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Bitconned is Netflix’s 2024 documentary about Centra Tech, a company whose founders sold CTR tokens in 2017 while promoting a cryptocurrency debit card and financial-services partnerships. The U.S. Securities and Exchange Commission later alleged that key parts of that pitch—including claimed relationships with Visa and Mastercard—were false. The film is a case study in how one investment scheme was marketed, not evidence that cryptocurrency as a whole is fraudulent.
What is Bitconned about?
Directed by Bryan Storkel, Bitconned follows Centra Tech through interviews with co-founder Ray Trapani, people connected to him, an investor who was victimized, reporter Nathaniel Popper and investigators. Netflix’s account centers on the company’s 2017 pitch: buy its CTR tokens, and a cryptocurrency debit card and related services would make digital assets easier to spend.
Trapani sums up his approach in a line quoted by Netflix Tudum: “Anytime you find a market like that, you just have to figure out how to exploit [it].” The documentary uses his account to tell the story of the scheme and its fallout. For the underlying regulatory allegations and later court outcomes, the SEC’s announcements provide a separate record.
What was Centra Tech selling?
Centra Tech promoted CTR tokens in an initial coin offering, or ICO, in 2017. The pitch connected the token to a planned cryptocurrency debit card and financial services, presenting the card as a way for users to spend cryptocurrency through established payment networks. The SEC’s April 2, 2018 announcement said its complaint alleged the offering involved unregistered investments and raised more than $32 million from thousands of investors.
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That amount is the SEC’s figure for Centra’s offering; it is not a measure of crypto fraud across the market. The agency’s complaint announcement described the claims about the company and its marketing as allegations.
What did the SEC allege was misleading?
The SEC alleged that Centra Tech misrepresented relationships with Visa and Mastercard, and that the advertised relationships did not exist. It also alleged that the company used fabricated executive biographies and misleading marketing, including paid celebrity promotion, to lend credibility to the offering. These were claims in the agency’s complaint, not findings that every cryptocurrency project or token is fraudulent.
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In the SEC’s 2018 release, Enforcement Division Cyber Unit Chief Robert A. Cohen advised investors to be cautious about digital-asset investments, “especially when they are marketed with claims that seem too good to be true.” In the same announcement, Enforcement Division Co-Director Stephanie Avakian said the agency alleged Centra used a sophisticated marketing campaign to make false claims about supposed partnerships with legitimate businesses.
Who is Ray Trapani?
Ray Trapani was a Centra Tech co-founder and one of the people at the center of Bitconned. Netflix’s documentary account includes his perspective on the company and the ICO. The SEC later reported that Trapani pleaded guilty and was sentenced in the criminal case; the agency’s May 19, 2022 release also reported a final civil judgment against him.
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The documentary recounts the criminal case and the consequences for the founders. In its May 2022 release, the SEC confirmed that all three co-founders—Raymond Trapani, Sohrab Sharma and Robert Farkas—had pleaded guilty and been sentenced. It also reported final civil judgments entered on consent against the defendants. The table distinguishes the criminal outcomes reported by Netflix from the civil figures reported by the SEC.
| Co-founder | Criminal outcome reported by Netflix | SEC-reported disgorgement, including prejudgment interest |
|---|---|---|
| Raymond Trapani | Pleaded guilty and was sentenced; Netflix reports a three-year sentence. | $2,608,869, deemed satisfied by a criminal forfeiture order. |
| Sohrab Sharma | Pleaded guilty and was sentenced; Netflix reports an eight-year sentence. | $37,701,966, deemed satisfied by a criminal forfeiture order. |
| Robert Farkas | Pleaded guilty and was sentenced; Netflix reports a one-year sentence. | $394,908, deemed satisfied by a criminal forfeiture order. |
The SEC’s disgorgement figures are not amounts it says were paid out to individual investors. Its release says the amounts were deemed satisfied by criminal forfeiture orders; it does not establish how much any particular investor recovered. The sentence information is an account of the outcomes, not a statement about anyone’s current custody status.
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Where can you watch Bitconned?
Netflix lists Bitconned on its official title page. Availability can vary by country or region, so check the catalog where you watch before expecting access.
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Sources and what each establishes
- Netflix Tudum, “’Bitconned’ Tells the True Story of the Centra Tech Crypto Scam” (January 1, 2024): the documentary’s account, including Trapani’s quoted line and reported criminal outcomes.
- Netflix’s official Bitconned title page: title listing and documentary details.
- SEC, “SEC Halts Fraudulent Scheme Involving Unregistered ICO” (April 2, 2018): allegations in the agency’s complaint and its account of the offering.
- SEC, “SEC Obtains Final Judgments Against Defendants in Fraudulent ICO Scheme” (May 19, 2022): guilty pleas, sentences, civil judgments and disgorgement figures.
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