Share this article
State Securities Regulators Move to Shut Down NFT Scam Tied to Metaverse Casino
The action comes as states are increasingly joining forces to tackle crypto crimes.
Updated May 9, 2023, 4:00 a.m. Published Oct 20, 2022, 5:39 p.m.
Officials from Alabama, Kentucky and Texas filed cease-and-desist orders against Slotie NFT, alleging the illegal and fraudulent sales of non-fungible tokens (NFT), according to a Tuesday press release.
Based in the country of Georgia, Slotie was accused by the group of funneling proceeds from the NFT sales into online and metaverse casinos.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
According to the regulators, the company issued 10,000 Slotie NFTs that provided investors with ownership interests in the casinos and opportunities to earn passive income from their operations. The filings also accuse Slotie of violating state registration laws by failing to register their securitized NFTs with the appropriate securities boards.
The coordinated filings are the latest in what’s been a number of state regulator initiatives to team up to tackle metaverse crimes. In May, officials in five states combined forces to stop a similar scheme promoted by the Flamingo Casino Club and Sand Vegas Casino Club.
Read More: Metaverse Scammers Have a Bridge to Sell You. This Alabama Regulator Is Fighting Back
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Cascade Unveils 24/7 Neo-Brokerage Offering Perpetuals on Cryptos, U.S. Stocks
The platform will let retail traders use one margin account to trade round-the-clock perpetual markets.
What to know:
- Cascade has introduced a 24/7 brokerage-style app for perpetual markets spanning crypto, U.S. equities and private-asset exposure.
- The firm is pitching a single, unified margin account with direct-to-bank U.S. dollar capability for deposits and withdrawals.
- The company has raised $15 million from investors including Polychain Capital, Variant and Coinbase Ventures.
Top Stories
