The exciting story of lying and falling apart is told in the Netflix documentary “Bitconned,” which was directed by Bryan Storkel. The documentary looks into the late-2010s cryptocurrency boom and tells the interesting story of Centra Tech, a company that came out of nowhere with inexperienced co-founders, a questionable product, and a mysterious CEO. Bitconned shows the bad side of cryptocurrency that isn’t controlled and how easy it was for some con artists in South Florida to take advantage of it.
The video shows the rise and fall of Centra Tech. It also shows the interesting and dangerous world of cryptocurrency, where greed and dishonesty meet. Sam Sharma, Robert J. Farkas, and Raymond Trapani, the founders, planned a complicated scheme that fell apart when inspectors and reporters looked into it. Come with us as tvacute peel back the layers of this interesting story and look into the people behind the well-known Centra Tech scam.
What is Centra Tech?
The idea for Centra Tech came from Sam Sharma, Robert J. Farkas, and Raymond Trapani, and it was born in July 2017 in Miami. Their big goal was to make cryptocurrency-based financial goods, with the “Centra Card,” a new kind of debit card, being the star. This card was supposed to let people pay for things with different cryptocurrencies, like Centra, at any store that took Visa or Mastercard.
From July to October 2017, the makers raised a lot of money without registering it. They did this by offering an initial coin offering (ICO). Centra Tech raised about $25 million during the ICO boom. The company’s online advertising, which included a list of impressive executive credentials, endorsements from Floyd Mayweather Jr. and DJ Khaled, and claims of relationships with Bancorp, Visa, and Mastercard, gave their plans an air of legitimacy.
But the truth was very different from the fantasy that was shown. Later, investigations showed that most of the company’s licenses and partnerships were also fake. In the end, the Securities and Exchange Commission (SEC) charged Centra Tech, which led to Sharma, Trapani, and Farkas being arrested in April 2018.
Who is the CEO of Centra Tech? Is he Real or Fake?
Michael Edwards, Centra Tech’s mysterious CEO, was a key part of the company’s fake authority. Edwards was shown to be a seasoned executive with an MBA from Harvard University and more than 20 years of experience in banking. However, Edwards never lived. The company’s website had a link to a LinkedIn page that showed a long list of impressive jobs at companies like Wells Fargo and Chase.
When authorities and reporters started looking into Centra Tech, Michael Edwards’s lies fell apart under more intense scrutiny. Raymond Trapani showed that Edwards was a fake; he was just a picture they found by searching for an “old white guy,” which led them to Andrew Halayko. Part of the dishonest plan was to make Edwards look like an investor who became CEO because he had complete faith in Centra Tech’s goal. Finding out that Edwards was a fake character added a strange new twist to the story that was already unraveling.