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/ Metaverse Casino Slotie Ordered to Halt NFT Sales in Four US States


METAVERSE CASINO SLOTIE ORDERED TO HALT NFT SALES IN FOUR US STATES

Mark Patrickson

Metaverse casino Slotie has been hit with an emergency cease-and-desist order
after being accused of selling illegal NFTs to bankroll its casino activities


High Stakes Reports
November 25, 2022
15,036 Views
Mark Patrickson

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Metaverse casino Slotie has been hit with an emergency cease-and-desist order
after being accused of selling illegal NFTs to bankroll its casino activities.
Officials in four states allege that Slotie’s owners have been soliciting
investors to take part in what they say is an illegal gambling operation. State
securities boards in Texas, Kentucky, New Jersey and Alabama ordered Slotie to
immediately halt the sale of NFTs to retail customers.


--------------------------------------------------------------------------------




MULTIPLE FAILURES

Slotie is a virtual casino based in Georgia—the country not the US state—that
began operation in October 2021. It was selling securitised NFTs but failed to
inform customers of crucial business information such as addresses, phone
numbers, and email addresses.

In a breach of state laws Slotie also failed to disclose its assets,
liabilities, and revenue related to its casino operations.

Joe Rotunda, the Texas state securities board director, said in a
statement: “The latest metaverse investment products — NFTs that purport to
provide passive income — often bear significant undisclosed risks. These risks
are often significant, and investing in virtual realities can leave investors
virtually broke.”

Slotie had 30 days to request a hearing on the matter but appears to have
declined.

NFTs and cryptocurrency are both experiencing tough times right now. There may
be a recovery in good time but, as Elon Musk recently tweeted, it’s going to be
a long winter.

This is also the third such case in the United States this year. In April, Texas
and Alabama ordered virtual casino Sand Vegas Casino Club to stop selling NFTs.
In May, Texas, New Jersey, Kentucky, Wisconsin, and Alabama slapped US metaverse
casino Flamingo Casino Club with a cease-and-desist.




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