Centra Tech Payment Card: Legit or Scam?

Centra Tech scam

Centra Tech Payment is one scam that served as evidence that scams have proliferated along with the rise of cryptocurrencies. Netflix is documenting and exposing this scam to the public in the form of a movie.

The film’s depiction of a cryptocurrency-related scam highlights the main disadvantage of cryptocurrencies worldwide.

As a result, we will briefly describe the Centra Tech fraud in this piece and explain how it operated.

What was Centra Tech?

Founded as a payment card company, Centra Tech asserted that it had built a cryptocurrency wallet and debit card that enabled the instant conversion of cryptocurrency balances into fiat money.

This essentially implies that you can use the digital currency with Centra Tech-issued payment cards in the same way that you would with fiat money.

Centra Tech founder

Renowned scanner Ray Trapani formed it; he reportedly intended to turn criminal since his early years. He was not alone in the fraud; there were two other participants.

Read: Trillant Ponzi Collapsed

How does It operate?

The foundation of false claims and representation in the industry was a major factor in the success of the scammers behind this. The architect of the Centra Tech scam, Ray Trapani, crafted a web of lies with his accomplices to trick people into falling into their trap.

The most significant of their bogus claims involved the creation of executive profiles on a professional-looking website, which they filled with fictitious information about Wells Fargo executives and alleged Harvard graduates.

They even used a generic photo to establish a phony “Michael Edwards” CEO narrative for their company, Centra Tech. They gained market recognition by using celebrities to endorse their business and raise curiosity about it.

They also stated that they were in partnership with Mastercard and VISA cards, but in actuality, they had no affiliation with any of the big banks or VISA or Mastercard for payment cards.

The payment cards for cryptocurrencies they purported to provide customers were non-operational, and all of the services they purported to provide were fraudulent and merely made-up statements.

According to the Securities and Exchange Commission, the three co-founders were found guilty and given prison sentences once the scam was discovered.

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