FaZe Clan Takes Action Against Players After Crypto Scam Allegations

FaZe Clan, a well-known Esports company that takes part in several games, has been facing the heat in recent times over allegations that some of its players were taking part in schemes for reported-charity coins. The team has now taken action by punishing these members and one has also been released by the company as per clan save kidshaywarddecrypt.

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The team has also sent out a tweet that states how it has zero involvement with the activities of its members in the cryptocurrency arena. It also added that it condemns such behavior strongly. FaZe has released long-time player Kay from its line-up owing to these allegations while others like Nikan, Jarvis, and Teeqo have been put on an indefinite suspension.

The players had earlier promoted KIDS or Save the Kids, a charity cryptocurrency venture that was based on Binance Smart Chain. The website has now gone offline and it earlier claimed that 1% of every transaction charge (3% of the amount transacted) would be going to the Binance Charity wallet for helping a foundation that works for children. Many influencers also made claims that investors would also profit from the increasing usage of this coin.

Post the project went live early in June this year, the price of the coin has fallen staggeringly by close to 90% in only a few days, indicating that developers tapped into the huge fan base and online reach of the players for enhancing the coin value before selling out and deceiving investors. The players at the FaZe clan are however emphatic about their innocence. Kay also tweeted earlier that there was no harmful intention in the promotion of the coin. He talked of how they were all naïve and thought that they had an opportunity to emerge victorious. He also added that this was not vetted by the FaZe which was a mistake, as he admitted in hindsight. He talked of how he remained passionate about this space but it was still complex and he had a lot of things to learn as well.

He also warned every individual to check carefully before investing in this space. He also talked of how it was irresponsible on his part to publicly declare his support for any coin without more knowledge. The FaZe Clan was established in 2010 although it gained popularity only in the last few years on account of its Fortnite and the growth of the Esports segment. FaZe Clan was earlier listed at number four in the tally of most-valuable Esports entities with its valuation at approximately $305 million. The company takes part in several games including Counter-Strike, Call of Duty, Rocket League, and Global Offensive to name a few. It also has several influencers and streamers who are immensely popular in their own right.

They have also graced the cover page of Sports Illustrated, perhaps the very first time that any Esports team has been featured extensively on the prestigious publication. FaZe players have earlier faced allegations of supporting such cryptocurrency-based scams. The co-founder at the Clan, Ricky Bengston and Kay have earlier promoted a BankSocial coin based on Binance Smart Chain and Bengston has stated that this was the outcome of a paid campaign which they left eventually.