to as "the kingpin statute".
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The charge adds 20 years to Ulbricht's minimum sentence, and carries a potential life sentence.
Ulbricht faces a maximum life sentence for the crimes relating to his involvement with Silk Road, a largely illegal marketplace that generated an estimated $1.2bn in annual sales, if convicted. His minimum charges carry a combined 30-year prison sentence.
The announcement means that a grand jury has deemed that sufficient probable cause has been established to take action against Ulbricht, who was arrested in October on charges of possessing and distributing controlled substances, conspiring to commit computer hacking offenses and money laundering offenses.
Next steps
Now that the indictment against Ulbricht has been returned, an arraignment can take place. At this event, Ulbricht will be read his charges, advised of his rights and will enter a plea of guilty or not guilty. If Ulbricht pleads not guilty, a trial date will be selected as well.
, Ulbricht’s defense attorney Joshua Dratel indicated that Ulbricht plans to enter a "not guilty" plea:
“Ross will be pleading not guilty at the arraignment. The Indictment was expected and does not contain any new factual allegations. We look forward to beginning the discovery process and preparing Ross’s defense.”
Recent events further indicated a not guilty verdict was likely, as Ulbricht is contesting the government's attempt to sell his 144,000 bitcoins that were seized along with Silk Road.
The development is only the most recent event in the ongoing saga that is Silk Road's demise. Just last week, Bitcoin Foundation vice chairman Charlie Shrem was arrested for his alleged criminal association with the online marketplace in an event that is still shaking the industry.
For a complete overview of Silk Road, view our complete event timeline below:
CoinDesk is continuing to monitor this developing story.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
