The co-founder of Centra Tech has been sentenced to eight years behind bars.
What do you get when you combine an ICO scam with a little help from unwitting celebs? A very unhappy U.S. Department of Justice and thousands of duped victims.
That’s what happened when Sam Sharma, who co-founded crypto company Centra Tech, defrauded victims out of more than $25 million.
The trio hyped up the token sale by claiming that the company had licensees in 38 U.S. states and was headed by a Harvard-educated CEO with extensive business experience. They also falsely claimed that they had license agreements with Visa, Mastercard and Bancorp.
Floyd Mayweather and DJ Khaled Were Used to Hype Tokens
The twist in the tale comes as the boxing legend Floyd Mayweather and music producer DJ Khaled were brought on board to promote the ICO and Centra Card.
On September 18, 2017, Mayweather tweeted:
“Centra’s (CTR) ICO starts in a few hours. Get yours before they sell out, I got mine.”