Bitconned arrives on Netflix in January: the documentary exposing the Centra Tech fraud starring Raymond Trapani

Netflix premieres a new documentary titled Bitconned in January 2024, which depicts one of the biggest cryptographic scams in history: the Centra Tech case and its creator Raymond Trapani. The trailer is already available on the platform, showing how this crypto entrepreneur built a fraudulent scheme that deceived thousands of investors during the Bitcoin boom in 2017.

Raymond Trapani and the Fall of Centra Tech: From Promise to Fraud

Trapani, along with his accomplices Sohrab Sharma and Robert Farkas, launched Centra Tech with the promise of revolutionizing access to cryptocurrencies through an innovative debit card. However, behind this facade was a fraudulent scheme that raised approximately $25 million through an ICO, based on false representations and deliberate omissions to attract unsuspecting investors.

U.S. authorities discovered that the operation violated securities regulations, leading to legal charges against the three involved. Trapani faced ten different charges, including conspiracy, financial and telematic fraud, as well as charges for obstruction of justice and illegal possession of weapons.

Sentences: Raymond Trapani and His Accomplices

Trapani pleaded guilty and was sentenced to serve prison time, in addition to being ordered to restitute $2,608,869 to the victims. His partner Sohrab Sharma received an even harsher financial penalty: to return $37,701,966. Robert Farkas also entered a guilty plea with a prison sentence and significant fines.

Bryan Storkel directs Bitconned: a Critical Look at the Crypto World

The direction of Bitconned is led by Bryan Storkel, a producer known for The Legend of Cocaine Island and director of The Pez Outlaw. His approach offers a bleak perspective on the crypto ecosystem, exploring how individuals like Trapani exploited the lack of regulation during Bitcoin’s early surge to perpetrate massive scams.

In the documentary, Trapani directly recounts his involvement in this criminal operation, providing details on how he built the deception, the mechanisms used, and the eventual collapse of the scheme.

The SafeMoon Crisis: Another Chapter of Crypto Fraud

Cryptocurrency scandals continue. SafeMoon, another failed project, filed for Chapter 7 bankruptcy. The U.S. Securities and Exchange Commission accused team members of violating securities sale regulations, while the Department of Justice proceeded with arrests for alleged fraud.

These cases exemplify why, in June 2023, the United States established a specialized task force: the Darknet Marketplace and Digital Coin Crimes Task Force (DNMDCC), specifically aimed at pursuing crypto crimes and protecting investors from future scams.

Bitconned premieres on January 1, 2024, on Netflix, serving as a reminder of the risks associated with the lack of due diligence in crypto investments.