Last month four members of the Faze clan – Kay, Jarvis, Nikan, and Teeqo –were in the fuck-around phase of an incredibly seedy cryptocurrencyperation. Today they are very much in the find-out phase.
To summarize it, Here’s what we covered earlier this week:
In short, a cryptocurrency token – a digital currency on the blockchain that can be traded or invested – called “Save The Kids” was released in June. Crypto assets like this are becoming more common, especially after the tumultuous rise of cryptos like Dogecoin and the volatile but popular Bitcoin. What made this particular token stand out was that it promised users that a percentage of the proceeds would go to charity. The coin also came with a list of influencer ambassadors, including Ricegum and Faze Nikan, who kept their fan bases updated on their development and release.
What happened next will sound familiar someone who has been following crypto news lately: The value of the coin appeared to be stable for a day or two and then immediately fell. Anyone who bought tokens lost several orders of magnitude of money, with values ranging from about a penny to a tenth of a penny.
Many fans of the group pumped money into this program because they believed their investment was being protected by the notoriety of those they advocated, only to see their money disappear almost literally overnight.
A Faze member, Kay, apologized to his fan base on Twitter Save the children collapse, write
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Please see the last part where he says he didn’t check any of this with my team. It turned out no one did, and given the incredibly negative public setback following the currency collapse, the Faze clan acted quickly to discipline some of the team members involved, including – and most dramatically – Kay herself.
Faze’s statement is:
We have decided to remove Kay from the FaZe clan and to suspend Jarvis, Nikan and Teeqo until further notice.
The FaZe Clan was absolutely not involved in our members’ activities in the cryptocurrency space, and we strongly condemn their recent behavior.
The trust and respect of our fans was and will remain our top priority.
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