This scam needs to be looked into.
After FaZe Clan announced that it had dropped Kay and suspended Jarvis, Nikan, and Teeqo amid cryptocurrency ‘pump and dump’ controversy, co-owner Richard ‘Banks’ Bengston has distanced himself from the drama surrounding the ‘SaveTheKids’ token.
FaZe Clan dropped a major announcement across social media on July 1, revealing that four of its most popular influencers were being dropped or suspended in light of recent engagements with sponsored cryptocurrencies.
Kay was let go from the organization altogether, while his younger brother Jarvis was suspended along with Nikan and Teeqo. All four were hit with these consequences after reportedly ‘pumping and dumping’ a range of altcoins, namely, the ‘Save The Kids’ token.
This label is applied when influencers promote a relatively obscure coin, encouraging their audience to buy in and drive up the value before they cash out and make a profit as the value then begins to tank.
A number of FaZe members have evidently been involved in such schemes. However, Banks has broken his silence on the matter, assuring that he never engaged with ‘pump and dump’ promotions.
In a since-deleted Twitter post from May 27, Banks was seen pushing BankSocial.io. In his promotion, Banks offered $10,000 to a “lucky” fan that spread the announcement.
“This is a project I f**k with heavily and truly believe is the next one to pop,” he said.
Prior to his post, the newly established crypto was valued at roughly $0.000005 USD, according to CoinGecko. The token then soared to a peak value of $0.00000919 — 2.5 times its valuation — within 24 hours of his tweet before plummeting. It currently sits at a value of $0.00000115, down eight-fold from its peak.