FaZe Crypto Scam: FaZe Banks denies involvement in Crypto "pump & dump" controversy

The FaZe Crypto Scam has been a talking point on social media for a few days now. What began as a way for fans and netizens to earn money turned into a classic "pump and dump," which led to many losing their investment.

Although few FaZe clan members have been in the spotlight on numerous occasions, it would seem that recent events have taken things to a whole new level.

FaZe's Jarvi "Jarvis" Khattri may have won the "battle of the platforms," but the champ lost the war as he was unceremoniously suspended from the FaZe clan alongside Nikan "Nikan" Nadim and Jakob Teeqo for their involvement in the "FaZe Crypto Scam."

means in a few months after everyone forgets, they're gonna be welcomed right back in with open arms

— alex (@herdlelol) July 7, 2021

While a few of those involved were suspended, the main culprit Frazier Khattri "Kay," was out of the clan and essentially banished. While he did tender an apology, the damage had already been done.

While I’m very passionate about the crypto space, it's extremely complicated & I still have a lot to learn & I caution everyone to look closely before investing.

— FaZe Kay (@FaZeKay) June 27, 2021

I'm really struggling with the fact that I let you all down & more importantly anyone whose trust I've lost. My fans mean the world to me and I wouldn’t be where I am today without you.

— FaZe Kay (@FaZeKay) June 27, 2021

While those involved in the FaZe Crypto Scam have been dealt with, fans are now turning their attention to Richard "Ricky" Bengston, better known as Faze Banks, Chief Operating Officer of the FaZe clan.

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FaZe Banks comes under the radar as FaZe Crypto Scam backlash continues

Ricky addressed the situation the moment the FaZe Crypto Scam came to light. And despite being upfront as the situation began to unravel, several netizens are under the impression that he was also involved in the FaZe Crypto Scam.

A few hours ago, Ricky took to Twitter to once again speak out about the debacle and explain that he and FaZe Clan were not in any way involved in the events that took place. He said:

"I don't know how this isn't 100% clear at this point, but I had zero involvement or knowledge of this SaveTheKids garbage, and neither did FaZe Clan. The people involved acted as individuals and did all that s*** on their own and have been removed as a result."

Nobody's more upset about all of this than we are. We took action the moment this was brought to our attention. Shit's embarrassing & I honestly wish these guys came to me about this in the beginning so I could've shut the entire thing down before it was too late. We had no idea.

— FaZe Banks (@Banks) July 7, 2021

Despite there being no evidence to link him to the FaZe Crypto Scam, several netizens brought up a tweet wherein Banks could be seen promoting another project. However, unlike the fiasco that occurred with "SaveTheKids," Banks did not ask users to buy or invest.

@banks what you say about this

— rudy betrayed (@rudy_betrayed) July 7, 2021

Irrespective of the above facts, there are still those who believe that he influenced people due to his popularity and position in the world of esports, which led many to buy and lose out in the end. As the debate rages on, it's yet to be seen what happens next and how things will unfold.

However, one thing can be said for certain, the suspense and removal of members will surely send a strong message to others who may want to dabble in cryptocurrency in the future and hamper the organization's reputation.

FaZe Clan have removed Kay from the Org and suspended other members Jarvis, Teeqo, and Nikan following allegations involving a crypto scam pic.twitter.com/UPtaKxYONc

— Jake Lucky (@JakeSucky) July 1, 2021