Games are made – The NFT Scams, Scams and Other Scams are unfortunately all too common in the blockchain world. the ” Pharaoh Bitcoin ” and others ” Baby Al Capone represent so many almost romantic facts that accentuate the news, often leaving many victims on the ground. This week it’s the arrest of two casinos in the metaverse that gets the ink flowing. The latter almost hid his game well.
Poker stunt for the US regulator
We learned about it on October 20, 2022 in an official press release from the Texan authorities. The Texas Securities Regulator, along with Alabama and Kentucky, file enforcement actions against Slotie NFT, a crypto project on the Ethereum blockchain. The project aims to establish casinos – suspected of fraud – in the metaverse.
The Flamingo Casino Club and the Sand Vegas Casino Club are being pinned down by the US justice system, confirming the international financial cop’s appetite for crypto regulation:
“Government securities regulators have taken the initiative to warn investors about emerging investment programs related to the metaverse. While blockchain technology, digital assets and metaverses are attracting widespread public interest, bad actors are now leveraging their interests to run fraudulent schemes.
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NFT and crypto: Slotie shows his cards
From the start, the NFT Slotie Project did not predict well. Indeed, our crooks were already in the crosshairs of the American justice system before sale of NFTs that did not meet the standards of applicable securities lawsthe famous effects. In other words, Slotie broke the rules of the game.
The sale of NFTs made it possible to raise money for the casino building in the metaverse. Holding these NFTs generated daily passive returns, determined by the scarcity of the NFT. 10,000 NFT Sloties were sold.
All this little play doesn’t stop there. Slotie varies the pleasures. Our bandits would also have issued WATTs, an ERC-721 token on the blockchain Ethereum. The game mechanics of our crooks then fall into place. With an NFT Slotie you get at least 10 WATTs per day. In addition, it is possible to make a Slotie Junior NFT for 1,800 WATT and 2 NFT. Owning a Junior NFT doubles daily passive income and allows land in Slotie’s casino metaverse.
Fool’s game with US crypto regulation
Apart from the frequent lawsuits over the declaration of NFTs and other assets as securities, the US justice seems to be investigating Slotie’s finances. Hiding funds and lack of transparency are at the rendezvous of this project.
“The state securities regulators have discovered that Slotie is trading illegally and fraudulently in Slotie NFTs and Slotie Junior NFTs. For example, they accused Slotie of hiding its assets and liabilities, expected use of capital, the identity of partner casinos, and significant metaverse casino risks. They also said Slotie was violating state registration laws.. These are important laws designed to protect investors.”
A casino that looks like a Ponzi pyramid
Fraud, bad publicity, concealment of funds, identity of partners, misinformation about risks are all ingredients that should remind us all that it is essential to remain cautious in our fledgling ecosystem.
So if we even look at Slotie’s website, a few clues can show us that the land is being mined:
- On the LinkedIn profile of CMO Bag Nicolaou the link to its website indicates a non-existent domain name;
- The company’s developer’s LikedIn page is blank. It has exactly the same text as that of the CMO Bag Nicolaou ;
- More than half of the team don’t mention Slotie on their social media;
- There are no partners despite the existence of a tab on the project website.
And the list continues…
This is not about peeling off all the idiosyncrasies of this opaque project, but about underlining the importance of your own research.
Crypto regulators from all countries and even the G20 seem to be uniting in an effort to regulate cryptocurrencies. From a coin Bee Kim Kardashian, scams, crypto scams and other Ponzi schemes are common. In fact, the metaverse provides a perfect playground for 3.0 scammers. Interpol also this night again announced the opening of its offices in a metaverse criticized and criticized. There’s nothing more going on.
Stay away from spammers and scammers. Avoid offers that are too good to be true like the plague. On the other hand, learn to place reasonable trust in respectable and recognized players in the ecosystem. The FTX platform, without a doubt, falls into this second category. Come and acquire and trade your first bitcoins and other cryptocurrencies. Register on FTX. You get a lifetime discount on your transaction costs (commercial link).