What did FaZe Banks do? FaZe CEO accused of $200M crypto scam and rug pulling with Adin Ross
Ricky 'FaZe' Banks has found himself in the middle of a full-blown internet meltdown. The longtime face of FaZe Clan and former CEO is now stepping away from the spotlight after being accused of scamming fans through a viral meme coin, and it's got the entire creator economy talking.
FaZe Banks
caught in $MLG token meltdown: What really happened?
On Monday, July 28, 2025, a leaked group chat message surfaced on X (formerly Twitter), putting Banks at the center of a growing crypto controversy. The message, allegedly from a private MLG Coin investor chat, showed Banks blaming fellow streamer Adin Ross for the sudden crash of the $MLG meme token.
The token had made headlines earlier this year after FaZe members, including Banks, hyped it up, sending its value surging.
At one point, MLG jumped from a $3 million market cap to over $200 million. But within weeks, the hype deflated, and fans claimed they were 'rugged', left holding worthless tokens while the big names supposedly cashed out.
'I've never scammed anyone in my life': FaZe Banks exits FaZe Clan
Hours later, Banks followed up with another blunt message, announcing that he was stepping away from both FaZe Clan and the internet 'for the time being.'
He said the rumors were
'destroying [his] life inside and out'
and claimed that the FaZe name was just too easy for people to 'farm' for clout.
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'I've never scammed anyone a day in my f**king life,'
he said.
'I wish I could say I'll be back, but I really don't know if I will.'
Leaked messages ignite feud with Adin Ross
The now-viral screenshot painted a dramatic picture: Banks insisted he never sold a single coin and that he was the one who organically grew the token from $3 million to $200 million.
'NEVER EVER SOLD,'
he emphasized. The blame? Squarely on Adin.
'The only bad actor in this entire thing is Adin. Point blank.
Period.'
The message went viral, and Adin didn't stay quiet. He confirmed the screenshot was real and posted on his alt handle, calling the situation 'sad af.'
'I'm just more hurt on the fact someone I call my brother is behind my back,'
Adin wrote.
A smear campaign or real scandal? Banks says he's being targeted
Banks didn't stop at denying the scam, he also claimed someone's paying up to $50K to spin a narrative against him. In a screenshot he shared via Instagram Stories, someone warned him of a coordinated smear campaign, allegedly being pushed across social media platforms.
Still, Banks insisted he's 'physically healthy' and confident in his truth.
Whether this is a misunderstood project, influencer drama, or something deeper, one thing's clear: this crypto story has officially gone viral and isn't fading any time soon.
Catch Rani Rampal's inspiring story on Game On, Episode 4. Watch Here!
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