FaZe Clan has fired Kay from the Esports organization over allegations of a "pump and dump" scheme of cryptocurrency. Three other members of the group - Jarvis, Nikan and Teeqo - have also been suspended for their illicit involvement in the scheme.
According to Kotaku, after the release of the "Save the Kids" token in June, all the four members of FaZe Clan promoted the altcoin, promising users a percentage of the proceeds to charity setting this particular crypto token aside from the rest.
Like cryptocurrencies, altcoins known to be the alternative cryptocurrencies have been rising lately, especially after the tumultuous rise of cryptos like "Dogecoin" and the popular number one "Bitcoin".
Why Faze Clan Fired Kay
Soon after the launch of the "Save the Kids" token, one of FaZe Clan members Kay got involved in an incredibly shady cryptocurrency operation i.e. a "pump and dump" scheme of the newly-launched cryptocurrency.
"We have made the decision to remove Kay from FaZe Clan, and have suspended Jarvis, Nikan, and Teeqo until further notice," read the statement released by the organization on Twitter.
Condemning inappropriate behavior over the suspended group member's activities, FaZe Clan further clarified that it had no involvement in the pumps and dumps of cryptocurrency in the market space. "The trust and respect of our fans have been and will always be our number one priority," the statement further read.
Fans Furious After Losing Money Over Shady Operation of Crypto "Save The Kids"
Due to the pump and dump scheme of FaZe Clan members, many fans lost their money to the token. "why didn't you kick all of them? they don't deserve to be "suspended" they deserve criminal action LMFAO," tweeted a fan, fuming over the shady cryptocurrency operation.
"I lost $1000 due to them promoting this coin that guaranteed making me money Crying face," a second trader wrote on Twitter while a third said: "I lost $8500 due to them promoting this coin, that was guaranteed to make me money. My wife is threatening to leave me. I don't know what to do anymore."
FaZe Clan's 'Crypto Scam' Leads Fans Not To Trust The E-Sports Org
Fans seem to have lost trust in FaZe Clan after the "pump and dump" crypto scam within its members questioning the FaZe Clan's charitable cause as a Twitter user said: "Respect to FaZe for taking action. I'd personally like to see the people involved donate their gains from the coin to an actual charity."