FaZe Clan CEO quits amid MLG crypto scandal: ‘Sucks my entire life gets ruined’

Key TakeawaysAllegations surrounding a failed memecoin force FaZe CEO Banks to leave the spotlight indefinitely. As silence from FaZe continues, speculation over accountability deepens.In a dramatic turn of events, FaZe Clan CEO Richard “Banks” Bengtson has announced his departure from the organization. This followed intensifying allegations about a failed cryptocurrency venture that also involves influencer Adin Ross.Taking to X (formerly Twitter), Banks strongly denied any wrongdoing, calling the accusations “unfair” and attributing the backlash to the exploitability of the FaZe brand.Thus, amid the growing toll on his personal brand and also those who are connected to him, he revealed he would be stepping away not just from FaZe but from the internet entirely.Expressing his dissatisfaction, he added,“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.”As of now, FaZe Clan has remained silent on Banks’ resignation and the swirling allegations.How it all startedThe controversy began in early 2025, when Banks and other FaZe members publicly endorsed a cryptocurrency called MLG memecoin.High-profile influencers fueled the coin’s dramatic surge in value through intense hype and promotion.However, the momentum didn’t last as MLG quickly crashed, and fans accused the insiders of orchestrating a “rug pull.”Many pointed fingers at Banks, claiming he misled his followers into investing.The situation worsened on 28th July when a leaked group chat revealed Banks blaming Adin Ross for the token’s collapse.“Adin Ross f***ed this up,” Banks wrote, suggesting Ross’s community dumped the coin after Banks bought in, effectively using him as “exit liquidity.”What’s more?Ross confirmed the authenticity of the message but denied any wrongdoing, calling the situation “sad asf” and refusing to accept responsibility.The public back-and-forth between the two influencers further intensified scrutiny and backlash from the online community, leading to Bengtson’s decision to step away from both FaZe Clan and the internet spotlight.With Banks stepping away indefinitely, FaZe Clan now faces an uncertain future without its longtime figurehead.As of now, the organization has yet to comment, leaving fans speculating about what lies ahead.Meanwhile, as the internet deals with the aftermath of one scam, more sophisticated scams are already popping up, with deepfake scams on the rise in the Ripple community.