Centra Tech, Inc. is a Miami-based company that purported to offer cryptocurrency-related financial products.

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.

On April 11, 2018, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel. Co-Lead Plaintiffs filed an amended Complaint on October 9. On December 21, four of the Individual Defendants filed Motions to Dismiss the amended Complaint. On May 13, 2019, the Court issued an Order granting the Individual Defendants' Motions to Dismiss. On June 5, Plaintiffs voluntarily dismissed four of the Individual Defendants. On June 7, Plaintiffs voluntarily dismissed the remaining Individual Defendant. On June 13, Plaintiffs filed a Motion for Class Certification. The Court issued an Order denying the Motion for Class Certification on September 16. On October 1, Plaintiffs filed another Motion for Class Certification. On November 20, the Court issued an Order denying the second Motion for Class Certification.

On December 13, the Court granted Plaintiffs' Motion for entry of default judgment against the Company Issuer. This Order granted judgment and awarded damages to certain Plaintiffs.

On March 4, 2020, Plaintiffs filed a notice appealing the Court's denial of Class Certification. On October 1, the Court ordered the case administratively closed pending appellate review. On July 28, 2021, the Court of Appeals reversed the District Court's denial of Class Certification and remanded for further proceedings. The Court granted Plaintiffs' renewed motion for Class Certification on September 10.

On November 23, 2021, Plaintiffs filed a Motion for entry of default judgment. On June 9, 2022, the Court adopted in full the Magistrate Judge's report and recommendation and granted Plaintiffs' Motion for default judgment.