Netflix has released a new documentary in its catalog about the cryptocurrency market. Originally called “Bitconned”, the content arrived in Brazil under the name “Crypto scams“.
The plot revolves around the company Centra Tech, founded by several well-known scammers. It all started when former embezzlers who knew each other since childhood decided to open a business in the digital currency market.
Taking advantage of the innocence of new investors at the height of 2017, when the initial token offering became popular, the friends promised a new revolution.
With this, Centra would promote the arrival of debit cards with which its investors can spend their cryptocurrencies. Easy access to the product would prevent people who own coins or tokens from having to open a bank account to consume.
According to Netflix itself in an article about Bitconned, the creator of the plan knew that he never intended to launch a card, that is, he just wanted to make an easy profit in an undiscovered and unregulated market.
“When you find a market like this, you just have to figure out how to exploit it“Centra co-founder Ray Trapani explains in the documentary.
The story, produced by director Bryan Storkel, features real conversations with Ray and some of his family members, who were already aware of his past as an embezzler. “As a child I always wanted to be a criminal“, reveals the creator of Centra Tech, without mincing words.
In addition, a victim of the scheme participated by making his statement. A New York Times journalist who followed the fraud and authorities also provide their testimonies on the case.
What was CentraTech?
In 2017, Trapani and Sam Sorbee Sharma launched Centra Tech, aiming to raise money through an Initial Coin Offering (ICO) for a cryptocurrency called Centra.
The launch took place on the Ethereum network and brought millions of dollars straight to the scammers’ wallets.
In addition to the suspect coin, Centra Tech also stated that it was working on creating a real debit card that would allow users to easily spend Centra and several other cryptocurrencies in real time.
With no experience in real business, just scams, it didn’t take long for Centra to collapse, and now it arrives like a new Netflix documentary to show the risks of the cryptocurrency market for new investors who are looking every day ” new bitcoins”.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
