Metaverse: Texas Rangers suspend strange crypto casino project

Casino soon had to withdraw! The Texas Securities and Exchange Commission has issued an emergency shutdown order on business related to metaverse. In question is the Sand Vegas Casino Club, a virtual casino keen to confirm activities within its metaverse. The indictment mentions a fraudulent investment scheme in relation to metaverses based primarily on the illegal NFT offering of the platform. The virtual casino that has not yet got back on its feet (maybe never been) and banned are facing higher powers for the first time. On the program, a questionable and fraudulent project was mentioned.

A look at the NFT project

Being the metaverse in fashionAnd, as everyone knows by now, a great way to make it happen Raise money without showing a white clawat least Not indefinitely. The Official Post From the order issued by the Texas government then calls into question the group’s NFT presentation.

Show defendants 11111 NFTs titled NFT Gambler as part of their project to develop a file Metaverse CasinoIt is claimed that it will be implanted in the future sand And decentralization And even more. their NFT interest? Share casino proceeds with cardholders.

so Two types of NFT It was put up for sale, the gambler as well as the golden gambler. By the way, we allow ourselves to avoid seeing this garbage by not sharing it with you. Both are available at Mintgamblers will represent a share of Lower returns than golden puntersnecessarily rarer, which may allow some exclusive inside the game.

The project founders’ promises estimated passive income between them $102 and $2,040 per month For classic gamblers and in between $540 and $6750 per month (Yes, that’s just…) For golden gamblers. The price of mint was in 7.77ETH or nearly $24,000 (Obviously justifying it with the mountain of gold he was supposed to offer) And he was coming down 0.5ETH Every 10 minutes if no buyer shows up. In any case, there is already a beautiful planted decor, however, the reason for the decree is mainly directed Regulating the version of NFTs.

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Reason for action

The Crux It comes from a group that claims to be their NFTs unorganized As securities, then falsely claim that securities laws do not regulate any NFT. And so, according to the order, Sand Vegas Casino Club misleads buyers pretending they cant avoid regulation. NFT terms Don’t let them to break the law.

Illustration of a defendant in court.

Obviously, the people involved are not unregistered To sell securities in Texas. Their group of NFTs are also unregistered and therefore not authorized for sale in Texas.

The order is also mentioned Cyber ​​security risks Which poses a major threat to investments. In fact, the social networks of those involved Hacked January 2022 And their location was raped In the end, they will take from their followers no less than 150 thousand dollarsso sad coincidence.

Justified regulation?

Cryptocurrency enthusiasts often refuse to legislate for many good reasons. In particular, we can take for example its almost incompatible with Web 3, which is synonymous with freedom for most of us. We all know how rough regulation will hinder the progress of an ecosystem or complicate its use, MiCA is an excellent example. However, in some cases the majority agrees The sword of justice should strike, especially for Fraudulent activities aimed at offending society.

Here we can ask ourselves whether The casino’s shaky foundations are not the same as the origin of this action, and are not purely organizational reasons to sell NFT.

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