Centra Tech was an American company founded in 2017 that developed a platform for cryptocurrency payments. Its flagship product was the Centra Card, a debit card that allowed users to spend cryptocurrencies anywhere Visa was accepted.
Promises and controversies
Centra Tech attracted significant attention and investment due to its ambitious plans and partnerships with celebrities. The company promised to revolutionize the cryptocurrency payments space by offering a convenient and secure way to use cryptocurrencies in everyday life.
However, Centra Tech faced numerous controversies from the start. Critics questioned the legitimacy and feasibility of the project, and accused the company of fraud and misleading investors.
Investigations and convictions
In 2018, the U.S. Securities and Exchange Commission (SEC) launched an investigation into Centra Tech. In 2020, the company’s co-founders, Sohrab Sharma and Robert Farkas, pleaded guilty to securities fraud. They were sentenced to 8 and 3 years in prison, respectively.
Centra Tech today
Centra Tech has effectively ceased operations following the conviction of its leaders. Its website is offline, and its mobile app has been removed from the App Store and Google Play.
Conclusion
Centra Tech serves as a cautionary tale about the risks associated with investing in cryptocurrency startups. It is important to thoroughly research any project before investing your funds.
Here are some key takeaways:
- Centra Tech promised to revolutionize the cryptocurrency payments space but failed to deliver on its promises.
- The company faced numerous controversies and allegations of fraud.
- Two co-founders of Centra Tech pleaded guilty to securities fraud and were sentenced to prison.
- Centra Tech has effectively ceased operations.
Netflix to Release Documentary About Centra Tech Founders
New York, NY (February 4, 2024) – Netflix announced today that it will release a documentary about the founders of Centra Tech, a cryptocurrency company that was accused of fraud. The documentary, titled “Bitconned,” will be directed by Bryan Storkel and is set to premiere on March 10, 2024.
“Bitconned” will tell the story of Centra Tech, which was founded in 2017 by Sohrab Sharma, Robert Farkas, and Ray Trapani. The company raised over $30 million from investors through an initial coin offering (ICO). However, Centra Tech was later accused of being a scam, and the founders were charged with fraud by the U.S. Securities and Exchange Commission (SEC).
The documentary will feature interviews with Sharma, Farkas, and Trapani, as well as with investors who lost money in the Centra Tech ICO. “Bitconned” will also explore the rise of cryptocurrency and the risks associated with investing in ICOs.
“We are excited to tell the story of Centra Tech and the cryptocurrency craze of the late 2010s,” said Storkel. “This is a cautionary tale about the dangers of investing in unregulated markets.”
“Bitconned” is the latest in a series of documentaries about cryptocurrency scams. In 2022, Netflix released “The Crypto King,” which told the story of Barry Silbert, the founder of the cryptocurrency exchange Bitfinex.
The rise of cryptocurrency has led to a number of scams, as fraudsters have taken advantage of the lack of regulation in the market. “Bitconned” is an important documentary that will help to educate investors about the risks of investing in cryptocurrency.
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