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Crypto Founder Admits He Cheated Investors Out of $25 Million

Russia's Largest Bitcoin Mine Turns Water Into Cash
Photographer: Andrey Rudakov/Bloomberg
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The founder of a cryptocurrency firm admitted to conspiring to dupe investors into committing more than $25 million to the enterprise by lying about an initial coin offering.

Robert Farkas and two other founders of Centra Tech Inc., Sohrab Sharma and Raymond Trapani, were charged in 2018 with misleading investors by claiming to have developed a debit card allowing users to make purchases with digital currency at any business accepting Visa or Mastercard. Sharma and Trapani are scheduled to go to trial in November.