San Francisco, Nov 19 (TIWN) The US government has seized approximately $56 million worth of cryptocurrency -- the largest ever in the country -- from a self-described "number one promoter" of BitConnect, a cryptocurrency.

The US Department of Justice intends to sell the coins and use the proceeds to reimburse victims.  According to court documents, Glenn Arcaro, 44, of Los Angeles, pleaded guilty to participating in a massive conspiracy to defraud BitConnect investors in the US and abroad, in which investors were fraudulently induced to invest over $2 billion.