FaZe Clan Take Action Against Those Involved In Crypto Scam
Last Updated on: 2nd July 2021, 06:14 pm
It’s an event that will certainly upset quite a few fans of FaZe Clan and their competitive esports. Kay has been kicked from FaZe Clan following an apparent “crypto scam”. Here’s everything that we know about it so far.
FaZe Clan Crypto Scam Isn’t Anything New
Earlier today, FaZe Clan announced that Kay had been removed from the organisation alongisde the suspension of Jarvis, Nikan, and Teeqo. They have also made the following comments:
“FaZe Clan had absolutely no involvement with our members’ activity in the cryptocurrency space, and we strongly condemn their recent behaviour.”
You can also see the announcement below:
That all sounds pretty serious, right? Well… What did they even do? Cryptocurrency isn’t exactly illegal, is it?
A Classic “Pump And Dump” Con
Essentially, Kay was involved in a “Pump and Dump” con that’s pretty common in the cryptocurrency world. What this means is that influencers encourage people to buy into a particular cryptocurrency, “pumping” up the value of each token, before they sell it for a huge profit, “dumping” their own cryptocurrency.
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It’s a generally frowned upon tactic and, in certain cases, can be classed as market manipulation. As members of a community with quite a substantial influence, it’s a pretty disgusting way to make money due to the fact that it is an abuse of power and exploitation.
What makes these things worse is that they used a Charity Token for the Save The Kids charity. This Crypto Token aims to donate 1% of the Transaction Tax to Save The Kids (to create a better world for them, of course!) SomeOrdinaryGamers has put together a breakdown of the situation which highlights everything wrong with the whole situation, highlighting a few of the “interesting” things with the Save The Kids BSC, and it looks like FaZe Clan has finally taken action against those involved.
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RiceGum isn’t a part of FaZe Clan, but it also looks like he’s in hot water.
