Derailed Digital Horse Race Game Sued for NFT Financial Failure

Game of Silks Inc. lured millions of dollars from players with promises of burgeoning payouts from its virtual horseracing enterprise while concealing financial issues that led it to bust, a proposed class action said.

Leadership boasted that non-fungible token buyers were part of a decentralized community with support from real-world horseracing entities and growing potential earnings, Cary Cantner told the US District Court for the Southern District of Florida. In reality, Game of Silks wasn’t pulling in the $20 million in revenue it needed to continue, and a key investor had quietly sold off its stake, said Monday’s complaint. …