Key Takeaways
- • Dan Loeb, founder of Third Point LLC, publicly disclosed that the DOJ threatened President Trump in January 2021, stating it would "go after" him if he commuted Ross Ulbricht's sentence—a claim that remains unverified by independent sources and unattributed to specific DOJ officials.
- • Following the alleged DOJ threat, Trump withdrew Ulbricht's commutation in the final hours of his first term, resulting in four additional years of imprisonment before Ulbricht received a full pardon in January 2025 during Trump's second term.
- • Jeffrey A. Rosen served as Acting Attorney General and Richard Donoghue as Acting Deputy Attorney General during the January 2021 incident, overseeing the Office of the Pardon Attorney, which typically reviews clemency petitions but can be bypassed by presidents in politically sensitive cases.
- • Loeb's revelation surfaced during discussion of his criminal justice reform efforts and advocacy chain involving crypto figures Riva Tez, Charlie Kirk, and then-White House counsel David Warrington in support of Ulbricht's clemency.
Summary
Hedge fund manager Dan Loeb has made a significant public claim regarding alleged pressure exerted by the Department of Justice on President Donald Trump during the final hours of his first presidency. According to Loeb, founder and CEO of Third Point LLC, the DOJ threatened Trump that it would "go after" him if he commuted the sentence of Ross Ulbricht, the creator of the Bitcoin-powered Silk Road marketplace. Loeb stated during an appearance on the All-In Podcast: "On the last day of Trump's 45th term, we were certain that he was going to get out. And the Justice Department, for whatever reason, said, 'If you commute his sentence, we're going to go after you,' to the president. So he, as I understand, he withdrew the commutation."
The alleged threat, if accurate, would explain Trump's decision to withdraw Ulbricht's commutation in January 2021, forcing the Silk Road founder to serve an additional four years in prison. Ulbricht ultimately received a full pardon in January 2025 during Trump's second term. This account marks the first public disclosure of such a direct DOJ threat during the closing days of Trump's first presidency, though it remains unverified by independent sources and no specific DOJ official has been named as delivering the warning.
At the time of the alleged incident, Jeffrey A. Rosen served as Acting Attorney General, following William Barr's departure in late December 2020, while Richard Donoghue held the position of Acting Deputy Attorney General. The Office of the Pardon Attorney, a DOJ unit responsible for reviewing clemency petitions and issuing recommendations, operated under their oversight. Loeb's account suggests the threat may have been conveyed through advocacy channels that included crypto figures Riva Tez and Charlie Kirk, as well as then-White House counsel David Warrington.
The credibility of Loeb's claim depends on corroboration from additional sources, which has not yet materialized. As a prominent hedge fund manager with substantial involvement in criminal justice reform advocacy, Loeb's involvement in Ulbricht's clemency efforts provides institutional context, but the absence of independent verification or named DOJ officials involved leaves significant evidentiary gaps regarding the specific nature, timing, and intent of the alleged threat.
The alleged threat, if accurate, would explain Trump's decision to withdraw Ulbricht's commutation in January 2021, forcing the Silk Road founder to serve an additional four years in prison. Ulbricht ultimately received a full pardon in January 2025 during Trump's second term. This account marks the first public disclosure of such a direct DOJ threat during the closing days of Trump's first presidency, though it remains unverified by independent sources and no specific DOJ official has been named as delivering the warning.
At the time of the alleged incident, Jeffrey A. Rosen served as Acting Attorney General, following William Barr's departure in late December 2020, while Richard Donoghue held the position of Acting Deputy Attorney General. The Office of the Pardon Attorney, a DOJ unit responsible for reviewing clemency petitions and issuing recommendations, operated under their oversight. Loeb's account suggests the threat may have been conveyed through advocacy channels that included crypto figures Riva Tez and Charlie Kirk, as well as then-White House counsel David Warrington.
The credibility of Loeb's claim depends on corroboration from additional sources, which has not yet materialized. As a prominent hedge fund manager with substantial involvement in criminal justice reform advocacy, Loeb's involvement in Ulbricht's clemency efforts provides institutional context, but the absence of independent verification or named DOJ officials involved leaves significant evidentiary gaps regarding the specific nature, timing, and intent of the alleged threat.
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