• News
    • Tech News
    • AI
  • Gadgets
    • Apple
    • iPhone
  • Gaming
    • Playstation
    • Xbox
  • Science
    • News
    • Space
  • Streaming
    • Netflix
  • Vehicles
    • Car News
  • Social Media
    • WhatsApp
    • YouTube
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
TikTok
Snapchat
WhatsApp
Submit Your Content
Ray Trapani from Netflix's wild new Bitcoin documentary

Home> Streaming> Netflix

Published 11:02 2 Jan 2024 GMT

Ray Trapani from Netflix's wild new Bitcoin documentary

Everything you need to know about the charismatic lead of Netflix's new documentary.

Prudence Wade

Prudence Wade

In the complex and cunning world of cryptocurrency, where fortunes are made and lost in the blink of an eye, there's always room for a good scam story.

And what better place to hear all about the latest saga than Netflix - the streaming giant that brought us similar tales of deception like Fyre: The Greatest Party That Never Happened and Inventing Anna.

Enter Bitconned, a documentary that delves into the rise and fall of Centra Tech - a cryptocurrency firm that, according to the Department of Justice, scammed victims out of more than $25 million worth of digital funds, shaking the industry to its core.

Advert

Ray Trapani stars in Bitconned.
Netflix

The trailer is narrated by Ray Trapani, the company's COO and co-founder, who somewhat shockingly opens with: "Ever since I was a kid I've always wanted to be a criminal”.

So, what exactly did Trapani do, and where is he now? We've got all the deets, but be warned if you haven’t already seen the documentary - there will be spoilers.

Centra Tech: the deceptive debit card dream

Advert

In 2017, when Bitcoin was truly taking hold of the world, Ray Trapani saw an opportunity he couldn't resist, thanks to a suggestion from a friend to create a crypto debit card. This is what sparked the inception of Centra Tech.

And so, the company burst onto the scene with its 'revolutionary' debit card for cryptocurrency transactions. It promised to make crypto as easy to use as your traditional Visa or Mastercard, and had investors flocking in droves.

However, as the doc reveals, there was one problem - Trapani, along with his Centra Tech associates, had little to no clue about the crypto business. In his own words from the trailer: "We didn't know anything about this business, but it didn't matter at all. It was too easy." This brazen approach laid the foundations for what would become one of the first high-profile fraud cases in the crypto era.

The mastermind behind the fraud

Advert

In April 2018, the US Securities and Exchange Commission (SEC) dropped the hammer on Centra Tech, with Trapani at the center of the storm.

The SEC alleged that Trapani was the "mastermind" behind Centra Tech's elaborate fraud scheme. Together with his co-defendants, Sohrab 'Sam' Sharma and Robert Farkas, they were accused of enticing investors with false claims about their product and fictitious relationships with reputable financial institutions.

The twist (spoiler alert)

Things get really interesting when we find out what happened to Trapani.

Advert

Despite pleading guilty alongside his colleagues Sharma and Farkas, Trapani didn’t quite face the same consequences.

Sharma and Farkas found themselves behind bars, paying the price for their cryptocurrency shenanigans. But Trapani faced his sentencing with a surprising result: zero jail time. The judge apparently praised Trapani's cooperation during the investigation, sparing him from incarceration.

Where is Trapani now?

The Bitconned doc leaves us with a final update on Trapani's life post-Centra Tech. According to the doc, the judge ordered him to pay his victims a hefty sum of $2.9 million.

Advert

But what’s really surprising is Trapani's plans for the future. He's reportedly gearing up to launch a new company, focussing on providing loans with an interest rate of 50%.

Featured Image Credit: Netflix / Instagram/raytrapani
Netflix
Cryptocurrency
Bitcoin

Advert

Advert

Advert

Choose your content:

8 days ago
11 days ago
13 days ago
19 days ago
  • 8 days ago

    Netflix users have just one day left to watch iconic sci-fi movie with 92% on Rotten Tomatoes

    Along with many other movies & shows

    Streaming
  • 11 days ago

    Little-known Netflix codes help viewers find shows they 'didn't know existed'

    No more struggling to find something to watch

    Streaming
  • 13 days ago

    Disney+ reportedly pulls the plug on major Marvel series with 89% on Rotten Tomatoes

    The MCU is hit with another casualty

    Streaming
  • 19 days ago

    Oscar-winning movie removed from Disney+ after including banned scene labeled 'cruel'

    The movie was already drowning in controversy

    Streaming
  • Stunning amount 50 Cent's $455,000 Bitcoin investment is worth today after 2014 investment
  • 50 Cent made stunning fortune overnight after discovering lost Bitcoin investment he bought for $455,000
  • Student forgot he invested $27 in Bitcoin for school project and returned to stunning fortune years later
  • How to watch bombshell documentary on Bitcoin founder for free from anywhere in the world