FaZe Clan Punishes Participants for Alleged Crypto Scam

FaZe Clan Punishes Participants for Alleged Crypto Scam

One member has been dropped and three others suspended unless further seek.

Prominent esports group FaZe Clan has dropped one member and suspended three others after their alleged involvement in a pump-and-dump model crypto rip-off. 

FaZe Clan Denies Involvement in Scam

FaZe Clan has taken action towards several members for his or her involvement in an alleged crypto rip-off. 

It posted an announcement on Twitter early Friday, detailing its actions taken towards those enthusiastic. Frazier “Kay” Khattri has been dropped from the group, whereas Jarvis Khattri, Nikan Nadim, and Jakob Teeqo are all suspended unless further seek. 

A commentary from FaZe Clan.

— FaZe Clan (@FaZeClan) July 1, 2021

Participants of the esports group were purportedly paid to promote crypto project, Set the Kids, earlier than dumping the project’s KIDS token onto the market en masse. 

Set the Kids, whose net page has been taken down, become as soon as released in June, and promised investors that a allotment of the project’s proceeds would hurry to charity. The FaZe Clan members were no longer basically the most efficient prominent figures enthusiastic, with YouTube influencer Ricegum additionally promoting the KIDS token to his followers. 

The token firstly rose over 30% earlier than with out note falling in charge. By the end of the month, the token become as soon as down 72% from all-time highs.

Source: CoinMarketCap

In step with the controversy, FaZe Kay posted an announcement on Twitter, remarking: 

“I want you all to know that I had no ill intent promoting any crypto alt cash. I honestly & naively notion we all had of mission to take which beautiful isn’t the case. I didn’t vet any of this with my team at FaZe and I now know I must always comprise.”

Crypto crime has skyrocketed over the final three hundred and sixty five days, rising by 295%. Of the crimes reported, pump-and-dump schemes are amongst basically the most original types. As crypto adoption increases, it’s doubtless that extra shady characters will enter the dwelling to invent a transient buck on the expense of others. 

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