The Third Point LLC founder said the threat led Trump to withdraw a planned commutation, delaying Ulbricht’s release until a full pardon in January 2025.
Dan Loeb said the Department of Justice warned President Donald Trump in the final hours of his first term that it would “go after” him if he commuted Ross Ulbricht’s sentence, prompting Trump to pull back the move in January 2021. Loeb, founder and CEO of Third Point LLC, made the claim on the All-In Podcast while discussing criminal justice reform and clemency efforts for Ulbricht, the creator of the Bitcoin-powered Silk Road marketplace. The account has not been independently corroborated, no specific DOJ official was identified, and the claim rests on Loeb’s recollection. Loeb said the reversal forced Ulbricht to remain in prison for four more years before Trump granted him a full pardon in January 2025 during his second term. The episode underscores the political and legal sensitivity surrounding Silk Road, an early Bitcoin marketplace that became a landmark case for debates over sentencing, privacy and state power within the Bitcoin community.