State Securities Regulators Move to Shut Down NFT Scam Tied to Metaverse Casino

Business

Officials from Alabama, Kentucky and Texas filed cease-and-desist orders against Slotie NFT, alleging the illegal and fraudulent sales of non-fungible tokens (NFTs), according to a Tuesday press release.

Based in the country of Georgia, Slotie was accused by the group of funneling proceeds from the NFT sales into online and metaverse casinos.

According to the regulators, the company issued 10,000 Slotie NFTs that provided investors with ownership interests in the casinos and opportunities to earn passive income from their operations. The filings also accuse Slotie of violating state registration laws by failing to register their securitized NFTs with the appropriate securities boards.

The coordinated filings are the latest in what’s been a number of state regulator initiatives to team up to tackle metaverse crimes. In May, officials in five states combined forces to stop a similar scheme promoted by the Flamingo Casino Club and Sand Vegas Casino Club.

13 November

General

4 days ago

Mt. Gox sends 2,500 BTC ($222M) to unmarked wallets in its fifth transfer this month, per Arkham Intelligence. The bankrupt exchange continues internal and external bitcoin moves since Oct. 31, sparking speculation about future creditor distributions.

Tech

4 days ago

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Business

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Policy

4 days ago

The Digital Chamber urges U.S. lawmakers to pass stablecoin legislation as use surges worldwide. A new report, "How Stablecoins are Extending U.S. Dollar Dominance," highlights their role in cross-border payments and savings, stressing that swift regulation could reinforce dollar dominance.

05 November

Markets

12 days ago

Bitcoin’s price steadied over the weekend, hovering near $68,500, after nearly touching a new all-time high at $73,600 last week. Altcoins are mostly steady, with DOGE, ETH, and BNB show slight gains, with XRP leading at a 2% rise. In contrast, SOL, ADA, and SHIB have seen small declines, while LINK is down by 3.5%, marking the largest drop among major altcoins.

Tech

12 days ago

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Policy

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General

12 days ago

The Monetary Authority of Singapore (MAS) unveiled new frameworks to boost tokenized assets and deepen liquidity in financial markets. Under ‘Project Guardian’, MAS released the frameworks for tokenizing debt markets and simplifying tokenized fund creation.

Business

12 days ago

Strive Enterprises has launched a wealth management division focused on integrating Bitcoin into standard portfolios for everyday Americans. The firm aims to offer Bitcoin as a hedge against economic and geopolitical risks, including global debt, rising yields, inflation, and restrictive monetary policies.

29 October

Business

18 days ago

1inch and the Bruce Lee Family Company join forces to “Take crypto seriousLee” in a unique campaign blending DeFi with Bruce Lee’s legacy of precision and efficiency. By highlighting shared values, the partnership aims to reshape crypto's public image as the future of finance.

State Securities Regulators Move to Shut Down NFT Scam Tied to Metaverse Casino

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