In today’s post, we discuss and review the new Netflix documentary Bitconned.

What is Bitconned About

The crypto mania of 2017 saw the rise of numerous crypto businesses, many of which were scams, and some of them received endorsements from the biggest celebrities of the day and experienced rapid growth, fueled by these endorsements and investor greed. Centra Tech was one such startup and the recent focus of the new Netflix crypto documentary Bitconned. This 2017 crypto startup promised the Centra Card, a debit card enabling users to spend from their crypto wallets, and was founded on the philosophy of fake it till you make it. Bitconned explores the life of Centra Tech co-founder Ray Trapani who was facing over 100 years of imprisonment, the rise and fall of Centra Tech, and ends with Trapani’s shocking sentencing outcome. The Documentary contains candid interviews with Ray Trapani, Nathaniel Popper the journalist who exposed Centra for being a scam, as well as investors and other key people involved in Centra Tech.

Bitconned | Official Trailer | Netflix Documentary 2024

Review of Bitconned, a Netflix Documentary

Bitconned opens with a jarring revelation as Ray Trapani, co-founder of Centra Tech, unabashedly brags about the illicit gains he made from the crypto scam that shook the world in 2017. The documentary navigates through Trapani’s life, providing a candid narrative of his early years, his criminal activities, and the rise and fall of Centra Tech. From the collapse of his first legitimate venture, Miami Exotics, to the desperate attempts to legitimize Centra Tech, Bitconned exposes the sinister mind of a conman who played a pivotal role in the crypto mania of 2017.

Ray Trapani’s portrayal is nothing short of disturbing, offering viewers an unprecedented look into the psyche of a conman. Bitconned doesn’t shy away from showcasing the darker aspects of Trapani’s character, revealing not only his role in the massive scam but also his serial rat behavior, willingly betraying his business partners for a more favorable outcome in the justice system.

Nathaniel Popper, the New York Times journalist who initially exposed Centra Tech and its founders, adds a layer of journalistic depth to the narrative. His insights into the red flags that drew his attention to Centra, such as fake LinkedIn accounts and a fabricated CEO, enhance Bitconned’s credibility and investigative rigor.

Bitconned leads viewers through to Trapani’s sentencing, which culminates in the shocking outcome of time served. The documentary skillfully weaves together archival footage, and interviews from key people involved in Centra Tech including the CFO; whose previous occupation was as a male stripper. These elements along with a fast-paced narration create a compelling and somewhat disturbing narrative.

What sets Bitconned apart is the candor with which the perpetrator details his actions. Trapani’s casual admission of seizing an investor’s crypto funds without hesitation serves as a stark reminder of the moral vacuum that can exist in the world of crypto scams.

Bitconned is a must-watch for those intrigued by the darker facets of the crypto world. It goes beyond a mere exposé on Centra’s downfall, offering a chilling exploration into the mind of a conman and the ethical dilemmas posed by the unchecked growth of the crypto market. With its gripping storytelling and journalistic depth, Bitconned succeeds in delivering a captivating and unsettling examination of one of the most notorious scams in recent crypto history.

When and Where to Watch Bitconned Documentary

Bitconned was released on January 1, 2024 and is available to stream now on Netflix.