Banks steps away from FaZe Clan amid crypto scam allegations

Richard ‘Banks’ Bengtson has stepped down as Chief Executive Officer (CEO) of FaZe Clan following accusations of scamming fans through MLG Coin, a meme cryptocurrency.

MLG Coin is a meme token created using the Solana platform. Launched in October, Banks and other FaZe Clan members promoted it across their social media channels.

Following the promotion, the coin’s value skyrocketed from $3m (~£2.2m) to $150m (~£112.4m) in five days. Following the sharp rise in value, accusations of a rug pull began to surface.

“I’ve never scammed anyone a day in my f**king life,” said Banks in a social media post.

“The fact this is affecting the guys at all, is whack. So for the time being, I’m gunna be stepping away from not only FaZe, but all of this internet s**t. It’s destroying my life inside and out.”

In addition to the involvement of Banks in MLG Coin, content creator Adin Ross also promoted the cryptocurrency, generating interest in the coin and raising its value.

The content creator has strong ties to FaZe Clan. Throughout the year, he has collaborated with several members of the organisation. In April, Ross claimed he holds a 20% stake in the organisation.

Banks hasn’t shared the length of time he will be away from his role as CEO of FaZe Clan. The organisation has yet to reveal who will act as the CEO in the interim.

“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,” added Banks.

Founded in 2010, the organisation is one of the longest-standing esports and gaming brands in the world. Outside of its content creation efforts, it fields rosters across several esports titles, including Call of Duty, Counter-Strike 2 (CS2), Halo, and PlayerUnknown’s Battlegrounds (PUBG).