The Securities and Exchange Commission today announced additional fraud charges stemming from an investigation of Centra Tech Inc.’s $32 million initial coin offering.

According to the complaint, Trapani is alleged to be the mastermind of Centra behind the fraud. Centra marketed the CTR token claiming non-existent business tie-ups with top executive bios and credit card companies. The ICO misrepresented the viability of the core services provided by the company.

In order to generate the investor’s interest in the company, the co-founders even manipulated the trading in the CTR tokens to push up the price of the token.

The Chief of the SEC Enforcement Division’s Cyber Unit, Robert A. Cohen says:

“We allege that the Centra co-founder went to great lengths to create the false impression that they had developed a viable, cutting-edge technology. Investors should exercise caution about investments in digital assets especially when they are marketed with claims that seem too good to be true.”

The text message shared by Sharma to Farkas and Trapani when issued by notice from a top bank to remove any reference related to the bank says:

“We gotta get the shit removed everywhere and blame freelancers lol.”

Adrian Matthew, a cryptocurrency investor says:

“The SEC is doing a real good job. These are the times I truly believe that regulation is very important. There are lot more fraudulent coins in the market. This is just the start.”

Chris Patrick, a crypto-enthusiast says:

“I wonder how many ICOs got away till now. People just go bat shit crazy when there’s a new coin in the market. They should seriously start doing a background check before investing in them. Some might be brilliant and some might be frauds like them. Always remember, precaution is better than regret.”

The founders are even charged for faking credentials to enlist the token in top exchanges.

The CTR token was listed in the worlds biggest exchange platform, Binance. The team took down the coin after they were charged by the SEC for fraud.