What was the FaZe Clans cryptocurrency scam?
FAZE Clan has been around since 2010. The FaZe Clan members are looking a little different following an alleged cryptocurrency scam. Members of the FaZe Clan were accused of participating in a 'pumping and dumping' scam involving cryptocurrency. Pumping and dumping is a form of security fraud, it involves artificially inflating the price of a stock through false and misleading statements in order to sell at a higher price. Influencers who promote these scams walk away with a significant amount of money but at the risk of the value of the coin or stock to crash. In a since deleted tweet, member Richard Bengston, otherwise known as FaZe Banks, said, This is a project I f*** with heavily and truly believe its the next one to pop. $10,000 winner chosen at random in 24 hours. Good luck you sexy f****. #BSOCIAL (not financial advice lol).  Banks and other member FaZe Kay were known for promoting BankSocial, a crypto banking system, that encourages members to hold $BSOCIAL. Following the alleged scam, leaders of FaZe Clan decided to take action before any more damage was done. On July 1, 2021, FaZe Clan released a statement about the allegations and decisions to remove and suspend some of their members. "We have made the decision to remove Kay from FaZe Clan, and have suspended Jarvis [Khattri], Nikan [Nadmin], and Teeqo until further notice," they said. A statement from FaZe Clan. pic.twitter.com/HnPXpAoSYX  FaZe Clan (@FaZeClan) July 1, 2021  "FaZe Clam had absolutely no involvement with out members' activity in the cryptocurrency space, and we strongly condemn their recent behaviour," they continued. This is not the first time Jarvis has gotten in trouble as a member of FaZe Clan, back in 2019, he was banned from the Fortnight league after being caught cheating. Based in Los Angeles, California, FaZe Clan is a professional esports and entertainment organization, they are known to be one of the most popular esports teams around. The organization has nine competitive teams that compete in esport tournaments for video games including:  Fortnite  FIFA  PUBG  PUBG Modbile  Rainbow Six  Call of Duty League  Rocket League  VALORANT  CS:GO  They have also since launched a fashion and lifestyle brand with partners including, Champion, the NFL, Manchester City FC, LA Kings, and more. "We started out as internet kids armed with cameras and a diehard love for video games," according to their website. "We've turned out passions and struggles into a global creative engine that has no boundaries and continues to define gaming culture." Their current roster includes 84 members.