Slotie Dealt Cease and Desist Orders

Slotie Dealt Cease and Desist Orders

Slotie, a metaverse casino and NFT project, was issued cease-and-desist orders from four state enforcement agencies according to a message in the project's Discord and a report by CoinTelegraph

"As you may have heard, we received an order from four US States about Sloties. We are working with our lawyers and legal team on this immediately and will post a full announcement after exact details are ready," reads a message from salvator, the voice of the Slotie Discord community.

Launched by Elia Software to "disrupt the online gambling industry," Sloties NFTs act as shares in a metaverse casino, effectively allowing holders to earn as the casino earns. 

"Slotie's slot machines enable Slotie owners to become shareholders in the casino's house edge and earn incredible rewards," reads a statement in the software company's Bloomberg press release from November 2021.

The Sloties NFTs also passively earn a utility token, called $WATTS, which can be used to produce "Junior Sloties," a companion NFT collection. 

Both these collections are now under scrutiny as enforcement agencies in Texas, Kentucky, New Jersey, and Alabama ordered emergency cease and desist orders to Slotie. 

In its news release, the Texas State Security Board accuses Slotie of "concealing its assets and liabilities, its anticipated use of capital, the identity of partnering casinos, and key risks tied to the metaverse casinos," while also alleging that Slotie violated state registration laws by offering unregistered securities. 

Sloties were previously removed from OpenSea's NFT marketplace, but at the time Slotie team members indicated "OpenSea mistakenly decided the project was doing an ICO." 

At the time of writing, Sloties still trade on LooksRare and hold a floor price of 0.15 ETH. 

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.