- Netflix documentary “Bitconned” unveils details of a crypto scam orchestrated by Centra Tech.
- The documentary highlights risks in the unregulated crypto space, emphasizing deceptive projects.
- Centra Tech, the subject of the new film, is one of several high-profile crypto scams in recent years.
In the recent documentary release from Netflix titled “ Bitconned ,” viewers are presented with a comprehensive exploration of the nefarious world of crypto, unraveling a tale of deception, fraud, and the ominous rise of dubious crypto ventures.
Centra Tech, the subject of the new film, is one of several high-profile crypto scams in recent years. Touted as a revolutionary force in the crypto landscape, Centra Tech, was, in reality, a house of cards built on deceit.
The documentary uncovers the mechanics behind the scenes, showing how Centra Tech managed to rake in millions of dollars daily. Ray Trapani, along with co-founders Sohrab Sharma and Robert Farkas, embarked on a deceitful journey to propel Centra Tech into the limelight during the crypto boom of 2017.
Centra Tech’s modus operandi involved an initial coin offering (ICO) for their cryptocurrency, Centra, and the promise of a revolutionary debit card, dubbed as “Centra Card.” The company led customers to believe they could use the card to spend their crypto at establishments accepting Visa payments.
Aside from fabricating an imaginary CEO for the company, the founders also made LinkedIn profiles with fake credentials. They also disseminated false claims of partnerships with major financial institutions such as Bancorp, Visa, and Mastercard, along with alleged licenses in 38 states.
However, the illusion began to unravel when a journalist from the New York Times, Nathaniel Popper, exposed a significant crack in Centra Tech’s foundation. This revelation triggered a cascade of investigations, ultimately leading to the conviction of Trapani , Sharma, and Farkas on multiple counts, including securities fraud and wire fraud.
“Bitconned” serves as a stark reminder of the inherent risks embedded in the unregulated crypto space during the ICO boom. It underlines the ease with which deceptive projects could flourish, deceiving investors with promises of revolutionary advancements while lacking any real substance.
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