FaZe Banks distances himself from “pump and dump” crypto drama

Hours after FaZe Clan introduced that it had dropped Kay and suspended Jarvis, Nikan, and Teeqo amid cryptocurrency ‘pump and dump’ controversy, co-owner Richard ‘Banks’ Bengston has now distanced himself from the drama.

FaZe Clan dropped a main announcement throughout social media on July 1, revealing that 4 of its hottest influencers have been being dropped or suspended in gentle of current engagements with sponsored cryptocurrencies.

Kay was let go from the group altogether, whereas his youthful brother Jarvis was suspended together with Nikan and Teeqo. All 4 have been hit with these penalties after reportedly ‘pumping and dumping’ a spread of altcoins, particularly, the ‘Save The Children’ token.

This label is utilized when influencers promote a comparatively obscure coin, encouraging their viewers to purchase in and drive up the worth earlier than they money out and make a revenue as the worth then begins to tank.

Numerous FaZe members have evidently been concerned in such schemes.  Nonetheless, Banks has damaged his silence on the matter, assuring that he by no means engaged with ‘pump and dump’ promotions.

Banks promoted a brand new cryptocurrency on Might 27 earlier than quietly deleting all traces.

In a since-deleted Twitter publish from Might 27, Banks was seen pushing BankSocial.io. In his promotion, Banks supplied $10,000 to a “fortunate” fan that unfold the announcement.

“It is a challenge I f**okay with closely and actually consider is the subsequent one to pop,” he stated.

Previous to his publish, the newly established crypto was valued at roughly $0.000005 USD, in line with CoinGecko. The token then soared to a peak worth of $0.00000919 — 2.5 instances its valuation — inside 24 hours of his tweet earlier than plummeting. It presently sits at a price of $0.00000115, down eight-fold from its peak.

Regardless of this, Banks appeared to distance himself from ‘pumping and dumping’ accusations as different FaZe members turned implicated. “I’ve by no means one time been part of a pump and dump,” he pressured in a July 2 Twitter thread.

“That’s by no means occurred. My pockets’s public. I wasn’t a part of any of this. I’m an open e-book and have an precise love for this house.”

Banks broke his silence on the cryptocurrency drama hours after FaZe launched an announcement.

As one of many co-owners of FaZe Clan, Banks is but to problem a separate assertion following on from the actions of Kay, Jarvis, Nikan, and Teeqo.

This information stems from a wave of current backlash with most of the world’s largest influencers lashing out at these “scamming” their followers with ‘trashy’ cryptocurrencies.