FaZe Banks Resigns as CEO of FaZe Clan Amid MLG Crypto Controversy
On July 29, FaZe Banks resigned as CEO of FaZe Clan amid backlash over the launch of meme coin MLG Crypto. He faced accusations of crypto scam related to the coin's promotion.
Key points include:
- Banks denied wrongdoing, asserting the narrative was manipulated due to his affiliation with FaZe.
- The price of MLG Crypto surged to $0.022 before plummeting to $0.012, causing investor losses.
- Internal tensions surfaced between Banks and content creator Adin Ross regarding the coin's failure, with Banks blaming Ross for contributing to its collapse.
- Ross confirmed the authenticity of leaked messages but denied involvement in any wrongdoing.
- Banks expressed concern for other FaZe members affected by the controversy, influencing his decision to resign.
- He indicated potential withdrawal from online activities, citing mental health impacts from the situation.
Banks described the events as miscommunicated and damaging to his personal and professional life.