Another day, another unfortunate story concerning a possible cryptocurrency scam. On September 19, 2017, Centra Tech (CTR) held their ICO (Initial Coin Offering, much like a new publicly traded company’s Initial Public Offering, or IPO) for their exclusive “Centra Card.” Though the Centra ICO performed well, there are now many doubts surrounding it. But fear not, crypto-investors, Consider The Consumer is here to investigate. Here’s what we know about the Centra Tech Lawsuit.
The Centra Card allows users to spend their cryptocurrency assets in real time anywhere that accepts Visa or Mastercard. This was said to be made possible with the company’s Currency Conversion Engine (CCE) Module, where users can convert their 8+ cryptocurrencies to a spendable fiat. The Centra Smart Wallets also claimed to be safe, secure, and insured, with 0% fees.
Centra hailed itself as “a groundbreaking product that will disrupt the financial industry all over the globe,” and shocked its competition, raising over $8 million in its ICO alone.
Something wasn’t sitting right with us, however, and we decided to poke around a bit, reaching out to investors who felt they were ripped off.
Specifically, we were concerned about the functionality of the Centra Card, and moreover, its ability to operate in real time on Visa and Mastercard networks, and Centra Tech’s overall organizational structure.
In doing some research, we also found it had already been made public that law firms were interested in investigating Centra as well, via press releases. Great minds think alike, I presume.
After reaching out, we found that the Cryptocurrency Law Firm, Levi & Korsinsky, LLP, who is leading the charge on this investigation, is looking into very similar claims in which Consider The Consumer had brought up. Along with the Centra Card functionality, and Centra’s organizational structure, the firm is also investigating the “background and validity of Centra Tech’s leadership team,” and the “partnerships Centra has claimed to have with various people and entities.”
The firm continued to say the following:
“Levi & Korsinsky LLP is investigating potential claims against Centra Tech, Inc. concerning Centra Tech’s possible violations of federal securities laws in connection with the Centra (CTR) initial coin offering, which commenced on September 19, 2017.”
“If you invested in the Centra (CTR) initial coin offering and wish to learn more about this investigation, feel free to contact Eduard Korsinsky, Esq. of Levi & Korsinsky, LLP to discuss your legal rights at 212-363-7500.“
You may also contact them directly through their website, here. If you don’t wish to speak to lawyers directly, as always, feel free to reach out to us via our website, or directly through email at ConsiderTheConsumer@gmail.com.
A copy of the complaint is embedded below for your convenience: