A casino that soon had to fold! The Texas Securities Commissioner has issued an emergency shutdown order for cases related to the metaverse. It’s about the Sand Vegas Casino Club, a virtual casino that likes to do activities within its metaverse. The indictment mentions a fraudulent investment scheme related to the metaverse and is mainly based on the platform’s illegal NFT offering. The virtual casino that is not yet up and running (probably never) and banned is facing higher authorities for the first time. On the program, dubious project and fraudulent listing.
A look at the NFT project
The metaverse that’s in fashionas everyone knows by now, is a great way to raise money without showing a white legat least not indefinitely† The official publication of the Texan government order then questions the group’s NFT offer.
The defendants offered 11.111 NFTs titled NFT Gambler as part of their project to create a metaverse casinoreportedly implanted in the future inside The sandpit and Decentralland and even more. The importance of their NFT? Sharing casino revenue with cardholders†
Thereby two types of NFT have been put up for sale, both the Gambler and the Golden Gambler. By the way, we allow ourselves not to see this waste by not sharing it with you. Both available at coinwould the Gamblers represent part of the lower returns than Golden Gamblersnecessarily rarer, making certain exclusive within the game.
The pledges of the project founders estimate a passive income between $102 and $2,040 per month for classic gamblers and in between $540 and $6,750 per month (Yeah, just that…) for the Golden Gamblers. The coin was priced at 7.77ETH or about $24,000 (clearly justified by the mountain of gold it had to offer) and came by 0.5ETH every 10 minutes if no buyer showed up. Anyway, here is already a beautiful planted decor, that said, the reason for the regulation is mainly focused the regulation of the issuance of these NFTs†
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The reason for the procedure
the heart of the matter comes from the group that claims their NFTs are not regulated as securities, and then falsely claim that securities laws do not regulate NFT. So, according to the order, Sand Vegas Casino Club misleads its buyers pretend they cant avoid regulation† NFT terminology don’t allow them break the law.
Those involved are clearly not not registered to sell securities in Texas. Their collection of NFTs is also unregistered and therefore not authorized for sale in Texas.
The order also states the cybersecurity risks that pose a major threat to investment. Indeed, the social networks of those involved were hacked in January 2022 and their site was appropriated to ultimately take no less than from their followers $150,000a very unhappy one CHANCE†
Legislation is often frowned upon by crypto enthusiasts for many valid reasons. In particular, we can take as an example its near incompatibility with web 3, which for most of us is synonymous with freedom. We all know how gross regulation would hinder the progress of the ecosystem or make it more difficult to use, the MiCA law is an excellent example† In some cases, however, the majority agree that: the sword of justice must strike, especially for the fraudulent activities aimed at abusing a community†
Here we can ask ourselves whether the The casino’s shaky foundations are not itself the origin of this measure, rather than the purely regulatory reasons for the sale of NFT†
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