Centra Tech, Inc. is a defunct blockchain-based business that purported to develop a debit card capable of spending cryptocurrencies in real-time without having to go through a digital cryptocurrency exchange.
The company faked business relationships with The Bancorp and Visa, and received endorsements from Floyd Mayweather Jr. and DJ Khaled.[1]
Its founders were found guilty of securities fraud.
History
editCentra Tech was founded by Sam Sharma, Raymond Trapani and Robert Farkas in Miami, Florida, in 2017.[2]
Criminal trial
editSam Sharma was sentenced to eight years in prison for conducting an illegal initial coin offering.[3]
In pop culture
editThe story of Centra Tech and the resulting criminal investigation into its co-founders was dramatized by Netflix in their 2024 film Bitconned.[4][5]
References
edit- ^ Popper, Nathaniel (October 27, 2017). "How Floyd Mayweather Helped Two Young Guys From Miami Get Rich". The New York Times.
- ^ Henning, Peter J. (September 18, 2018). "The Taming of Initial Coin Offerings". The New York Times.
- ^ Akhtar, Tanzeel (March 5, 2021). "Centra Tech Co-Founder Gets 8 Years for Crypto Fraud". Yahoo! Finance.
- ^ Conklin, Audrey (28 December 2023). "Most infamous cryptocurrency fraud schemes of all time". Fox Business.
- ^ Serba, John (January 2, 2024). "'Bitconned' Netflix Review: Stream It Or Skip It?". Decider. New York Post.