Regulators in five states issued a cease-and-desist order against a casino with alleged ties to Russia that has been operating in the metaverse.
In an exclusive interview, the lead agency's top official told CNBC the casino lured in hopeful investors with false promises.
The casino also widely marketed its affiliation with a well-known gambling establishment, the Flamingo Las Vegas Hotel and Casino, to secure investors' trust. The order says that although the casino sells securitized NFTs, it failed to provide purchasers with fundamental information such as its physical address, phone number, or any evidence proving the people on its leadership team actually existed.Screenshot taken from Flamingo Casino Club’s website showing its leadership team.
But the phony partnerships don't end there, according to the order. Flamingo Casino Club touts affiliations with Yahoo and MarketWatch, but there's no evidence substantiating any relationship with these businesses, the order says. The casino's leadership team wrote on Instagram that it delayed purchasing digital land because of ongoing negotiations with Snoop Dogg, who owns portions of the Sandbox property it plans to build on, according to the order and the casino's own social media posts.
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