FaZe Clan kicks a member, suspends three, amid crypto scam allegations

Esports organisation Faze Clan has kicked out one member and suspended three extra after a cryptocurrency push the members have been concerned in has been labelled a scam.

FaZe Clan has launched a assertion on Twitter asserting that they’ve “made the choice to take away Frazier “Kay” Khattri from FaZe Clan, and have suspended Jarvis “Jarvis” Khattri), Nikan “Nikan” Nadim, and Jakob “Teeqo” till additional discover.”

The 4 members of FaZe Clan, Kay, Jarvis, Nikan, and Teeqo, have been concerned in launching a cryptocurrency known as Save The Kids, which launched in June. The foreign money was a substitute for the likes of Dogecoin, Bitcoin, and Etherium. The distinction with Save The Kids is that a share of proceeds have been promised to charity.

The members of FaZe Clan concerned had been selling the coin to their fanbase. Those who bought the coin discovered themselves shedding a number of cash as the worth plummeted. This happens when buyers promote their tokens as quickly as they acquire worth. This mass money out is known as “pumping and dumping” and leaves new buyers caught out with appreciable losses.

There is uncertainty about FaZe’s involvement, and questions are being requested if the members concerned had used their fame to advertise the coin only for monetary acquire. Many are upset that the model put ahead a dangerous funding to their followers, costing them severe sums of cash.

In their assertion, FaZe provides that “FaZe Clan had completely no involvement with our members’ exercise within the cryptocurrency house, and we strongly condemn their current behaviour. The belief and respect of our followers has been, and can at all times be our primary precedence.”

Why Kay was faraway from FaZe whereas the opposite three have been solely suspended stays unclear.

Kay took to Twitter to defend himself, saying he “had no ailing intent selling any crypto altcoins. I truthfully & naively thought all of us had a probability to win which simply isn’t the case. I didn’t vet any of this with my staff at FaZe, and I now know I ought to have.”

In different information, Crypto-miners have been shopping for graphics playing cards in bulk which has pushed the value of GPU’s up. Over 700,000 playing cards went to crypto mining in 2020.

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About the Author: Daniel