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Case Status:    ONGOING    
On or around 04/17/2018 (Ongoing date of last review)

Filing Date: December 13, 2017

According to the Complaint, in connection with the Centra Initial Coin Offering (the “Centra ICO”), Defendants raised over $30 million in digital cryptocurrencies by offering and selling unregistered securities in direct violation of the Securities Act. Sections 5 and 12(a)(1) of the Securities Act provide for strict liability against any person who offers or sells an unregistered security.

The Complaint alleges that between approximately July 30, 2017 and approximately October 5, 2017, Defendants ran the Centra ICO during which they received over $30 million in digital currency investments in exchange for Centra Tokens (“CTR Tokens”). There are conflicting reports as to the actual amount raised, some reports indicate that the amount raised may have been closer to $50 million. The purported primary purpose of the Centra ICO was to raise capital to operate the “world’s first Multi-Blockchain Debit Card with a Smart and Insured Wallet” (the “Centra Debit Card”). In other words, the product to be offered was a debit card that would function on the Visa and Mastercard networks and allow instant transactions using digital currencies. Further, the Centra ICO claimed to be intended to raise capital to create an online marketplace called “cBay" that would be similar to Amazon and eBay. Additionally, Centra Tech recently has claimed to be creating their own Centra blockchain.


Headquarters: United States


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In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Florida
DOCKET #: 17-CV-24500
JUDGE: Hon. James Lawrence King
DATE FILED: 12/13/2017
CLASS PERIOD END: 10/05/2017
  1. Komlossy Law P.A.
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  2. Levi & Korsinsky LLP (DC)
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