Popular e-sports team Faze Clan has announced that they are dropping Kay and suspending Jarvis, Teeqo, and Nikan following an alleged crypto scam. Faze Clan issued a press release on Twitter stating that the team was not involved in the incident and condemning the alleged conduct of these four teammates.
Four members of the Faze Clan participated in the Save the Kids Token, a cryptocurrency that claims a portion of it will be donated to charity. They, along with other major influencers, are ambassadors for the cryptocurrency and bought it before going public. Kay and three other members of Faze Clan talked and hyped about cryptocurrencies up until launch day.
A statement from FaZe Clan. pic.twitter.com/HnPXpAoSYX
& mdash; FaZe Clan (@FaZeClan) July 1, 2021
Prior to launch, Save the Kids Token had a fairly high value, however, it plummeted on launch day, with many ambassadors selling their shares. As of press time, the altcoin’s website is currently down.
Due to the sudden drop in value on the day it went public, the ambassadors were accused of committing a “pump and dump” scam. This is when one person or group inflates the value of a small traded stock or cryptocurrency in this case, and then sells them all as it becomes more available to a wider audience.
Kay public sorry earlier this week, claiming that he had no intention of promoting an altcoin could be nefarious. Currently, Jarvis, Teeqo and Nikan have not made anything public about Save the Kids after going public. Faze Clan has officially removed Kay from the team and suspended the other 3 players until further notice.