Ross Ulbricht -- the man at the center of the illicit Silk Road website -- is accusing the government of confiscating more than $33 million worth of bitcoin, the New York Post reported on Monday.
According to the report, the "pirate" who stands accused of running Silk Road as a hub for illegal drugs, recently filed papers in Manhattan federal court. He is arguing that officials seized more than 173,000 of the increasingly popular virtual currency. At current prices, the haul totals about 433.6 million.
(Read more: Bitcoin crashes 20% on China clampdown fears)
Ulbricht argued in a notarized statement on Dec. 11 that his bitcoin stash was "not subject to seizure" by federal law, the Post reported. That, however, didn't stop the feds from taking the currency, and courts may now be forced to determine whether bitcoin is an asset covered by statutes that govern forfeitures.
For the rest of the story, please click here.