2022-05-12
United States
Reading time 2:17 min
U.S. state regulators of Texas, Wisconsin, Kentucky, New Jersey and Alabama simultaneously filed emergency orders Wednesday against a virtual casino they claim has ties to Russia and that has been operating in the metaverse, Flamingo Casino Club, which markets an alleged affiliation with Caesars' Flamingo Las Vegas Hotel & Casino. This follows a similar case last month in which Alabama and Texas halted NFTs sales of Cyprus-based Sand Vegas Casino Club.
Following a civil filing, state law enforcement officials say Flamingo Casino Club’s operators failed to disclose its Russian ties and claimed it had partnerships with legitimate businesses when it didn’t, CNBC reports.
State securities boards in the cited five states filed a 22-page emergency cease-and-desist order outlining what they allege are false claims by Flamingo Casino Club and requiring that it immediately halt the sale of its non-fungible tokens, or NFTs. “The offering is simply a high-tech scam,” the order said.
NFTs are blockchain-based digital assets that designate ownership of virtual art, music or, in this case, proprietorship of a metaverse casino to whoever holds the NFT. Moreover, every NFT has unique properties that cannot be replicated, proving its authenticity.
Investigators began scrutinizing the casino in March not long after it began operating and say they were ultimately able to trace the people behind it to Moscow.
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