Weekly Report: Flamingo Casino Club Closes &Talos Becomes Unicorn


  • The Flamingo Casino Club, which offered NFTs to users, has been asked by fünf US states to cease operations
  • Crypto trading company Talos became a Unicordn with 1,25 billion US-Dr, after raising 105 million USD, it announced on Tuesday
  • Bitcoin Miner HIVE Blockchain Launches Stock consolidation with the aim of improving institutional visibility
  • IOSCO predicts that the crypto sector could get a regulatory rde within the next year
  • Chile should consider further before issuing a digital peso, central bank says

Virtual Casino offering Metaverse-affiliated NFTs must cease operations in fünf states

The states of New Jersey, Kentucky, Wisconsin, Alabama and Texas have claimed that the Flamingo Casino Club is committing a scam by offering NFTs associated with a Metaverse casino. In fact, the supervisors in the respective states have emergency orders on Wednesday adoptwho require that the Platform discontinue the offer of the relevant NFTs that are not allowed.

Flamingo Casino is accused of using social media to promote NFTs with the intention of using influencers to promote the sale of the platform. The platform has apparently presented an outright scam by offering poker tournaments, virtual concerts and tennis tournaments to potential NFT holders as some of the benefits for the holders. The virtual platform attracted investors with the promise to build a virtual entertainment facility and a casino in the sandbox metaverse. 

The regulatory authorities also noted that the Flamingo Casino Club was founded in Russia in March 2022. The platform also does not have a ‘tangible’ physical address, and the specified phone number is au’s operational, which ideally disguises your location.

In order to gain legitimacy at face value, the virtual casino proposed a partnership with the long-term real casino – the Flamingo Las Vegas Hotel and Casino –. The Casino Club is also Tädeception and fraud“ guilty because he spread the story about connections to MarketWatch and Yahoo, which have since turned out to be untrue.

KuCoin, Chainalysis and Talos Complete financing rounds

Crypto trading company Talos announced on May 10 that it raised $105 million in a Series B funding round that brought the platform to unicorn status with a valuation of $1.25 billion. Among the notable personalities who were part of the investment parties are BNY Mellon, Wells Fargo Strategic Capital and Voyager Digital in a round initiated by General Atlantic.

In addition to the new figures, the company’s initial investors, including Andreessen Horowitz, Fidelity Investments and PayPal Ventures, also extended their partnership by participating in this round. Talos said it will use the accumulated funds to continue its expansion strategy in Europe and APAC.

Johnny Lyu’s KuCoin crypto exchange announced on the same day that it raised $150 million in a pre-series B round initiated by Jump Capital’s crypto division Jump Crypto. Other investors, including Matrix Partners, Circle Ventures and IDG Capital, also contributed to raising the valuation of the Börse to $ 10 billion.

On Thursday, blockchain analytics platform Chainalysis announced that it has reached a valuation of $8.6 billion after raising $170 million. Singaporean capital markets company GIC Fülaunched the Series F, which was attended by Accel, Dragoneer, Blackstone and BNY Mellon. Chainalysis aims at an improved global reach and improved product innovation.

Bitcoin Miner HIVE Blockchain Announces 5:1 Stock Consolidation

Last Tuesday, crypto mining company HIVE Blockchain announced a plan to increase the attractiveness of the platform for institutional investors. The crypto miner said that it intends to complete a consolidation of its common shares, which is scheduled to take effect on May 20.

As a result of the consolidation, HIVE’s issued and outstanding common shares will shrink from the current 411,209,923 to a new 82,241,984 shares. The Bitcoin miner, who is based in Canada, expects that this step will Increase shareholder value“würde. The CEO of the platform, Frank Holmes, said that at the moment it is difficult for HIVE to compete with industry peers due to an overflow of outstanding shares.

Holmes explained that HIVE is suffering from the effects of the low share price, even though market capitalization and fundamentals such as the ratio of debt to equity exceed those reported by industry peers. He also added that HIVE has impressive fundamentals compared to technology stocks and that the höhere share price after consolidation would only make the miner more enticing.

He pointed out that institutional visibility was a significant advantage that could be achieved with the upcoming change. HIVE shares are expected to outgrow the $5 per cent price below which most institutional investors do not participate.

Crypto could Get a global regulatory Authority in the Next Year, says Hong Kong SFC CEO

It is expected that the crypto regulatory scene will change in the future with the development of crypto and blockchain technology. The chairman of the International Organization of Securities Commissions (IOSCO) and CEO of the Hong Kong Securities and Futures Commission, Ashley Adler, has suggested that a joint crypto regulatory authority could emerge within the next year.

Adler spoke at a virtual conference organized by the Official Monetary and Financial Institutions Forum (OMFIF). He noted that the rise of crypto is a major focus today alongside climate change and the COVID-19 pandemic. He also noted that digital assets are coming into the spotlight with the increasing relationship with traditional finance.

The Executive of Hong Kong SFC explained that the crypto sector is full of dangers such as Cybersecurity, operational resilience and lack of transparency;this is what requires a globally coordinated regulatory effort.

The IOSCO chairman said that his proposed solution to the current uncertainty would provide for the creation of a kind of nature for climate finance institutions such as one among the G20 group of huge economies.

Chile is considering CBDC-Pl and plans to conduct a deeper analysis

Chile said last September that it would adopt a strategy this year to launch a central bank digital currency (CBDC), a digital peso. However, according to a newly published report, the Central Bank of Chile has refrained from launching the government-controlled digital token, tying the decision to the need to conduct further analysis to identify benefits and risks in concrete terms.

The Wednesday report stated that there is currently insufficient information to support a final decision. The Bank is planning to hold a number of information events, including seminars and presentations.

The Central bank has agreed that a CBDC itself should be a competitive, innovative and integrated payment system; with an appropriate and reliable protection of user data, kördern könnte. They also added that issuing a CBDC could help to address the potential problems arising from the large-scale use of payments with virtual assets in the course of the growth of crypto currencies.

Bank Governor Rosanna Costa said that in order to establish a CBDC, Chile must be operational for online and offline payments and enable traceable transactions. At an event organized by the Bank for International Settlements (BIS), Costa found that the technology that makes this possible is not yet as efficient.

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