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

FaZe Clan is once again 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 venture. The eSports workforce 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 might donate 1 p.c of every transaction price (which itself is 3 p.c of the overall transaction) to a child-oriented basis. The creators received influencers at FaZe to advertise KIDS forward of its launch in early June, solely to look at as the value crashed by nearly 90 p.c.

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 collaborating with out vetting the trouble with the workforce.

This is not even the primary time FaZe workforce 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 being profitable exterior of aggressive gaming, each individually and as a workforce. Gucci made a Fnatic-badged dive watch, as an example. While it is not shocking given how players are rapidly gaining the form of movie star standing generally related to standard sports activities stars, that opens them to comparable temptations.

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