The FaZe Clan beat records in the previous month by being the first-ever gaming industry to grace the screen of Sports Illustrated journal.
This month, four members are being examined for managing a ‘pump and dump’ cryptocurrency scam.
They supposedly a pumped up the price of an altcoin named ‘Save The Kids’ and then marketed off their holdings, creating the tokens’ worth to fall.
An e-sports organization named ‘FaZe Clan’ has kicked one of its members and rejected three others between accusations of working a ‘pump and dump’ cryptocurrency fraud. In the external crypto world, it’s what you would describe as a Ponzi plan.
A statement from FaZe Clan. pic.twitter.com/HnPXpAoSYX
— FaZe Clan (@FaZeClan) July 1, 2021
What Is Faze Crypto Scam?
It has been some time now to reach influencers and streamers to boost several kinds of cryptocurrencies. That is specifically what the “pump and dump” system is.
Given its size, several people have dropped prey to the FaZe crypto fraud. Influencers raise a particular cryptocurrency, making its cost increase hugely.
Supporting this, they then trade a vast quantity of this cryptocurrency, gaining a large amount and eventually making the cost of this alternative currency go downhill.
FaZe Banks were funded to support the cryptocurrency “BankSocial.” Hence, that was the just advertising he made for BankSocial since he reversed the advertisement deal because he will not be given BankSocial coins.
So, Kay reached behind this product and moved the alternative currency further, stating that he was up twice the cost he had spent.
Presently, here is why this is a FaZe crypto “scam.” The “pump and dump” pattern supports the same program and finishes in the same direction, i.e., the cryptocurrency value touching the rug.
Hence, emotional viewers are affected by the advertisements and end up funding this recklessly, creating financial burnout.
FaZe Banks got cleaned with the whole FaZe crypto scam to respond to this YT video by CoffeeZilla. It speaks regarding group members, involving Teeqo, Jarvis, and Nikan, tapping and dropping different crypto coins.
Finally, even Kay followed suit and posted on Twitter regarding his disappointment at being a member of the FaZe crypto scam.
The FaZe crypto scam is just one of the several such cryptocurrency advertisements that have driven to failure. While influencers must scan through their advertising, the enthusiast area should also exercise caution before skipping the rifle with something like this.
Related Article: How To Join Faze Clan? FaZe5 Recruitment Challenge 2021.