Five State Regulators Issue Emergency Orders to Shut Down Metaverse Casino

Regulators in five American states have issued cease-and-desist orders to a digital casino with links to Russia marketing NFTs to Americans.

The Flamingo Casino Club, a virtual casino offering with supposed ties to Yahoo and MarketWatch, was issued emergency orders from five state securities regulators to stop selling NFTs. NFTs are digital certificates of authenticity for virtual or physical property purchased using cryptocurrency. They are recorded immutably on a blockchain such as Ethereum. While NFTs can be bought and collected in the same way that works of art are in the physical world, sometimes ownership of NFTs grants one exclusive privilege and the opportunity to belong to an elite online community.

Owners of NFTs from the Flamingo Casino Club were offered virtual concerts, poker tournaments, and tennis courts as perks for owning NFTs. “We distribute 50% of the profits generated in our casino to our NFT holders,” reads a graphic on the website, offering NFT holders a way to earn passive income. Entries into lotteries promised a chance to win big-ticket items, such…

Read more at beincrypto.com

Leave a Reply

Your email address will not be published.


*