FaZe Banks has stepped down as CEO of FaZe Clan, citing severe stress and backlash related to crypto scam allegations involving the MLG coin and Kick streamer Adin Ross.
The co-founder of the popular esports and content organization made the announcement on July 28, 2025, through a social media post, where he firmly denied any fraudulent activity.
“I’ve never scammed anyone a day in my life,” Banks wrote, blaming the controversy on how his “FaZe” name can easily be manipulated online. He expressed concern that the accusations were negatively impacting other members of FaZe Clan and stated he would be stepping away from both the organization and social media for the foreseeable future.
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 fact this is affecting the guys at all, is whack. So for the time being I’m gunna be stepping away…
— Banks (@Banks) July 28, 2025
The controversy began in early 2025 when Banks and several FaZe members promoted the MLG meme coin. The coin surged in value before plummeting after mass sell-offs, leading to online accusations of a “rug pull” scam. A leaked group chat from July 28 allegedly showed Banks blaming Adin Ross for the token’s collapse, saying Ross was used as “exit liquidity.”
Adin Ross confirmed the leaked messages were real but denied any role in a scam. He responded, “The Banks screenshot is real… but MLG being rugged wasn’t me.”
FaZe Clan has yet to issue an official statement regarding Banks’ resignation or the MLG coin controversy.