Taylor Scott
FaZe Banks and Adin Ross have been accused of being involved in a cryptocurrency scam, with leaked screenshots suggesting that Banks blamed Ross for the fiasco surrounding MLG Coin, a memecoin they both promoted. Banks has since denied the allegations, claiming that he is the subject of a smear campaign. In the wake of these accusations, Banks stepped down as CEO of FaZe Clan and announced that he would be stepping away from FaZe and social media. Banks and Ross had planned to do a joint livestream to clarify the situation, but it is unclear if this took place.
| Characteristics | Values |
|---|---|
| Date | 28 July 2025 |
| People Involved | FaZe Rug, FaZe Banks, Adin Ross |
| Organisations | FaZe Clan |
| Reason | FaZe Banks accused of scamming fans through the $MLG meme token |
| Actions Taken | FaZe Banks stepped down from his role as CEO of FaZe Clan |
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What You'll Learn
FaZe Banks resigns as CEO
Richard "FaZe Banks" Bengtson has stepped down from his role as CEO of the esports brand FaZe Clan. The decision comes amid accusations of a $200 million crypto scam involving the MLG Coin, a memecoin that both Banks and streamer Adin Ross promoted in early 2025.
MLG Coin, officially known as 360noscope420blazeit, soared to a market cap of over $166 million in January before crashing. Fans claimed they were "rugged", left holding worthless tokens, while Banks and Ross cashed out. In the wake of the crash, leaked messages surfaced, showing Banks blaming Ross for the token's decline and denying any wrongdoing.
The crypto scandal caused an uproar on social media, with people expressing their fury and sharing their losses. Some even claimed they had invested all their savings in MLG Coin. Banks responded to the backlash by announcing his decision to step away from FaZe Clan and the internet. He denied the accusations, stating that the rumours were "destroying his life" and that he had never scammed anyone.
The controversy surrounding Banks and the alleged rug pull has sparked discussions about the impact of influencer promotions on cryptocurrency value and the potential risks for investors. With Banks' departure from FaZe Clan, the organisation can now chart its own future, moving away from the controversies associated with Banks.
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Accusations of scamming fans
FaZe Banks, the former CEO of FaZe Clan, has been accused of scamming fans through the $MLG meme token. Banks, along with streamer Adin Ross, promoted the token in early 2025, and it received early endorsements from high-profile internet personalities, which helped pump its price. However, within weeks, the token crashed, and fans were left holding worthless tokens. People on social media were furious, with some claiming they had invested all their savings in MLG.
Leaked messages surfaced, showing Banks blaming Ross for the token's crash and accusing him of manufacturing a narrative that Banks had engaged in deceptive selling behaviour. Banks claimed he had invested a substantial sum in the project and had never sold any tokens for profit. He also said that the growth was "organic".
In response to the growing backlash, Banks announced that he would be stepping away from FaZe Clan and the internet. He denied the allegations, stating that he had never scammed anyone and that he was the victim of a smear campaign. Banks also said that the rumours were "destroying my life inside and out".
The controversy surrounding Banks and the MLG token has sparked a public feud between Banks and Ross, with both men denying orchestrating a rug pull. The situation has also led to discussions about the potential negative impact of Banks' association with FaZe Clan and his presence in the public eye.
While Banks has stepped down as CEO, the crypto story has gone viral, and the situation remains unresolved. Banks and Ross had planned to do a joint livestream to clarify the situation, but it is unclear if this event took place.
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Banks blames Adin Ross
Richard "FaZe" Banks stepped down as CEO of FaZe Clan amid accusations of scamming fans through the $MLG meme token. Banks, however, denied the allegations and blamed fellow streamer Adin Ross for the token's crash.
On July 28, 2025, a text message from Banks went viral on X (formerly Twitter), in which he blamed Adin Ross for the alleged rug pull scam of the MLG cryptocurrency. Banks' message claimed that Ross was the "only bad actor" in the situation, accusing him of manufacturing a narrative that Banks had engaged in deceptive selling behavior.
"The only bad actor in this entire thing is Adin. Point blank. Period," Banks stated in the leaked screenshot. He also claimed to have invested heavily in the project and denied selling any tokens for profit. Banks' message caused a public feud between the two, with Adin Ross expressing his hurt and disappointment during a livestream on July 30, 2025.
The MLG Coin, formally known as 360noscope420blazeit, was a Solana memecoin that soared to a market cap of over $166 million in January before crashing. The token received early endorsements from high-profile internet personalities, including FaZe Banks and Adin Ross, with coordinated promotional activity helping to pump its price. In the wake of MLG’s crash, both were accused of pulling the rug on the token, but they denied orchestrating such an exit.
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Banks steps away from social media
Ricky "FaZe" Banks, the former CEO of esports brand FaZe Clan, has found himself at the centre of a cryptocurrency scandal. Banks has been accused of manipulating the price of the $MLG meme token and performing a rug pull alongside streamer Adin Ross. In the wake of these allegations, Banks has taken to social media to announce that he is stepping away from FaZe Clan and the internet.
The controversy surrounding Banks and the $MLG token began when the token crashed after reaching a market cap of over $166 million. Fans who had invested in the token claimed they were "rugged", left holding worthless tokens while Banks and Ross allegedly cashed out. Leaked messages surfaced, purportedly showing Banks blaming Ross for the token's crash and denying any involvement in deceptive selling behaviour.
In response to the growing backlash, Banks announced on social media that he would be stepping away from FaZe Clan and the internet. He denied the allegations against him, claiming that he had never scammed anyone and that the rumours were "destroying [his] life inside and out". Banks also stated that he had taken a personal financial hit from the $MLG token, losing six figures.
Banks' decision to step away from social media and FaZe Clan comes amid a full-blown internet meltdown surrounding his involvement in the $MLG token controversy. The scandal has sparked discussions about the creator economy and the potential liabilities for organisations associated with controversial figures. Banks' departure from FaZe Clan is seen by some as a positive move for the brand, allowing them to distance themselves from the scandal and any potential negative associations.
While Banks has denied any wrongdoing, the controversy and allegations against him have had a significant impact on his public image and mental health. The scandal has also raised questions about the ethics of influencer promotions and the potential risks for fans and investors. As Banks navigates the fallout from the $MLG token scandal, his future involvement in the creator economy and esports industry remains uncertain.
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Banks denies allegations
Banks denies the allegations, claiming a smear campaign is targeting him amidst the viral crypto scandal. In a post on X (formerly Twitter), Banks said: "I've never scammed anyone a day in my fking life". He also insisted that he is physically healthy and confident in his truth.
On 28 July 2025, Banks announced on social media that he would be stepping away from FaZe Clan and "all this internet shit". He also said he would appear in a joint livestream with Ross to clarify the situation, although at the time of writing, this had not yet taken place.
Banks has since posted on Instagram Stories to explain his feelings about the situation. He shared a screenshot of a message claiming a "smear campaign" was being run against him and added that the situation felt "incredibly unfair". He also said: "Anybody with a brain or anyone who's bothered to look into details of the 'scam' garbage knows it's simply me being farmed. Simple as."
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Frequently asked questions
FaZe Banks and FaZe Rug are both members of the FaZe Clan, an American esports organisation. FaZe Banks stepped down as CEO of FaZe Clan following accusations of a $200M crypto scam involving another clan member, Adin Ross. FaZe Rug was also implicated in the scandal but to a lesser extent.
FaZe Banks and Adin Ross promoted the MLG Coin, a cryptocurrency token, to their fans. The value of the token surged from a $3 million market cap to over $200 million. However, within weeks, the hype deflated, and fans were left holding worthless tokens. FaZe Banks was accused of orchestrating a "rug pull" and blamed Adin Ross for the fiasco in a leaked message.
A "rug pull" is a type of scam where an investor buys an asset at a low price and then sells it at a higher price, making a large profit and causing the price to crash.
FaZe Banks announced that he would be stepping away from FaZe Clan and social media. He denied the allegations and claimed that he was the victim of a smear campaign. He also said that he had lost a significant amount of money in the scam himself.
