FaZe Clan CEO Banks stepped down on July 29 following backlash over the failed meme coin MLG Crypto, which saw a dramatic price crash after initial hype.
By Bhushan Akolkar
Editor Hamza Tariq
Updated
3 mins read
On July 29, FaZe Banks resigned as the CEO of FaZe Clan following an intense backlash on the launch of meme coin MLG Crypto.
The 33-year-old entrepreneur stepped down on accusations of pulling a crypto scam while promoting the meme coin.
In his message on the social media platform X, FaZe Banks denied any wrongdoing amid the ongoing crypto controversy. His resignation follows months of controversy and allegations tied to a meme coin promoted by Banks and other FaZe members earlier in 2025.
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 meme coin, MLG Crypto, saw a sharp price surge followed by a steep crash, resulting in significant losses for investors.
The collapse occurred after initial promotional activity by FaZe members. Banks has stated that he invested heavily in the project and never sold his tokens.
As of today, the MLG Crypto price rallied all the way to $0.022. However, it has seen a significant pullback and is trading at $0.012 at press time.
Leaked group chat messages dated July 28 reveal internal tensions between FaZe co-founder Banks and content creator Adin Ross over the failed mem coin MLG crypto.
FaZe Banks blames Adin Ross for the failed and rugged launch of his MLG coin.
“Adin Ross fucked this up, this community dumped on him buying
Used him as exit liquidity
His ego got hurt, blamed Frank (…) Adin despises Frank and spins and drives a narative about Frank selling.” pic.twitter.com/HePw3yONPn— Adin Reports (@AdinReports) July 28, 2025
In the messages, Banks blamed Ross for the token’s collapse, accusing him of being “used as exit liquidity” by the community. He also stated Ross’s ego was damaged in the process.
Banks also alleged that Ross “despises Frank” and spreads narratives about token dumping. He maintained that he grew the project organically from $3 million to $200 million and denied selling any of his holdings.
The exchanges highlight growing friction between the two over accountability for the project’s failure.
Ross confirmed the authenticity of the leaked messages but denied any wrongdoing. Posting from an alternate account, he said that he had no role in the crypto rug pull. Unfortunately, crypto scams have been common in 2025, from the MELANIA coin collapse MELANIA $0.23 24h volatility: 2.4% Market cap: $152.66 M Vol. 24h: $7.81 M to the Trump-Vance phishing case in July.
Before resigning, Banks announced plans for a joint livestream with Ross to address the controversy. FaZe Banks noted that the situation had been “wildly miscommunicated” and had severely impacted his mental health.
He also expressed disappointment that the fallout had strained his relationship with Ross.
Banks voiced concern over the impact of the MLG token controversy on other FaZe Clan members, stating it was “unacceptable” that his colleagues were being affected by the allegations. This, he said, played a major role in his decision to resign from his leadership position.
In his announcement, Banks said he would be stepping away not only from FaZe but also from “all this internet stuff,” describing the situation as one that was “destroying [his] life inside and out.” He acknowledged uncertainty about whether he would return to the online space.
Posting further clarification via Instagram Stories, Banks dismissed the allegations as attempts at “farming” engagement.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
