A documentary film reveals the first cases of fraud in the era of #cryptocurrencies

Bitconned revolves around the #cryptocurrency craze in the late 2010s and reveals the story of Centra Teck . It’s a cryptocurrency company dreamed up by two South Florida crooks with a knack for Photoshop and a penchant for living big . 

“#Cryptocurrencies were just a new, undiscovered area that was completely unregulated by the SEC, ” explains Ray Trapani, co-founder of Centra , adding that “anytime you find a market like this, you just have to figure out how to exploit it .” 

Trapani and his colleagues raised millions of dollars in unregulated fundraising, but when a New York Times reporter dared to start asking questions, Centra’s web of lies and wrongdoing was exposed.

Trapani, who plays a conman, says in   Bitconned that he has always been drawn to illegal activity. “Since I was a kid, I always wanted to be a criminal. It was never like I’m going to be a doctor or I’m going to be a scientist. If I could put that in my yearbook, I would.” She wrote: “I want to be a criminal.”

Trapani’s first attempt at Bitconned was to fulfill his teenage dream, which involved using a stolen prescription to obtain drugs which he and his friends could then sell at a higher price . When this scheme failed, he partnered with two former colleagues in a venture that rented exotic, luxury cars to Miami’s wealthiest clients. Rampant spending and questionable business expenses threatened the company’s future and mounting debt and depression eventually led Trapani to attempt suicide . When his high school classmate and fellow rental car driver told him about the amazing potential of the booming #cryptocurrency market, Trapani saw a golden opportunity to earn the money he needed to pay off his loans and Centra Tech was born .

In 2017, Trapani and Sharma launched Centra Tech , which claimed to raise money through an initial coin offering (ICO)  like other cryptocurrencies including Bitcoin , Ether, and Dogecoin . Centra Tech also claimed that it is creating a physical debit card that will allow users to spend Centra and many other virtual currencies in real time and with ease. 

When the story broke in the press and the world saw Centra’s inconsistencies in print, the Securities and Exchange Commission filed a complaint against Centra. At this point, the money began to evaporate, and the company’s top players, Trapani, Sharma, and the alleged stripper turned CFO, Robert Farkas, were eventually convicted of several crimes . Sharma pleaded guilty to conspiracy to commit securities fraud and wire and mail fraud. He is still serving an eight-year prison sentence. As for Farkas, he also pleaded guilty to conspiracy to commit securities fraud and wire fraud. He spent a year in prison and was then released . The same is true for Trapani.

Bitconned is an illustrated version of an attractive reality, especially for the segment of young people who are looking for additional income with the least amount of work and fatigue. Will it also be an awareness work about #crypto_scams?