The cryptocurrency 'pump' and 'dump' scam surrounding FaZe Clan players takes another serious turn following the recent episode of the Mom's Basement podcast featuring Keemstar and FaZe Banks.
During the podcast, the FaZe Clan founder and the popular YouTuber almost confirmed that those involved in the 'pump' and 'dump' scam might be facing serious legal ramifications.
Coffeezilla, who first broke the news about FaZe clan members involved in the cryptocurrency scam, also mentioned how there could be serious ramifications waiting for former FaZe member Kay and FaZe Jarvis, Teeqo, and Nikan.
FaZe Banks says 'pump' and 'dump' scam members could be going to jail
In the Mom's Basement Podcast Ep 46 on Spotify, Keemstar asked FaZe Banks about the weight that has been put on his shoulders following the scam. The latter went on to talk about how the situation is essentially very tricky. He also expressed his disappointment over certain suspended members refusing to come out and explain their side of the story.
During the podcast, the duo also discussed the impending legal ramifications. According to Banks, one of the suspended members or even Kay could see jail time.
"This has gone so beyond social media drama at this point time. Like, there's legal implications for these guys, I'm sure. Someone could go to jail. Someone could really go to prison."
This assumption follows feds getting involved in investigating the 'pump' and 'dump' scam. Something similar happened in the case of Anti-Virus mogul John McAfee, who was also involved in a cryptocurrency scam.
The involvement of the feds in the FaZe cryptocurrency scam is still uncertain, but the accused have already resorted to lawyering up. RiceGum has rushed to take legal help, and as per his recent stream, he would be drawing inspiration from 6ix9ine.
News of the Save the Kids token scam has been spreading like wildfire, and even Twitter users feel that Kay and his former colleagues are in serious trouble and could even be looking at jail time.
According to Esports Talk, the charges against members who have committed the scam include charity fraud, along with SEC and FTC violations and more. If convicted under these charges, Kay and suspended FaZe members can see up to a million-dollar fine and 30 years in prison.