Centra is a blockchain-based product line solution that aims to create a world connected to cryptocurrency.
On April 20, 2018 the founder of Centra, Raymon Trapni, Sohrab Sharma, and Robert Farkas, were arrested and charged by the US Department of Justice's (DOJ) for securities and wire fraud after the completion of Centra's fraudulent initial coin offering (ICO). The arrests and charges were the result of the founders claiming the Centra debit card was backed by Visa and Mastercard, and would allow users to convert cryptocurrencies into fiat currencies. This partnership claim turned out to be false according the the US Securities and Exchange Commission.
The ICO for Centra raised $32 million from investors and claimed to have 'big-name partnerships and celebrity endorsements'. At the time of their ICO Centra stated on their website they were creating “the world’s first multi-blockchain debit card and smart and insured wallet”, and their company would link each users cryptocurrency wallet to debit and credit cards to provide insurance covered for their stored assets by having partnership agreements with both Mastercard and Visa. The company also claimed their cryptocurrency wallet was compatible with 5 major cryptocurrencies which included Bitcoin, Ethereum, and Litecoin.
2 Founders of $32 Million Centra Virtual Currency Project Are Arrested
Centra – Cryptocurrency Coin Card & Wallet ICO CTR Token Sale?
Bitcoin Exchange Guide
Centra White Paper
DJ Khaled, Floyd Mayweather Jr. charged with cryptocurrency fraud
Ahiza Garcia, CNN Business