Flamingo Casino Club said it was linked to The Flamingo hotel and casino in Las Vegas, but this turned out to be false. Even telling the people who owned NFTs that they would get up to 50% of the casino’s profits as passive income.
Joe Rotunda, who is in charge of enforcement for the Texas State Securities Board, was the first person to find out about the scam. He found Flamingo Casino Club while looking at sites in the metaverse. As they dug more, they were able to track the site all the way to Russia. During the discovery phase, they found out that the IP addresses led back to Moscow. This helped them figure out that the scam was a way to steal money from investors.
