Regulators in Texas, Kentucky, New Jersey and Alabama accused Slotie of defrauding investors and ordered a halt to its business and sales.
Another non-fungible token (NFT) venture is finding itself up against a gauntlet of legal opposition. Slotie is a virtual metaverse-styled NFT casino in which participants can interact with each other, make purchases, and gamble with NFT products. Unfortunately for Slotie, it’s also considered an illegal operation in multiple states, from which regulators have filed an emergency cease-and-desist against Slotie’s business and operations.
Word of the cease-and-desists against Slotie were reported this week via CNBC. According to reports, law enforcement officials in Texas, Kentucky, New Jersey, and Alabama accused the Georgia-based Slotie of hosting an illegal gambling operation in the metaverse. Users access Slotie and pay to secure NFT products. They can then bet those NFTs with other participants. Regulators have accused Slotie of defrauding investors and customers, filing an emergency cease-and-desist which demands Slotie halt the sale of NFTs to customers and investors immediately. The cease-and-desists go on to accuse Slotie of a lack of proper transparency, including a business address, phone number, email, and disclosure of its assets and liabilities.
NFTs and cryptocurrency have been on a downward trend for a while now. The height of the craze surrounding non-fungible tokens seemed to be passing, but full-on cryptocurrency crashes like that of TerraUSD and Luna did not help. Even so, not all players have exited the cryptocurrency and NFT scenes. There is still an active community on marketplaces like OpenSea despite layoffs and GameStop remains dedicated to its NFT marketplace it has launched in beta this year.
Even so, Slotie looks like it’s going to end up being run through the legal wringer. With multiple states worth of cease-and-desists in play, the metaverse NFT casino business may not be in play for much longer. Stay tuned as we continue to follow this story for further updates.
https://www.shacknews.com/article/132765/slotie-nft-casino-cease-and-desist