
Share
2nd July 2021
10:37am BST

As one of the biggest groups of influencers in the gaming community, seemingly bolstered by a good cause, thousands of fans confidently pumped their money into this scheme. Not only did they believe that their investments were protected simply through the assurance of the FaZe Clan members endorsing it, but they thought they were doing a good deed in the process.
Unfortunately for those who got involved, their money disappeared almost overnight and it is believed that after being paid to promote the currency, the FaZe members 'dumped their own investments' - the allegation being that they knew it could or already was going south. As such, a number of members have been suspended or permanently removed from the team.
https://twitter.com/FaZeClan/status/1410745951120101378?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1410745951120101378%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fcms.joe.co.uk%2Fwp-admin%2Fpost-new.php Though most of the members have not put out a statement of any kind surrounding their involvement in the crypto scam, one of the most high-profile members, Kay, did take to Twitter to address the scandal. 'FaZe Kay' himself has been removed from the gaming group altogether and while he does admit to failing to "vet any of this" with his team, he maintains that there no "ill intent", rather just naivety. You can see a section of his Twitter thread here: https://twitter.com/FaZeKay/status/1409221776375259145?s=20 The members themselves - Kay, Jarvis, Nikan and Teeqo - aren't the only ones implicated in this alleged scam, other influencers including Rice Gum and Sommer Ray were also involved in promoting the altcoin. So, whilst thousands of their followers lost untold amounts, they still got their payment and then some from 'shilling' the crypto before it tanked. This is by no means the first time we've seen the 'pump and dump' strategy deployed with altcoins, it's becoming a shady staple of the crypto market. Safe to say, the world of cryptocurrencies is a precariously positioned space in the market. Our very own Chris Anderson walked us through the utterly bonkers world of Bitcoin and how Elon Musk has almost single-handedly dictated its value. https://www.facebook.com/www.JOE.co.uk/posts/2172521662911888Explore more on these topics: