NFT and crypto busted – A Ponzi-like casino shut down in the metaverse

Games are made – That NFT scams, scams and other scams are unfortunately all too common in the blockchain world. That ” Pharaoh Bitcoin ” and other ” Baby Al Caponee represents so many almost romantic facts that characterize the news and often leave many victims on the floor. This week, it’s the arrest of two casinos in the metaverse that gets the ink flowing. The latter hid his game almost well.

Poker stunt for the US regulator

We learned about it on October 20, 2022 in an official press release from the Texas authorities. Texas securities regulator along with Alabama and Kentucky, filing of enforcement actions against Slotie NFT, a crypto project on the Ethereum blockchain. The project aims to establish casinos – suspected of fraud – in the metaverse.

Flamingo Casino Club and Sand Vegas Casino Club find themselves pinned down by US justice, confirming the international financial police’s thirst for crypto regulation:

“State securities regulators have taken the initiative to warn investors about new investment programs related to the metaverse. Although blockchain technology, digital assets, and metaverses attract broad public interest, bad actors are now exploiting their interests to perpetrate fraudulent schemes.”

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NFT and crypto: Slotie shows his cards

From the beginning have NFT Slotie project did not bode well. In fact, our villains were already in the sights of American justice sales of NFTs that did not meet the standards of applicable securities lawsThe known securities. In other words, Slotie breaks the rules of the game.

The sale of NFTs made it possible to raise funds for casino building in the metaverse. Holding these NFTs allowed for daily passive returns determined by the scarcity of the NFT. 10,000 NFT Sloties were sold.

All this little play does not stop there. Slotie varies the pleasures. Our soldiers would also have issued WATTs, an ERC-721 token on blockchain Ethereum. Our villain’s gameplay then falls into place. An NFT Slotie allows you to gain at least 10 WATT per day. In addition, it is possible to make a Slotie Junior NFT for 1,800 WATT and 2 NFT. Holding a Junior NFT doubles the daily passive income and allows land in Slotie’s casino metaverse.

Fool’s game with US crypto regulation

In addition to the frequent lawsuits over the declaration of NFTs and other assets as securities, it seems that US law is looking at Slotie’s finances. Concealment of funds and lack of transparency is the meeting point of this project.

“State securities regulators have discovered that Slotie is illegally and fraudulently trading Slotie NFTs and Slotie Junior NFTs. For example, they accused Slotie of concealing its assets and liabilities, its expected use of capital, the identity of partner casinos and important metaverse casino risks They also said Slotie violated state registration laws.. These are important laws designed to protect investors.”

A casino that looks like a Ponzi pyramid

Fraud, bad publicity, concealment of funds, identity of partners, misinformation about risks are all ingredients that should remind us all that it is important to remain cautious in our still nascent ecosystem.

So when we look at even Slotie’s website, a few clues can show us that the soil is mined:

  • On the LinkedIn profile of CMO Tas Nicolaou the link to its website indicates a non-existent domain name;
  • The business developer’s LikedIn page is empty. It has exactly the same text as it CMO Tas Nicolaou ;
  • More than half of the team does not mention Slotie on their social media;
  • There are no partners despite the fact that there is a tab on the project website.

And the list goes on…

It will not be a question here of peeling back all the oddities of this opaque project, but rather of emphasizing the importance of doing your own research.

Crypto regulators from all countries and even the G20 seem to be uniting in an effort to regulate cryptocurrencies. Of A coin on Kim Kardashian, scams, crypto scams and other Ponzi schemes are common. In fact, the metaverse offers a perfect playground for 3.0 con artists. Interpol also announced this night again the opening of its offices in a metaverse criticized and reprehensible. Nothing goes further.

Stay away from spammers and scammers. Avoid offers that are too good to be true like the plague. On the other hand, also learn to place reasonable trust in respectable and recognized players in the ecosystem. The FTX platform undoubtedly falls into this second category. Come buy and exchange your first bitcoins and other cryptocurrencies. Register at FTX. You will benefit from a lifetime discount on your transaction fees (commercial link).

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