ICO Review — Centra (Ctr) — Multi-Blockchain Debit Card Or Red Flags
Summary
- Symbol: CTR
- Total Coin Supply: 100000000
- ICO Status: Ongoing
- Crowdsale opening date: 19–09–2017
- Crowdsale closing date: 05–10–2017
Description
Centra Tech has designed a multi-blockchain debit card that connects to a smart wallet that is safe, secure, and more importantly insured. Centra currently supports 8+ major cryptocurrencies: Bitcoin, Ethereum, ERC20 Tokens, Litecoin, Ripple, Dash, Zcash, & Monero with more to come. Centra team designed a platform to create a global account solution for anyone who lack banking resources.
Centra Tech is also launching a platform called Coin Bay (www.cBay.io) which will be the world’s first Amazon style store that is designed to be cryptocurrency acceptable.
Features
Centra is available in the United States and all over the world. Our current partnerships with Visa, MasterCard, and Banks gives us the ability to issue cards worldwide in our supported 100+ countries.Centra Tech’s Blockchain based cryptocurrency marketplace has five Core Products
Centra Smart Wallet
The Centra Wallet App makes it easy for people to register for the Centra Debit Card, store their cryptocurrency assets, as well as control its functions, such as turning on or off the card without the usual hassle involved with contacting the issuing banks, etc.
Users will be able to send money in 5+ currencies to over 100+ countries without being charged fees. The end user experience is enhanced by eliminating the costs associated with inter bank exchange rate fluctuations and excessive fees. All assets stored on Centra Wallets are safe, secure and insured from thefts and hackers.
Centra Card
The Centra Card is will be available worldwide. During our initial coin offering they are making two limited edition cards available. To the first 300 contributors of 100+ ETH they will receive an all Metal EMV Centra Black Card. This card has increased benefits, limits, and programs. Their second tier level will get limited edition Centra Gold card which will be available to the first 500 contributors of 30+ ETH. This card also has an enhanced rewards/limits program.
Their signature card which is the Centra Blue Card will be available to all users. The Centra Blue card can be ordered right through the Centra Wallet app or issued as a Virtual Card.
Cbay
This is the world’s first large Cryptoc urrency Marketplace
Ctr Token
Erc20 Tokens That Have Benefits And Rewards That Can Be Utilized On Centra Card And Cbay
CCE Module Outline
A software module of our core platform that helps in real-time exchange rate synchronization Centra Card creates a genuine bridge between the world and cryptocurrencies by making it easy for cardholders to spend their cryptocurrencies in all local currency transactions, and with the CCE (Currency Conversion Engine) Module, converting Blockchain assets to market-value fiat with a near-perfect exchange rate becomes easy for users.
Using Centra Tech’s mobile app, customers will have the capacity to transfer money in over eight major cryptocurrencies to over a hundred currencies around the world, yet not have to any charges for such transactions.
Issues
- There have Scam allegations where the pictures and the social profiles of CEO, COO and even the CFO seems doctored without substantial ground.(Source: https://www.dropbox.com/s/tr45gtik80tdcbr/Centra%20scam.pdf?dl=0)
- Even Cliff High in his tweet had earlier warned against the team and their ICO
- In their white paper, Merchant is charged 3%, how CENTRA gives to his card holders 3% rewards in Centra tokens and .8% to token holders? So in total 3.8% but the merchant is only charged 3%, money doesn’t appear out of this air. Also there is some times that the merchant is charged 1.5%, how they can give all these rewards and dividends?
- Even during pre-sale period their CTR tokens were listed in Etherdelta. Which seemed to be a huge manipulation of CTR over last couple of hours, massive amounts of ETH made by the manipulator account number 0xfE10b208859Fe7c62edB1c3bC3b6e0367864B6da an account that holds nothing but massive amounts of CTR.
- Finally when few days back users went to their website it said the token sale was going on, as in, already started. When users messaged them asking why they can’t access the page where to contribute, and they said “sorry this was a mistake, we had sold some pre-sale due to miscommunication, the sale is not open anymore and was only open for a short time in error” which seems very fishy.
Source: https://bitcointalk.org/index.php?topic=2125763.0 - They also have been accused of Dodgy advertising, Almost every tweet on their handle was being retweeted hundreds of times, typical activity of botting, there were Whitepaper inconsistencies as well.
Source: https://harrydenley.com/why-i-think-centra-tech-is-a-scam/ - An interesting point in their risk disclosure is “it is possible that such development may fail and purchasers’ CTR Tokens could become useless and/or valueless due to technical, commercial, or regulatory challenges, among other reasons”
- The usage of CTR token is weak and is only used as a reward program which raises question as to why even run an ICO when this is merely an asset and is only for rewards and whitepaper is not clear as to how CTR tokens will be used.
- From this link the cards that Centra is issuing were originally issued in 2005 and also there is a steep price to buy a bunch of pre-paid cards.
Earlier Responses To The Above Issues
This will be our only response to these trollers whom still doubt the project
- We have NUMEROUSLY stated that the website was built by freelancers whom used stock photos from the internet and have rectified the matter when we OURSELVES begun engaging in online activity as the product is our first and most important goal
- We in NO way condone the activity that was occuring on Etherdelta, that is why we highly recommend no one using it. Yes we did request for it, but after finding out the book can be skipped without following an order we requested it to be removed.
- We requested CMC remove our listing as well, the most they said they could do is remove circulating supply till end of the ICO, we didn’t want to come up incorrect in charts.
- For you guys to still think its a scam 2 months later is ludicrous, we have made worldwide attempts to get Centra Card & Wallet global. I don’t know how many more videos it will take but hopefully eventually you’ll just consider us another asset on the list. Plus cards are shipping in 2 weeks (also 1 week before Public ICO). What will be the case then?
- Yes it is up to us as a service to disqualify individuals whom don’t participate in the networks and ecosystems health from using the Centra Card. That is our choice as a company for the better of all in the network.
- The staff video was not taken down, however unlisted with a private link to people whom want to see it. The video was made in non HD (for our hello from team members, just to prove the naysayers wrong), we have film being done in our Miami headquarters for our Video vLogs with episode 1 airing soon
- ANYONE that is thinking that this is a scam can contact us directly for clarification and visit us at our offices Monday through Friday 9am-6pm
Source:
- Sam Sharma: President, Co-Founder.
- Michael Edwards: VP, Co-Founder
- Steven Sykes: CTO
- Raymond Trapani: COO
- Jessica Robinson: CFO
- Robert Farkas: CMO
- Martin Pejkov: Marketing Director
- Andrey Nechesov: Blockchain Director
- Filip Burcevski: Technology Director
- Steve Stanley: PR Director
Roadmap
- March 2017: Beta Launch of Centra, Black Card and Centra, Wallet App Live
- October 2017: Launch of CTR Tokens in Major Exchanges
- November 2017 cBay Launch
- 1st Quarter 2018: Work on partnerships with other major & minor exchanges
- 4th Quarter 2018 Growing Part-nership Agreements, Ethereum Alliance Pledge and Market Expansion
Token Sale
Centra ICO began on August 5, 2017. The ICO token supply represents 68% of the total token supply, so there is a total of 68000000 tokens available for 0.0025 ETH each, at the offering. The ICO is expected to end on October 10, 2017.
During Centra ICO there will be a 48 hour period where users will get a 20% bonus, followed by a 10% Bonus on days 3–7, and finally, a 5% bonus on days 8–14.
Key Aspects
- ICO Token Supply: 100000000
- Token Percentage For Investors: 68%
- Token Reserve Split : 15% Team 17% Advisors
- Payment Method: ETH
- Funds Raised Till Now: 2632.470 BTC; 31,299.004 LTC; 10,365.220 ETH;
- Funds Raised USD (Approx): 15.3 Million USD
Conclusion
Centra Tech has been synonymous with inconsistencies and controversies but finally today when all was going to settle down and they were settling down when today they faced a major DDOS attack and their site was Hacked, while the founder was actively engagaed with the investors but still they whole ICO seemed a shoddy affair and a very badly managed initiative and personally after hearing so many red flags I would rather be very careful in investing in the project. Somehow form me Ethereum based ICOs have become a honey pot for Hackers and scammers and it remains to be seen how the technology and the community catches up to fix the huge gaping holes in the current uncertain ICO scenario.
Update
I engaged with centra token, I also offered to put their side of view but they wanted total take down for 10-100 ETH, that is serious issue of integrity ….. yes marketing is important but then there will be detractors .. it doesn’t mean that you give 100 ETH of investors money to shut some one when I was not even doing FUD i was just putting the posts that was already in the open and putting my opinion on it …. that is why i feel … while marketing perception is important if a founder has issues he should respond on top of my post not ask me take it down for 100 eth privately …. it could have taken it down if the founder would have considered explaining his side of the story he did not he straight away jumped to offering me bribe hence my post .. Now this post will act as a place to which I am sure the Centra founders and team can respond to thanks.
Reference
- Website
- Blog
- Whitepaper
- Github
- https://www.cryptocompare.com
- https://medium.com/crypt-bytes-tech/ico-alert-centra-tech-site-possibly-hacked-2100fab69a75
Disclaimer: This is not investment or trading advice, always do your own independent research.
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