Silk Road founder Ross Ulbricht reached out from prison on social media to warn crypto users about potentially investing in any memecoins bearing his name.
In a Jan. 19 X post, Ulbricht said there was “no official Ross coin” in the crypto space with which he was involved or associated. A listing from CoinMarketCap showed at least one token, ROSS, bearing the Silk Road founder’s name and likeness, launched in May 2024, that surged significantly in price after US election day ahead of Donald Trump’s inauguration as president.
Jan. 19 memecoin warning. Source: Ross Ulbricht
In May 2024, then-candidate Trump said he would commute Ulbricht’s sentence “on day one” in office, suggesting that the Silk Road founder could know whether he could remain in prison by the end of the day on Jan. 20.
Ulbricht has been in US custody since his 2013 arrest and was sentenced to life without the possibility of parole in 2015 for his role in creating the darknet marketplace.
Though the ROSS coin was launched months prior to the US election and presidential inauguration, some crypto users have reported being the victims of pump-and-dump scams after investing in unofficial memecoins bearing the names of Trump or members of his family.
The president-elect and his wife, Melania, officially launched their own branded tokens on Jan. 17, also prompting allegations of grifting their supporters.
Last-minute Biden pardons
Until 12:00 pm ET on Jan. 20, US President Joe Biden retains the authority to pardon and commute the sentences of those who commit federal crimes, including Ulbricht.
In what was likely one of his last official acts, President Biden announced on Jan. 20 that he would issue pardons for General Mark Milley, Dr. Anthony Fauci, “the Members of Congress and staff who served on the Select Committee, and the US Capitol and DC Metropolitan police officers who testified before the Select Committee.”
The US president said he took action in response to the threats of “unjustified and politically motivated prosecutions,” hinting at Trump and Republican lawmakers.
Related: Ross Ulbricht’s odds of being pardoned by Trump rise to 79% on Kalshi
In addition to potentially commuting Ulbricht’s sentence, reports have suggested that Trump intends to issue an executive order on Jan. 20, making cryptocurrency a national priority. The president-elect reportedly said on Jan. 19 that he planned to sign “close to 100” executive orders within hours of taking office.
Follow Cointelegraph’s live blog as Donald Trump takes the oath of office on Jan. 20.
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