Netflix Presents “Bitconned” Documentary on Ray Trapani’s Crypto Scam
Netflix has released the trailer for its new documentary film, “Bitconned,” which exposes the story behind one of the largest crypto scams involving Centra Tech and its creator, Ray Trapani.
The film revolves around Ray Trapani, who harbored criminal aspirations since childhood. It delves into his involvement in creating the massive crypto scam that took place in 2017 during the peak of the Bitcoin boom. Trapani, along with his partners Sohrab Sharma and Robert Farkas, founded Centra Tech, a company that offered a debit card among other services.
Using this platform, Trapani launched an Initial Coin Offering (ICO) that raised a staggering $25 million from interested parties. However, the illegal nature of the ICO and misleading statements led to charges against Trapani and his partners.
Currently, Ray Trapani has pleaded guilty to investor fraud scheme charges and has been ordered to repay $2,608,869 as well as serve a prison sentence.
Director Bryan Storkel Offers an “Exploitative” View of the Crypto World in “Bitconned”
The director of “Bitconned,” Bryan Storkel, known for producing “The Legend of Cocaine Island” and directing “The Pez Outlaw,” presents an exploitative perspective of the crypto world that gave rise to the scam.
The film candidly features Ray Trapani discussing his involvement in the Centra Tech scam, showcasing his relentless pursuit of alternative ways to make money without considering legality. According to court documents, Trapani faces ten separate charges related to criminal association, financial fraud, telematic fraud, obstruction of justice, and other offenses.
Trapani’s co-founders, Sohrab “Sam” Sharma and Robert Farkas, have also pleaded guilty and received prison sentences and substantial financial penalties. Sharma has been ordered to repay a staggering $37,701,966.
The Latest Crypto Scam: SafeMoon’s Bankruptcy and the DNMDCC Task Force
Another recent crypto scam involves the SafeMoon project, which has filed for Chapter 7 bankruptcy after facing accusations from the US Securities and Exchange Commission (SEC) for violating securities sale regulations. The Department of Justice subsequently arrested the team members for alleged fraud.
This development may be attributed to the establishment of the Darknet Marketplace and Digital Currency Crimes (DNMDCC) task force in June 2023 specifically targeting crypto scams in the USA.
Hot Take: Netflix Exposes Ray Trapani’s Crypto Scam in “Bitconned”
Netflix has unveiled its latest documentary film, “Bitconned,” which sheds light on Ray Trapani’s involvement in one of the biggest crypto scams through Centra Tech. The film explores Trapani’s criminal aspirations and his role in creating an illegal Initial Coin Offering (ICO) that defrauded investors of millions of dollars. Director Bryan Storkel offers an exploitative view of the crypto world, highlighting Trapani’s disregard for legality. Trapani has pleaded guilty to charges related to investor fraud and faces a prison sentence and substantial repayment. This documentary comes at a time when the crypto industry is grappling with various scams, including the recent bankruptcy filing by SafeMoon. The establishment of the DNMDCC task force signifies a growing effort to combat such fraudulent activities.
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