Captured By Tracy D'souza / 12:52 pm on 29 July 2025
FaZe Banks has stepped down as CEO of FaZe Clan following backlash over a failed meme cryptocurrency, MLG, which he promoted alongside Adin Ross. The coin surged before crashing, sparking accusations of a scam. A leaked chat revealed Banks blaming Ross for using the coin as "exit liquidity." Ross confirmed the screenshot but denied involvement in the rug pull. Banks claims he lost $106,000 and never profited, calling the accusations unfair. He also alleged a $50,000 smear campaign targeted him. Banks announced a break from FaZe and social media, uncertain if he’ll return. FaZe Clan hasn’t issued an official statement.