Metaverse Casino Ordered By Five State Regulators To Shut Down Immediately
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Five US states issued simultaneous cease-and-desist orders against an allegedly Russian-affiliated metaverse casino. Five state securities regulators issued emergency orders to the Flamingo Casino Club to immediately stop selling non-fungible tokens.
The Flamingo Casino provided NFTs to NTFTs as incentives for possessing NFSs. NTSs are supposed to transfer ownership of a casino to the N FTs holders. Five state regulators ordered the Flamedo to shut down immediately.
Metaverse Casino ordered by five state regulators to shut down immediately. Regulators allege that the operators of the online casino hid their ties to Russia by using a fictitious office location and an out-of-service telephone number.
The state of Texas filed a civil filing to prevent the theft of digital assets. The state is concerned that the rise of the metaverse has created fertile ground for criminals. Flamingo Casino told investors in April that they were in negotiations with Snoop Dogg to acquire a block of property in the Sandbox metaversary.
