Prominent esports organization FaZe Clan has dropped one member and suspended three others after their alleged involvement in a pump-and-dump style crypto scam.
FaZe Clan Denies Involvement in Scam
FaZe Clan has taken action against several members for their involvement in an alleged crypto scam.
It posted a statement on Twitter early Friday, detailing its actions taken against those involved. Frazier “Kay” Khattri has been dropped from the organization, while Jarvis Khattri, Nikan Nadim, and Jakob Teeqo are all suspended until further notice.
Members of the esports organization were purportedly paid to promote crypto project, Save the Kids, before dumping the project’s KIDS token onto the market en masse.
Save the Kids, whose website has been taken down, was released in June, and promised investors that a portion of the project’s proceeds would go to charity. The FaZe Clan members were not the only prominent figures involved, with YouTube influencer Ricegum also promoting the KIDS token to his followers.
The token initially rose over 30% before rapidly falling in value. By the end of the month, the token was down 72% from all-time highs.
In response to the controversy, FaZe Kay posted a statement on Twitter, remarking:
“I want you all to know that I had no ill intent promoting any crypto alt coins. I honestly & naively thought we all had a chance to win which just isn’t the case. I didn’t vet any of this with my team at FaZe and I now know I should have.”
Crypto crime has skyrocketed over the last year, increasing by 295%. Of the crimes reported, pump-and-dump schemes are among the most common types. As crypto adoption increases, it’s likely that more shady characters will enter the space to make a quick buck at the expense of others.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article