One member of FaZe was today released, and three suspended, following a Save the Kids token cryptocurrency scam within the gaming group. FaZe Kay is permanently out of the company, while Jarvis, Nikan, and Teeqo are currently excluded from FaZe. It comes after their promotion of “pump and dump” cryptocurrency schemes. The length of their bans is currently unknown, though it’s certainly a bad look for the popular group.
What is the FaZe cryptocurrency controversy, and what is Save the Kids token?
The controversy erupted after FaZe members Kay, Jarvis, Nikan, and Teeqo reportedly promoted a coin called savethekids.io. This was picked up by YouTuber CoffeeZilla, who made a video discussing their underhand tactics in promoting the coin. Rather than doing so honestly, CoffeeZilla alleges they allowed their fans to raise the price by purchasing shares of savethekids.io, before selling their stake for a profit.
FaZe Clan today took the decision to suspend the involved members. In a statement, they “strongly condemn[ed] their recent behavior.’ It’s interesting to note that Kay was removed, whereas the others remain suspended. It’s currently unclear why his punishment was more severe. FaZe Banks also attempted to distance himself from allegations by emphasizing the public access to his wallet records.
Why do people keep saying this? It's simply 100% untrue. I've never one time been a part of a pump and dump. That's never happened, please do your research. My wallets public. I wasn't a part of any of this.
— FaZe Banks (@Banks) July 2, 2021
FaZe Kay released an apology via Twitter several days before his release from the group was confirmed. Other involved parties, including Jarvis, Nikan, and Teeqo, have yet to publicly comment via Twitter.
I want you all to know that I had no ill intent promoting any crypto alt coins. I honestly & naively thought we all had a chance to win which just isn’t the case. I didn't vet any of this with my team at FaZe and I now know I should have.
— Kay (@FrazierKay) June 27, 2021
Whether the banned members will one day return to the group remains to be seen. With that said, it’s certainly dented fans’ trust in the FaZe Clan.
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