U.S. state and federal authorities have issued an emergency order in five states requesting that the sale of non-fungible tokens (NFT) from a metaverse casino with alleged Russian links immediately cease, claiming deception, fraud, and registration breaches.These are the five states: Alabama, Texas, Kentucky, New Jersey, and Wisconsin.<h2 id="header-0">Charges against Flamingo Casino Club</h2>The Texas State Securities Board, the Alabama Securities Commission, the New Jersey Bureau of Securities, the Kentucky Department of Financial Institutions, and the Wisconsin Department of Financial Institutions announced on Wednesday that the Flamingo Casino Club had been <a href="https://nftandgamefi.com/2022/01/29/nft-art-counterfeits-how-hermes-sued-a-digital-artist/" rel="noopener noreferrer nofollow">fraudulently soliciting NFTs</a>, which it asserts are linked to rights of ownership of a casino in the metaverse and thus give token holders a share of any profits. The casino has reportedly hired social media influencers to promote the sale of NFTs for the organization.In addition to making false or misleading assertions about its association with the <a href="https://www.caesars.com/flamingo-las-vegas" rel="noopener noreferrer nofollow">Flamingo Las Vegas Hotel and Casino</a>, the platform was charged by the regulatory organizations with falsely claiming to have given money to Ukraine’s war effort, both of which it denies. According to the unidentified organization, the casino would be built on <a href="https://nftandgamefi.com/2022/02/22/snoop-dogg-nft-music-and-44-million-of-success/" rel="noopener noreferrer nofollow">Snoop Dogg’s virtual property</a>, and they were in talks to buy a piece of it for the project.They claimed that Flamingo Casino Club hid its assets, liabilities, income, and other important financial information that was relevant to the functioning of the Metaverse casino, in violation of the court’s order. For the investigators to locate the group in Russia, they had to use IP addresses as a source of information.<img src="https://i0.wp.com/nftandgamefi.com/wp-content/uploads/2022/05/flamingo-casino-metaverse-nft.jpg?resize&#61;1000%2C1250&amp;ssl&#61;1" />As reported by the New York Times, the proprietors of Flamingo Casino Club failed to reveal their Russian ties and falsely claimed to be affiliated with reputable companies. As the metaverse expands, so does the potential for fraud, theft, and deception. This court action shows a new and concentrated effort by state authorities to monitor some of this activity.New Jersey and Alabama have issued a 22-page, statewide order to Flamingo Casino Club claiming that the company’s non-fungible tokens (NFTs) are being sold fraudulently and that Flamingo must immediately stop selling them.Read the full article: <a href="https://nftandgamefi.com/2022/05/12/metaverse-casino-nft-flamingo/" rel="noopener noreferrer nofollow">US orders a Metaverse Casino with Alleged ties to Russia to halt the sale of NFT</a>

US orders a Metaverse Casino with Alleged ties to Russia to halt the sale of NFT

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NFTandGameFi

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