FaZe Clan, one of the most prominent e-sports organizations in the world, has denied any involvement in an alleged pump-and-dump scheme involving a cryptocurrency project that purported to support the Save the Kids charity. The organization said in a statement on Twitter that it had suspended several members of its team who had been promoting the Save the Kids coin (STK) without disclosing their financial stake in the project.
What is FaZe Clan?
FaZe Clan is a professional esports organization with teams in a variety of games. They were founded in 2010 and have since become one of the most successful esports organizations with a large following on social media.
The allegations against FaZe Clan relate to their involvement with Save the Kids coin, which was promoted by some of their players. It is alleged that faze clan save kidshaywarddecrypt Clan participated in a pump-and-dump scheme with this coin, which essentially means that they bought it up and then sold it off once the price had gone up, leaving people who had invested in it out of pocket.
FaZe Clan has denied any involvement in this alleged scheme and has even suspended some of the players who promoted the coin. However, many people are still skeptical of their involvement and the matter is currently under investigation.
What is Save the Kids coin?
FaZe Clan is denying any involvement in an alleged pump-and-dump scheme involving the Save the Kids cryptocurrency. The clan has also dropped and suspended players who promoted the coin.
According to a report from Decrypt, some members of FaZe Clan were allegedly involved in promoting the Save the Kids coin (STK) on social media and other channels in order to drive up its price. Once the price reached a certain level, they then dumped their coins, causing the price to crash.
This led to many investors losing money, and it also damaged the reputation of FaZe Clan. In a statement, the clan said that it “does not condone or support any illegal activity,” and that it is “committed to providing a safe and fun environment for our community.”
The players who have been suspended or dropped from FaZe Clan include H1ghSky1, DMO, spacelyon, jayztwocents, and banks. It’s not clear if they will face any legal repercussions.
The allegations against FaZe Clan
It’s been a big week for FaZe Clan.
First, the esports collective was accused of participating in an alleged pump-and-dump scheme involving the Save the Kids cryptocurrency. Then, FaZe Clan dropped two players who had promoted the coin on social media.
Now, FaZe Clan is denying any involvement in the alleged scheme and says it has suspended any players who were involved.
In a statement released on Twitter, FaZe Clan said: “We were recently made aware of allegations involving some of our members and a cryptocurrency known as Save the Kids Coin. We have no involvement with this currency nor do we condone any illegal activity associated with it.”
The statement continued: “We have taken immediate action and have suspended all members who were involved with promoting this currency while we investigate further. Thank you for your patience as we look into this matter.”
So what exactly is Save the Kids Coin? And what are these allegations against FaZe Clan? Here’s what you need to know.
FaZe Clan’s response to the allegations
FaZe Clan has responded to allegations that it participated in the alleged pump-and-dump of Save the Kids coin, dropping and suspending players who promoted the coin. In a statement released on Twitter, FaZe Clan said: “We were made aware of the situation with Save the Kids coin and we are taking appropriate action. We have suspended members who promoted the coin and we are no longer associated with Save the Kids.”
The consequences for the players involved
The revelation that FaZe Clan allegedly participated in a pump-and-dump scheme involving the Save the Kids coin has had major consequences for the organization and its players.
It has led to the organization dropping and suspending several players who promoted the coin, including popular YouTubers RiceGum and Banks. This has caused a major backlash from fans of both FaZe Clan and the suspended players, with many accusing the organization of participating in a shady business practice.
This controversy is likely to have lasting consequences for faze clan save kidshaywarddecrypt, as it will now be associated with an alleged pump-and-dump scheme. This could damage their reputation and dissuade potential sponsors from working with them. It remains to be seen how this situation will play out, but it is clear that the consequences for all involved will be significant.
FaZe Clan denies involvement in alleged pump-and-dump of Save the Kids coin
FaZe Clan has denied any involvement in the alleged pump-and-dump of Save the Kids coin, and has suspended players who promoted the coin.
“We were made aware of certain members promoting a cryptocurrency token without disclosing their ownership,” said FaZe Clan in a statement. “This is a clear violation of our rules and something that we do not condone. As such, those members have been suspended pending further investigation.”
FaZe Clan also said that it “does not endorse or invest in any initial coin offerings”, and advised its members not to promote or invest in any ICOs.
The news comes after YouTuber CallMeCarson accused several people connected to FaZe Clan of participating in a pump-and-dump scheme with Save the Kids coin. He alleged that they bought large amounts of the coin before artificially inflating its price by talking it up on social media, then selling it for profit once the price had spiked.
Players who promoted the coin are dropped and suspended
The e-sports collective FaZe Clan has denied any involvement in the alleged pump-and-dump of the Save the Kids coin, and has dropped and suspended players who promoted the coin.
In a statement, FaZe Clan said: “We were recently made aware of certain members of our community promoting a cryptocurrency token without disclosing their ownership stake in the project. This is a clear violation of our rules and something that we take very seriously.”
The statement continued: “We have since taken action by suspending and removing these members from FaZe Clan. We want to be absolutely clear that we do not condone this type of behavior and it will not be tolerated.”
FaZe Clan urged its community to “do your own research” before investing in any cryptocurrency project.
How the alleged pump-and-dump worked
In December 2020, members of e-sports organization FaZe Clan were accused of participating in a pump-and-dump scheme involving the digital currency known as Save the Kids coin.
The accusations stemmed from a video that surfaced online, which showed FaZe Clan members talking about the coin and how they planned to increase its value. The video led many to believe that the members were attempting to artificially inflate the price of the coin so they could sell it at a higher price and make a profit.
FaZe Clan denied any involvement in the alleged scheme and released a statement saying that it does not condone such activity. The organization also suspended several members who were shown in the video promoting the coin.
Fallout from the incident
Since news of the potential pump-and-dump involving FaZe Clan and Save the Kids coin broke, the e-sports organization has been quick to distance itself from any involvement. In a statement released on social media, FaZe Clan said that it “does not promote or encourage illegal activity of any kind,” adding that any players who did participate in promoting the coin have been suspended and are no longer with the organization.
While FaZe Clan may not have been directly involved in the alleged scheme, the fallout from the incident has already begun. The organization’s partnerships with major brands like Nissan and AT&T are now being called into question, with both companies issuing statements saying that they’re investigating the matter. It’s possible that FaZe Clan could lose some or all of its current sponsorships as a result of this controversy, which would be a major blow to the organization.
This incident also raises larger questions about the role of e-sports organizations in cryptocurrency investing. With more and more organizations venturing into blockchain and cryptocurrency projects, there needs to be greater transparency and accountability to ensure that these groups aren’t taking advantage of their fans and followers. Otherwise, this type of negative publicity could cause serious damage to the burgeoning e-sports industry.
It is clear that FaZe Clan did not participate in the alleged pump-and-dump of Save the Kids coin. Furthermore, they have taken steps to drop and suspend players who promoted the coin. This shows that FaZe Clan is committed to maintaining a level of integrity and will not tolerate any type of fraud or manipulation.