FaZe Clan suspends players allegedly involved in crypto pump-and-dump scheme


FaZe Clan is as soon as once more reeling from drama, and this time the injury is perhaps longer-lasting. Decrypt notes that FaZe has punished 4 players for alleged involvement in a pump-and-dump scheme involving the Save the Kids cryptocurrency project. The eSports crew suspended Jarvis (pictured), Nikan and Teeqo, and has completely eliminated Kay from the group.

Save the Kids (aka KIDS) was pitched as a charity that will donate 1 % of every transaction payment (which itself is 3 % of the overall transaction) to a child-oriented basis. The creators acquired influencers at FaZe to advertise KIDS forward of its launch in early June, solely to look at as the worth crashed by virtually 90 %.

The affected clan members have denied any deliberate involvement. Kay said he had “no ill intent” in selling KIDS, and that he made a mistake in taking part with out vetting the hassle with the crew.

This is not even the primary time FaZe crew members have confronted accusations of becoming a member of in scams. Kay and clan co-founder have been paid to advertise one other coin, BankSocial, in May — solely to promote shortly earlier than exiting the partnership. Banks did not reveal the monetary connection in Twitter posts he has since deleted.

The crackdown highlights the rising variety of eSports players making money exterior of aggressive gaming, each individually and as a crew. Gucci made a Fnatic-badged dive watch, as an illustration. While it is not stunning given how players are shortly gaining the form of movie star standing generally related to standard sports activities stars, that opens them to related temptations.

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