FaZe Penalized three of its Members over an Alleged Crypto Scam.
FaZe has recently penalized its members over an alleged influencer crypto scam. The crypto scam resulted in one being permanently banned from FaZe while the other two were suspended for the act.
FaZe shared the news over Twitter and said that it had “removed” one member name Frazier Kay from the clan. The members suspended are Jarvis Khattri, Teeqo, and Nikan Nadim until further notice.
These influencers came under heavy criticism after they promoted a cryptocurrency token called Save the Kids. These members have millions of subscribers on YouTube and their promotion resulted in the value of Save the Kids plummeting soon after its launch.
Save the Kids crypto token promised and guaranteed that it would donate a percentage of it to charity. The cryptocurrency token was backed and promoted by Kay and other members on social media posts. Due to their promotions, some fans came forward and reported that they had lost a significant amount of money as the value of the token crashed afterward.
At the end of the last month, a YouTuber SomeOrdinaryGamers published a video that highlighted the scam and criticized the acts of these influencers. This resulted in a momentum buildup and finally FaZe itself took action against its members.
Soon after SomeOrdinaryGamers’ video, Kay came forward on Twitter and said, “I had no ill intent promoting any crypto alt coins. I honestly and 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.”
He further added, “While I’m very passionate about the crypto space, it’s extremely complicated & I still have a lot to learn & I caution everyone to look closely before investing, it was so irresponsible of me to speak publicly about any coins without knowing more & knowing now that they can do more harm than good.
He concluded, “I’m really struggling with the fact that I let you all down & more importantly anyone whose trust I’ve lost. My fans mean the world to me and I wouldn’t be where I am today without you.”
FaZe has shown Kay the exit door and it is not looking good for Nikan, Jarvis, and Teeqo either.
FaZe released a statement on the issue and said, “Faze Clan had absolutely no involvement with our members’ activity in the cryptocurrency space, and we strongly condemn their recent behaviour, the trust and respect of our fans has been, and always will be, our number one priority.”