Centra Tech
Rug PullPayments · $CTR · born 2017 · ✝ 2018
An ICO selling a crypto debit card backed by partnerships that didn't exist.
Centra Tech raised ~$25M in a 2017 ICO for a crypto debit card, touting Visa and Mastercard partnerships that were fabricated. Its founders were charged and convicted of fraud.
- Peak
- ~$25M raised
- Cause
- Rug Pull
- Year of death
- 2018
☠️ Cause of death
The advertised Visa/Mastercard licensing was fake and a co-founder fictitious; the SEC and DOJ charged the founders, who were convicted of securities and wire fraud.
📓 Lessons left behind
- —Verify claimed partnerships independently.
- —Celebrity endorsements are not due diligence.
- —Fabricated team members signal fraud.
🌱 The idea that survived
Compliant crypto cards
Legitimate crypto debit cards from licensed issuers later delivered what Centra faked.
#ico#scam#debit-card