FaZe Banks has resigned as CEO of FaZe Clan following backlash over the MLG Coin crash. Accused of scamming fans, Banks denies it and points to Adin Ross.
FaZe Banks is stepping down as CEO of FaZe Clan following accusations of scamming fans through the meme cryptocurrency MLG Coin. However, the 33-year-old says the controversy has taken a toll on his mental health, and denies any wrongdoing.
"I’ve never scammed anyone a day in my f**king life," said Banks in a post on X. "The entire narrative is unfair and part of the reason it exists is cause my “FaZe” name is so easily farmed and manipulated."
FaZe Banks "scam" accusations explained
MLG coin, or 360noscope420blazeit, is a meme token built on the Solana blockchain branded as a "culture coin of gaming". It launched in October, and was heavily promoted by Banks and other members of FaZe Clan, along with Adin Ross in early 2025. In January 2025, Banks' endorsement drove the coin's value from $3 million to $150 million in just five days.
But after skyrocketing in early 2025, MLG Coin crashed hard - and accusations of a “rug pull” hit social media fast. Below you can see the downfall of the 360noscope420blazeit MLG coin, which ironically saw a bit of a bump on July 29 after the FaZe Banks vs Adin Ross drama escalated.
FaZe Banks vs Adin Ross screenshot that started drama
The drama began when on July 28, a screenshot surfaced of Banks appearing to blame Adin Ross in the MLG Official Main Chat, calling him a "bad actor". In the screenshot, Banks says Adin Ross' ego was hurt after the community attacked him for buying into MLG coin, so that they could use him as exit liquidity.
In other words, the community used Adin Ross hyping up the token as an opportunity to sell when the price was high.
Exit Liquidity: Exit liquidity refers to when later investors buy in, allowing early holders to cash out at a profit.
Banks claims as a result of this Adin Ross created a false narrative that resulted in Banks getting heat for selling and "dumping coins" as part of a deliberate scam.
"The only bad actor in this entire thing is Adin. Point Blank. Period."
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Adin Ross says screenshot is real but denies blame
Adin Ross has responded to the screenshot confirming it is real but denying he was involved in a MLG Coin rug pull.
"The Banks screenshot is real. Shit sad asf, if you guys think that MLG being rugged was me I'm sorry to tell you it wasn't," said Adin Ross on X.
"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."
Adin Ross has a strong connection to Faze Clan, and has co-streamed with Silky, Lazy and even Banks himself. Adin Ross also shared in April 2025 that he has a 20% equity share in Faze Clan. Banks, Faze Clan and Adin Ross are also both recent investors in Death Breath, a breath freshener.
Banks presents proof he made a LOSS on MLG Coin
In a current Instagram story, Banks shared a screenshot of a now deleted tweet that claims to show he did not make any money on MLG Coin. The 33-year-old claims to have now sold his entire MLG coin position for a loss of $106,475.
"Has to officially be the worst 'scam' of all time considering I lost 6-figures," said Banks in the post. "Wish the best for their community and everyone else's. The bad guy is gone."
FaZe Banks "scam": Rug pull or smear campaign?
On top of sharing the sale of his MLG coin stash, Banks shared a screenshot of a DM from an unidentified user claiming someone was running a smear campaign against him.
"Someone I know that runs Twitter campaigns is saying someone is going out of their way to pay pages, dropping $40-50K on spreading the narrative to place blame on you," says the user.
Will Banks come back to FaZe Clan?
Banks has not confirmed how long he will be away from FaZe Clan but said for "the time being I'm gunna be stepping away not only from Faze, but all this internet sh*t."
The fact this is affecting the guys at all, is whack [...]," said Banks on X. "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."
