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Ep248: Centra Card Exit Scam, LitePay Vanishes, Darren talks DASH
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Centra.tech, Centra Card, CTR token has been revealed to be a scam, principles arrested and facing charges of fraud. LitePay vanishes. Sergey Mavrodi has died leaving his MMM ponzi scheme in limbo. Darren Tapp givens an update about his time at Arizona State University working with the DASH team. He was also a presenter at the Blockchain: Security, Scalability & Research Initiative in Phoenix. There is also a lot of NeoCash related news and interviews!
Centra Tech principles Sam Sharma and Robert Farkas have been arrested this past Sunday and are facing federal fraud charges related to Centra Card and the the CTR token sale. The SEC notified Sam Sharma in mid-February that the company was under investigation. Next the bank accounts were emptied and employees fired.
I interviewed Sam last year during a test run of blockchain startup interviews. I had some listeners email me requesting a closer look and I did what I could but this is a perfect example why we refer to these token sales as gambling. I don’t know how they faked videos of working centra cards but it turns out they had no real involvement with VISA or Mastercard.
I don’t know what the future holds for Centra, the card, or the token holders but I think you will only see more of this as more pressure is put on last years ICOs to produce a working product. Many ICOs and token sales have already failed whether scam or not and many more will fail. This underscores the very nature of cryptocurrency trading -- it is built on projections of future profits not future products.
Turns out we didn’t have to wait long for the next potential exit scam. Litepay up and vanishes leaving those holding litecoin wondering, “why are we holding litecoin again?”
Charlie Lee, recently profited from a very fortuitous Litecoin pump at the end of 2018 as he sold all of his coins. He says that litecoin is fine, they just got a little too excited.
We talked about the MMM pyramid scheme way back in episode 188, well Sergey Mavrodi the operator of the international scheme, has died of a heart attack in Moscow. The MMM ponzi scheme system has been put into pause mode leaving the points holders with nothing to do.
Bumper music by: Lamprey Song: Stuck up
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