Metaverse: Texas Rangers pinned a strange crypto casino project

A casino was soon forced to fold! The Texas Securities Commissioner has issued an order for emergency cessation of transactions related to Metavers. That one is Sand Vegas Casino Club, a virtual casino that is eager to claim activities within its metaverse. The indictment mentions a fraudulent investment scheme regarding the meta-verse and is based primarily on the platform’s illegal NFT offerings. The virtual casino, which is not yet up and running (probably never) and banned, is facing higher authorities for the first time. On the program, questionable project and fraudulent publicity.

A look at the NFT project

The meta-verse is in vogueas everyone knows now, is a great way to raise money without showing a white pawat least not infinitely. That official release of the Texan government’s order then questions the group’s NFT offer.

Illustration showing casino games.

The defendants offered 11,111 NFTs titled NFT Gambler as part of their project to develop one metaverse casinoallegedly implanted in the future inside Sandboxes and Decentraland and even more. The interest in their NFT? Share casino revenue with cardholders.

Thereby two types of NFT has been put up for sale, Gambler as well as Golden Gambler. Incidentally, we allow ourselves to avoid seeing this waste by not sharing it with you. Both are available on mintwould Gamblers represent a share of lower payouts than Golden Gamblersnecessarily less frequently, which would allow certain exclusive within the game.

The promises of the founders of the project estimated a passive income between $ 102 and $ 2,040 a month for classic players and between $ 540 and $ 6,750 a month (Yes, just that …) for Golden Gamblers. The coin was priced at 7.77ETH or approx $ 24,000 (apparently justified by the mountain of gold it was to offer) and looked past 0.5 ETH every 10 minutes if no buyer showed up. Anyway, here is already a beautiful planted decor, as I said, the reason for the regulation is mainly addressed the regulation of the issuance of these NFTs.

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The reason for the procedure

that at the heart of the matter comes from the group that claims their NFTs is not regulated as securities and then erroneously claim that the securities legislation does not regulate any NFT. Thus, according to the order, Sand Vegas Casino Club misleads its buyers pretend they cant avoid regulation. NFT terminology do not allow them to break the law.

Illustration of a defendant in court.

It’s obviously not the people in question Not registered to sell securities in Texas. Their collection of NFTs is also unregistered and therefore not approved for sale in Texas.

The executive order also mentions cybersecurity risks which is a major threat to investment. It had been the social networks of those concerned hacked in January 2022 and their website was robbed to ultimately take from their followers no less than $ 150,000a very unfortunate COLLABORATION.

Reasoned regulation?

Legislation is often frowned upon by crypto enthusiasts for many valid reasons. In particular, we can take as an example its almost incompatibility with web 3, which is synonymous with freedom for most of us. We all know how raw regulation would hinder the progress of the ecosystem or complicate its use, The MiCA Act is an excellent example. However, the majority agrees in some cases the sword of justice must strike, especially for fraudulent activities aimed at abusing a society.

Here we can ask ourselves whether the faltering basis of the casino is not the very reason for this measure, rather than the purely regulatory reasons for the sale of NFT.

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