In 2017, the world learned about crypto-currencies and the promises of instant wealth they brought with them. Investors were eager to back promising start-ups. However, most weren’t on the level. One such company was Centra. It promised to make a debit card that would allow people to spend their cryptocurrency at any store like traditional money. The company received huge financial backing quickly. But, as BITCONNED, directed by Brian Storkel and written by Weston Currie and Jonathan Ignatius Green shows, the company was not being honest about their product or the structure of their company.
The desire to invest in a promising market that assures investors of huge returns is an understandable one. Money is tight. Consequently, if someone thinks they can make some extra cash by supporting someone who seems legit, risking some money for a better tomorrow feels sensible. After all, nobody could swindle the public out of millions of dollars and then just walk away, right?
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Told largely through interviews with members of Centra and the reporter who broke the story about its underhanded dealings, BITCONNED traces the company’s history from the motivations of those who founded it, to the closing days of the trials that followed the revelations of what it was up to. Through these first-hand accounts, the documentary delivers some startling looks at what went on throughout Centra’s existence.
From the beginning, the core members of Centra, Ray Trapani, Sam Sharma, and Robert Farkas knew what they were doing was a con job. With no real knowledge about cryptocurrency or how to run a tech company, the group knew actions were not above board. During their interview segments, Trapani and Farkas were clear about how aware they were of what they were doing. This honesty was surprising, though Trapani’s cavalier attitude is fully explained by the film’s ending.
As BITCONNED explores the phases of the company’s life, it does an excellent job of holding nothing back. As it showcases the excesses that the members of the company’s board enjoyed while racking in millions from investors it drives home the eagerness of the key players to reap their returns. Everything from the untruthful placement of brands like Visa on their website to the complete fabrication of board members, the company showed that it was willing to do whatever it needed to in order to encourage investor confidence.
The presentation of the movie’s exploration of Centra’s dealings is handled in a way that is colorful and engaging. While it tries to keep the film’s energy up, this never comes at the expense of the content. It also does a good job of keeping the timeline of events in order. This creates a clear picture for the viewer of who was doing what and when.
Another element that I appreciated in this film was how often you got to hear the questions that prompted responses from the interviewees. How something is being asked can greatly color the nature of a response. This makes including the questions with the answers a nice element that furthers the authenticity of the production.
While none of the core members of Centra come off looking good in the film, Trapani easily comes off as the worst of the bunch. He frequently brags about wanting to grow up to be a criminal. During the opening scenes of the film, he even talks about how he would do it again if he knew it would reap the kind of money it did with Centra.
Trapani’s part in the film leads to the most surprising and upsetting part of the whole narrative: how he gets to walk away. Because he chooses to aid federal officials, he ends up with no time served, even though his cohorts, no more complicit than he is, both end up in jail. The way he gets off without punishment is easily the most shocking element of the film. He is even shown shortly after buying a house, though he cheekily refuses to comment on whether or not he still has illicit funds from Centra.
BITCONNED delivers an engaging, cautionary tale about how people can be swindled. It adds to this already upsetting truth by combining it with how little the government sometimes does to punish those involved. It is one of those stories you can not help but be angered by, as what many are taught as justice fails to come to pass.
BITCONNED is streaming now on Netflix.
BITCONNED
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Rating - 8/108/10
TL;DR
BITCONNED delivers an engaging, cautionary tale about how people can be swindled. It adds to this already upsetting truth by combining it with how little the government sometimes does to punish those involved. It is one of those stories you can not help but be angered by, as what many are taught as justice fails to come to pass.
