Co-founders of Centra Tech arrested

[covfefe_]

Centra Tech, a widely advertised ICO had it's co-founder arrested after they were trying to escape the country with collected funds.

They were successful in raising 32 millions by claiming to offer a variety of financial products, including a debit card backed by Visa and MasterCard, with which users could instantly convert cryptocurrencies into US dollars and other legal tender.

Floyd Mayweather had previously endorsed the ICO, probably a paid job.

[LuckyDriller]

Same things are gonna happen with many faky "fintech" ICO's soon.

[sxafir]

What happend with this 32 milions?

[Jitra]

It's mind boggling that even in today's world where the long arm of the law is longer than it's ever been, people are still trying to flee and commit fraudulent activity, all in the name of a few million dollars.  I'm glad this happened.  Hopefully it will deter future violators.  The more get arrested the better.

[covfefe_]

What happend with this 32 milions?

That would be an issue. Though I believe authorities would try their best to return the funds to the investors (who comes out) as they had did in previous few frauds.
This justifies how celebrity endorses an ICO and how easy is it to get fooled.

[cryptohunter]

coming to an ICO near you soon

[jacaf01]

I invested in the presale but what got me disturb was that they keep changing the terms of their ICOs and seems so desperate to collect money from people without any just cause, so fortunately for me the tokens was selling on the exchange when their ICOs was on, I just sold all my tokens at profit. I can't say I am shocked this is happening

[youyou_]

I invested in the presale but what got me disturb was that they keep changing the terms of their ICOs and seems so desperate to collect money from people without any just cause, so fortunately for me the tokens was selling on the exchange when their ICOs was on, I just sold all my tokens at profit. I can't say I am shocked this is happening

you are a smart man ,good luck with you ,but i lost my part of my money with this. i didn't know how should i do ,price is falling  again and again . -57.93% right now .

[Fazlurkhan.kz]

This is a great news to hear that the scammers are arrested. But one big reason for this to happen was it came in the eye of most everyone due to the famous celebrities promoting it making it more widespread and keep a close eye on the team which ultimately turned out to be the reason which caught their scam. It's not completely right to say that the celebrities lied for money as they could also have been fooled by the team. The point on what to be focused right now is how the money is to be returned back to the investors safely.
Still, there are lots of ICOs turning out to be a scam which does not get caught and the scammers get away with it roaming freely. Maybe ICO 2.0 could be a solution for this issue.

[dashunka]

it is a great pity that the team turned out to be scammers. because the project could be very profitable and necessary for crypto business.

[Magister Magus]

Whenever a new market appears, and the rules are not clear, it is inevitable that someone tries to take advantage of the situation.
But the scammed are as guilty as the scammers, since usually you need just a little attention to identify the scams.

[laracrofth]

I think it is good news, so scamers will know that they could be put in jails. Hope in the future there will be less scam projects.

[chanc3r]

Centra Tech, a widely advertised ICO had it's co-founder arrested after they were trying to escape the country with collected funds.

They were successful in raising 32 millions by claiming to offer a variety of financial products, including a debit card backed by Visa and MasterCard, with which users could instantly convert cryptocurrencies into US dollars and other legal tender.

Floyd Mayweather had previously endorsed the ICO, probably a paid job.

I guess this will be happening as fast as possible. I don't like all of bullshit promises from the centra project because it was a little bit scammy when i was seeing some big promises when the crowdsale still running.
in 72 hours binance will be delisting centra from binance exchange site and look at the price of centra right now how the centra holders are rushing to sell their money as fast as possible.

[solid12345]

If the SEC really wants to make an example they'd arrest Floyd Mayweather and DJ Khaled too, I'm sure they weren't ignorant with what was really going on.

[RDNX]

Damn!

This ICO pro scammer going crazy. I think it's enough for us to hear this bad news.
Every week, I read a lot of people getting REKT because of a scam ICOs. This is not good for the future of Crypto ecosystem. I know some good project which can against a scammer activity. It's called BLUE. They claimed that the next launched SDK can overcome this scam activity.

[nakauten]

This is sad,i have been holding centra for about half a year now why would these happen to us? these people from the past seems to be legit and now all their scandals are popping out ! they should warned us from the start clearly the SEC is just getting some old crap to be recycled why now? these people didnt tried to scam people as far as i know.

[Murloc]

Floyd Mayweather had previously endorsed the ICO, probably a paid job.

Naah. how dare you think about that? He is a well known crypto enthusiast and probably coulanteered for that job without any payment.
By the way not so long ago Steven Seagal endorsed Bitcoiin project (even the name of the project is retardly phishy) and then left it together with the whole team after the ICO. Why people expect celebrities to guarantee that the project is legit?

[shirackjs]

I am quite shocked when I hear of this news today. Centra has a working product, some users have received the cards and start using it. Anyone know why are the founders arrested?

[chesatochi]

A good ICO does not need influencers to succeed and bring a viable product life to the market. Also, it is not cool for the investors who invest in this startup and the founders try to commit a fraud.

[rumexx]

That is good for hin and his scamming team. The security should be congratulated for having an eagle eye to nab him. It is now pay back time all  his team
 members and self looted will be reimburse plus jail sentence  hanging over their heads.