Bitconned

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I just finished watching the "Bitconned" documentary about Centra Tech and the events surrounding their ICO, arrest in 2018, and sentencing in 2021. The documentary focuses on Ray Trapani, Sohrab Sharma, and Robert Farkas. The entire story highlights the dark side of crypto, particularly prevalent in 2017 when 75% of all crypto projects were scams. It emphasizes the need for regulation and well-informed investors who aim to invest wisely rather than seeking overnight riches.

While the documentary showcases the negative aspects of crypto, it also acknowledges that stories of immense wealth and quick gains attract more people to the crypto space. Tales of million-dollar profits and coins pumping 35,000% within months on a modest investment contribute to the allure. However, the narrative raises questions about the legitimacy of such claims.

As the story unfolds, narrated by insiders, it's astonishing to realize how Centra Tech managed to raise $25 million during its ICO. Everything turned out to be fake – from LinkedIn accounts and domains to people involved. The CEO's picture was even sourced from a simple Google search ( Old White Dude). It's a stark reminder that sometimes, the simplest cons can be the most elaborate.

The main character, Ray Trapani, emerges as someone who aspired to become a criminal, succeeded, and then turned informant to escape jail time, likely preserving his funds. Despite the deception and lack of remorse, Trapani remains free, leaving viewers puzzled about how he evaded incarceration.

In conclusion, "Bitconned" serves as a valuable lesson in crypto – emphasizing the importance of conducting thorough research before making investments. The documentary, despite the serious subject matter, provided me with many laughs along the way.
Thanks @phortun for telling me about this documentary.

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15 comments
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Oh I’m watching this, fer sure. Got to get ahead of all my buddies who will cite this for why they won’t support me on $HIVE. 😂😆

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Thanks for posting this as I will definitely give this a watch and is interesting to see how bad some of these scams are.

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If you think it they are just hilarious but FOMO is such a strong feeling!

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I've never really sat down to watch any documentary unless it deals with something scary or the rest but I'll try watching this one,sounds like a whole lot

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If you trying yo invest in crypto its a really good Documentary to watch

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This is actually very revealing of some of the things that went down during the ICO craze in 2017-2018. I will give it a watch and thanks for sharing :)

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Crazy, right? As long as people like Ray Trapani (or Justin Sun) are involved in crypto, the industry can never earn trust of the masses...

@tipu curate 4

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Sooner or later people like them wont be able to keep up with the progress . Yes scammers will always exist but very few!

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I watched it but I didn't like his encouragements. There is something missing in the documentary that is not clear.