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Did FaZe Clan’s Banks really scam fans with MLG Coin?
Key Takeaways
Allegations surrounding a failed memecoin force FaZe CEO Banks to leave the spotlight indefinitely. As silence from FaZe continues, speculation over accountability deepens.
In a dramatic turn of events, FaZe Clan #CEO Richard “Banks” Bengtson has announced his departure from the organization.
This followed intensifying allegations about a failed #cryptocurrency venture that also involves influencer Adin Ross.
Taking to X (formerly #Twitter ), Banks strongly denied any wrongdoing, calling the accusations “unfair” and attributing the backlash to the exploitability of the FaZe brand.
Thus, amid the growing toll on his personal brand and also those who are connected to him, he revealed he would be stepping away not just from FaZe but from the internet entirely.
Expressing his dissatisfaction, he added,
“Sucks my entire life gets ruined over something I didn’t even do. The real ones know. I wish I could say I’ll be back, but I really don’t know if I will.”
As of now, FaZe Clan has remained silent on Banks’ resignation and the swirling allegations.
How it all started
The controversy began in early 2025, when Banks and other FaZe members publicly endorsed a cryptocurrency called MLG memecoin.
High-profile influencers fueled the coin’s dramatic surge in value through intense hype and promotion.
However, the momentum didn’t last as MLG quickly crashed, and fans accused the insiders of orchestrating a “rug pull.”
Many pointed fingers at Banks, claiming he misled his followers into investing.
The situation worsened on 28th July when a leaked group chat revealed Banks blaming Adin Ross for the token’s collapse.
“Adin Ross f***ed this up,” Banks wrote, suggesting Ross’s community dumped the coin after Banks bought in, effectively using him as “exit liquidity.”
What’s more?
Ross confirmed the authenticity of the message but denied any wrongdoing, calling the situation “sad asf” and refusing to accept responsibility.
The public back-and-forth between the two influencers further intensified scrutiny and backlash from the online community, leading to Bengtson’s decision to step away from both FaZe Clan and the internet spotlight.
With Banks stepping away indefinitely, FaZe Clan now faces an uncertain future without its longtime figurehead.
As of now, the organization has yet to comment, leaving fans speculating about what lies ahead.
Meanwhile, as the internet deals with the aftermath of one scam, more sophisticated scams are already popping up, with deepfake scams on the rise in the #Ripple community.
#DELABSBinanceTGE @WISE PUMPS

The Elon Musk-SEC story is gaining new momentum! On January 14, the regulator filed a lawsuit against the billionaire, accusing him of concealing information about his ownership of Twitter (now X) shares. The SEC claims that Musk violated a 10-day notice period by filing a report 11 days late. 📉
⚖️ What happened?

Now the company has licenses for money transfers in 25 US states. And soon the platform will add:

• Wallet/account
• Payments to any user
• Interest on funds
• Purchases
• Subscriptions
• Tips

In short, something between Telegram and OnlyFans will be released. 😄

#XWallet #twitter #payments #socialmedia

#VitalikButerin emphasized that #blockchains -technologies in authoritarian countries and dictatorships help the population maintain at least some kind of confidentiality. According to him, the blockchain can create and provide a safe digital space for users to communicate. At the same time, #vitalik drew attention to the fact that not all blockchain technologies can be used in liberal states, since they lack repressive mechanisms for persecution freedom of speech and expression. During a discussion with Hoy Smith, the co-founder of #Ethereum drew attention to the fact that the Internet is now fragmented into many small and specialized communities. The same way, they try to build a cesspool and a global cesture, which is what the X (#twitter ) and the dpi cocked paletiphon is being found AMI. Vitalik Buterin believes that the information space is increasingly turning into a notorious war of everyone against everyone, and new mechanisms are needed that would ensure the maintenance of the social ball nsa during dialogues on the Internet. According to the programmer, we need to use blockchain more in everyday life, as well as cryptocurrencies, so that they contribute to the development of democratic institutions on a global scale .$ETH