Key Takeaways
- FaZe Banks has announced his plan to step away from FaZe Clan.
- Banks became embroiled in a controversy surrounding MLG Coin.
- After the memecoin crashed earlier this year, Banks and streamer Adin Ross were accused of orchestrating a rug pull.
Richard “FaZe Banks” Bengtson has stepped down from his role as CEO of esports brand FaZe Clan following allegations he was involved in a cryptocurrency rug pull.
In a leaked screenshot, Banks blamed streamer Adin Ross for the fiasco surrounding MLG Coin, a memecoin both men promoted in early 2025.
MLG Coin Rug Pull
MLG Coin, officially known as 360noscope420blazeit, was a Solana memecoin that soared to a market cap of over $166 million in January, before crashing more than ninety percent by the beginning of March
The token received early endorsements from high-profile internet personalities, including FaZe Banks and Adin Ross, with coordinated promotional activity helping to pump its price in January.
In the wake of MLG’s crash, Banks and Ross were accused of pulling the rug on the token, prompting its subsequent decline.
Both men have denied orchestrating such an exit. However, recent leaked screenshots suggest Banks blames everything on Ross.
Leaked Messages Add Fuel to the Fire
The MLG Coin drama escalated further after a screenshot circulated on social media, purportedly showing a message from Banks.
The message attempts to shift blame onto Ross, accusing him of manufacturing a narrative that Banks had engaged in deceptive selling behavior.
“The only bad actor in this entire thing is Adin. Point blank. Period,” Banks allegedly stated. He also claimed to have invested a substantial sum in the project and denied selling any tokens for profit.
Adin Ross Fires Back
Ross responded to Banks’ charges publicly on X, confirming the authenticity of the screenshot and expressing disappointment over the remarks.
“There’s a reason that entire house is silent,” Ross posted. “I’m just more hurt on the fact someone I call my brother is behind my back.”
FaZe Banks Resignation
In response to the growing backlash, Banks took to social media to announce that he would be stepping away from FaZe and “all this internet shit.”
In a separate post, he said he would appear in a joint livestream with Ross to clarify the situation—an event that, at the time of writing, had not taken place.
On July 28, Banks said he had offloaded the rest of his MLG, taking a $106,475 personal hit “Has to officially be the worst “scam” of all time considering I lost 6-figures,” he concluded.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
