FaZe Clan continue to deal with the fallout from crypto “pump and dump” drama and the org’s founder, FaZe Banks, has revealed that it is a very real possibility that the cryptocurrency scammers face jail time.
For context about the situation, after drama surrounding a pump-and-dump scam with the “Save the Kids” cryptocoin, four FaZe Clan members were punished by the organization. Kay was outright removed, while Jarvis, Nikan, and Teeqo were all suspended indefinitely.
On a recent episode of the “Mom’s Basement” podcast, Banks — a founder and co-owner of the org — revealed his perspective about the drama and explained just how risky the situation became.
Apparently, Banks did not know about the “Save the Kids” token issue until Coffeezilla shared a video describing it. After seeing that video, Banks immediately got on a call with FaZe execs to punish the involved parties. Now, he thinks it’s not far-fetched to believe jail could be the next consequence.
This “Save the Kids” situation has flown across the internet. From superstar Twitch streamer xQc mocking the involved members to lawyers chiming in on the legal ramifications, a variety of different people have taken notice and reacted. FaZe Clan, however, have remained mostly quiet — quickly punishing their members and then proceeding to deal with things behind closed doors.
Banks is changing that now, though, as he spoke up about the “greed and selfishness” involved in the situation. He suggests that he had no idea about anything, but that he was made aware by Coffeezilla’s video and has spent the rest of his time figuring out how to proceed. In the podcast, he reveals that Kay and the others have yet to respond because they are knee-deep in legal discussions.
After it was noted that jail is on the table for crypto scams, Banks mentioned that such extreme consequences are not “a crazy, wild thought.” Further, he boiled down the gravity of the situation: “Somebody could go to f**king jail.”
As for who that somebody is, FaZe Kay is the most notable name involved right now. Many have centered on his role in the scandal, pointing out that he was the most active alleged scammer and that his outright removal from FaZe indicates a higher level of guilt. At the moment, Kay and the others have still yet to respond and it is unclear where the situation will lead. For now, Banks is simply partly mad at his friends, partly worried for them, and fully involved in trying to make sure this sort of situation never happens again.