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by Katie Clinebell | Published on May 13, 2022
Image source: Getty Images
Trouble in the metaverse as a fraudulent casino makes false promises.
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On Wednesday, Texas, Wisconsin, Kentucky, New Jersey, and Alabama filed an emergency cease-and-desist order against the virtual Flamingo Casino Club. The 22-page order brought claims of fraudulence against the site which proclaimed itself as a premier virtual casino. This order brought to light the fact that the club’s website was omitting key information such as its address, location, and qualifications.
Flamingo Casino Club was also claiming to be associated with The Flamingo Las Vegas hotel and casino, which was found to be untrue. It touted features such as poker tournaments, tennis courts, and virtual concerts. Even telling its NFT holders they would receive passive income of up to 50% of the profits generated by the casino.
The scam was initially unearthed by Joe Rotunda, who serves on the Texas State Securities Board as the director of enforcement. While analyzing sites in the metaverse, he came across Flamingo Casino Club. As they began to dig deeper, the site was eventually traced all the way to Russia. Through the discovery phase, they realized the IP addresses could be traced back to Moscow, eventually revealing the scam to defraud investors.
Although we love the decentralized world that is the metaverse, this throws into play the need for regulations. It was Rotunda and the subsequent team of investors that were able to not only discover the scam, but begin taking action against it, ordering them to immediately suspend NFT sales.
Flaws and all, the metaverse is becoming more relevant in our world. You may be wondering how to avoid scams such as the “Flamingo Casino Club.” One way to do that is to do your due diligence before investing sums of money. Oftentimes, the scammers will want you to click on a link to receive land or non-fungible tokens, do not blindly follow these prompts. It’s important to do some research to know the company is legitimate and backed by credible sources.
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Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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