FaZe Banks stepped down from his position as CEO of FaZe Clan due to controversy surrounding the fall of MLG Coin. He has been accused of deceiving fans, but Banks maintains his innocence, instead implicating Adin Ross in the matter.
FaZe Banks is resigning as CEO of FaZe Clan due to allegations that he deceived fans by involving them in the MLG Coin meme cryptocurrency. Nevertheless, at 33 years old, he maintains his innocence and states that the controversy has negatively impacted his mental well-being.
In a post on X, Banks asserted, “I’ve never dishonestly deceived anyone in my lifetime,” he stated. “The entire story is unbalanced, and one of the reasons it persists is due to the fact that my ‘FaZe’ name can be effortlessly mimicked and exploited.
FaZe Banks “scam” accusations explained
360noscope420blazeit, also known as MLG Coin, is a meme token tied to the gaming culture and constructed on the Solana blockchain. Introduced in October, it gained significant traction with Banks and other FaZe Clan associates, including Adin Ross, promoting it starting from early 2025. In January 2025 alone, Banks’ endorsement boosted the coin’s worth from $3 million to a staggering $150 million within five days.
However, following a significant surge in early 2025, the value of MLG Coin plummeted dramatically, leading to widespread speculation that it was an intentional scam, or a “rug pull.” Interestingly, there was a minor uptick in its value on July 29, coinciding with the popular drama between FaZe Banks and Adin Ross.
FaZe Banks vs Adin Ross screenshot that started drama
The story unfolded on July 28th when a photo emerged showing Banks apparently criticizing Adin Ross in the MLG Main Chat, labeling him as a “self-centered performer.” In the image, Banks suggested that Adin Ross’ ego was wounded following the community’s backlash over his investment in MLG coin, which they planned to exploit for their own benefit by using him as an exit strategy.
To put it simply, the community took advantage of Adin Ross promoting the token by selling it when the price was at its peak.
In simpler terms, exit liquidity signifies the scenario where new investors purchase assets, enabling original owners to sell their holdings at a gain.
Definition of exit liquidity
Bank’s assertion is that Adin Ross fabricated a misleading story, which led people to believe that Bank was intentionally deceiving them by selling and apparently discarding cryptocurrencies as part of a calculated scheme.
“The only bad actor in this entire thing is Adin. Point Blank. Period.”
Adin Ross says screenshot is real but denies blame
Adin Ross acknowledged that the screenshot is authentic, yet he clarified that he did not participate in the MLG Coin scam.
In my own words, I’d say something like this: “I can confirm the screenshot from The Banks is authentic. It’s truly disheartening if anyone believed that the incident involving MLG was something I was involved in. I regret to inform you all, it wasn’t.” (Said on X)
“It’s clear why that whole house seems so quiet – the truth can’t stay hidden forever. What saddens me most, though, is discovering that the one I thought of as a brother has been deceiving me.
As a dedicated gamer, I’ve got a pretty tight bond with the Faze Clan crew. I’ve teamed up for live streams with Silky, Lazy, and even the one and only Banks. Now, let me spill some tea from April 2025 – I own a 20% stake in the Faze Clan! You might know Banks too; he’s part of that group as well. We’re both proud investors in Death Breath, a fresh breath solution we all swear by.
Banks presents proof he made a LOSS on MLG Coin
Right now on Instagram, Banks posted a picture of a tweet (which has been removed) suggesting he didn’t earn anything from MLG Coin. He himself asserts that he’s recently gotten rid of his entire MLG coin holdings at a loss totaling $106,475.
In the post, Banks stated, “Without a doubt, this has to be one of the most disastrous ‘scams’ ever encountered, as I lost a substantial sum of money – six figures. However, I hope they find success in their community and wish everyone else well. The culprit behind it has been dealt with.
FaZe Banks “scam”: Rug pull or smear campaign?
Apart from posting about selling his MLG coin collection, Banks also posted a screenshot of a private message he received from an unknown individual, alleging that there was an ongoing attempt to tarnish his reputation.
A person I’m familiar with who manages Twitter campaigns claims that someone is intentionally spending a significant amount, around $40-50K, to promote a story and falsely accuse you of wrongdoing. This is according to the user.
Will Banks come back to FaZe Clan?
Banks hasn’t specified yet when he will return to FaZe Clan, but he announced that for the present moment, he plans to take a break not just from FaZe, but also from all online activities.
It’s crazy that this is affecting them at all,” said Banks on X. “I can’t believe my entire life gets ruined over something I didn’t do. The real people know. I wish I could promise a return, but honestly, I’m not sure if I will.
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2025-07-29 09:11