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

FaZe Clan is one more time recovering from the drama, and this time the damage may be longer lasting. Decrypt note that FaZe has punished four players for alleged involvement in a pump-and-dump scheme involving the Save the Kids cryptocurrency project. The eSports team has been suspended Jarvis (pictured), Nikan and Teeqo, and permanently eliminated Kay from the organization.

Save the Kids (aka KIDS) was presented as a charity that would donate 1 percent of each transaction fee (which itself is 3 percent of the total transaction) to a child-oriented foundation. The creators have taken to FaZe to promote KIDS before its launch in early June, only to notice how the price has dropped by almost 90 per cent.

Affected clan members have denied any deliberate involvement. Home he said he had “no bad intentions” in promoting KIDS, and that he made a mistake participating without checking the effort with the team.

This is not even the first time that members of the FaZe team have faced accusations of joining a scam. Kay and the clan’s co-founder were paid to promote another currency, BankSocial, in May – only to sell shortly before leaving the partnership. Banks have not revealed the financial connection in the Twitter posts he has deleted since.

The press highlights the growing number of eSports players earning money outside of competitive play, both individually and as a team. Gucci made one Fnatic badge diving watch, for example. Although it’s not surprising given that players quickly gain the type of celebrity status commonly associated with conventional sports stars, which opens them up to similar temptations.

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