Hedge fund manager Dan Loeb has publicly claimed that the Department of Justice threatened President Donald Trump in the final hours of Trump’s first term in January 2021, warning it would “go after” him if he commuted the sentence of Ross Ulbricht, creator of the Bitcoin-powered Silk Road marketplace. After the reported threat, Trump withdrew the commutation, forcing Ulbricht to serve four additional years in prison before receiving a full pardon in January 2025 during Trump’s second term.

Loeb, founder and CEO of Third Point LLC, made the revelation on the All-In Podcast while discussing his role in criminal justice reform and Ulbricht’s clemency efforts. “On the last…

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