March 26, 2024

The Securities and Exchange Commission has warned the public against investing in Outrace Play to Earn, which is pre-selling its tokens to players through its in-game non fungible tokens (NFTs) at a low price before its initial coin offering (ICO).

In its advisory, the SEC said Outrace is also being operated by the people behind BCPay Financial Technology Inc.–Fredoline “Fred” Bruno, Victor “Troy” Denia, with Marco Mendoza, Arvann Cariaga, Johnru Cadag, Mark Mari and Clyde Santos.

In October 2021, SEC warned the public against investing in BCPay.

Outrace is an NFT racing game that includes card management, dice roll management and stats management.

The overall objective of the game is to win the race using the array of cars that can be purchased and customized using ORE token, according to its website. The ORE token can be earned by racing in conqueror mode or in player versus player sprint races.

“What makes this game so interesting is that it offers the player not only excitement and entertainment but enables them to earn crypto and earn prizes for their activity,” it said.

The SEC, however, called Outrace’s investment scheme “dubious” and “shady.” The company is selling its in-game NFTs and pre-selling its ORE coins before its ICO at a low price on the premise that its price will rise once it is listed on public exchanges.

An ICO, much like an initial public offering of a company’s shares that will be listed for trading,…

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