Banks Steps Down As FaZe Clan CEO Amid $MLG Crypto Coin S…
Banks says he’s stepping down from his role as the CEO of FaZe Clan after accusations of scamming fans through a failed cryptocurrency venture with Adin Ross.
“I’ve never scammed anyone a day in my fucking life. The entire narrative is unfair and part of the reason it exists is cause my ‘FaZe’ name is so easily farmed and manipulated,” the 33-year-old wrote on his X account on Monday.
He continued, “The fact this is affecting the guys at all, is whack. So for the time being I’m gunna be stepping away from not only FaZe, but all this internet shit. It’s destroying my life inside and out. Sucks my entire life gets ruined over something I didn’t even do. The real ones know. I wish I could say I’ll be back, but I really don’t know if I will.”
Banks took to Instagram Stories to further explain the situation. He said that while he’s thankful to be physically healthy, the allegations against him are “simply me being farmed.”
“Anybody with a brain or anyone who’s bothered to look into details of the “scam” garbage knows it’s just simply me being farmed. Simple as.,” he wrote on his IG Story. He added that “everything can change on a dime.”
The controversy centers around the $MLG meme coin, which Banks and other FaZe members promoted in early 2025, according to Dexerto. The coin reportedly saw a massive spike in value before it crashed.
In a leaked group chat message shared on July 28, Banks blamed Ross for the token’s collapse, writing, “Adin Ross fucked this up, this community dumped on him buying. Used him as exit liquidity. His ego got hurt, blamed Frank. Him and Frank got into it privately, Adin despises Frank and spins and drives a narrative about Frank selling.”
He added, “Somehow this falls on me and threads farm the whole situation spin it into me selling and dumping coins. When I ran the thing up from fucking $3m to $200m organically, top blasted multiple times, invested a fuck ton of money, and NEVER EVER SOLD. The only bad actor in this entire thing is Adin. Point blank. Period.”
Ross acknowledged the screenshot’s authenticity but denied any wrongdoing.
“The banks screenshot is real. Shit sad asf , if you guys think that mlg being rugged was me im sorry to tell u it wasn’t,” he wrote from an alternate account. “There’s a reason that entire house is silent, truth will come out eventually. I’m just more hurt on the fact someone I call my brother is behind my back.”
Before announcing he was stepping down from FaZe Clan, Banks announced a joint stream with Ross to address the matter.
“On the phone with Adin right now, we’re doing a stream together tonight to address ALL OF THIS,” Banks wrote. “This whole thing has been wildly miscommunicated and destroyed my mental the last several months. I’ve wanted to more publicly talk about this situation for a while. Sucks any of this fucked with me and Adins relationship. See you guys tonight.”