FaZe Banks steps down after MLG coin crash – accuses Adin Ross of “bad actor” role as meme crypto scandal explodes

FaZe Banks, co-founder of FaZe Clan, a huge esports and gaming influencer group, stepped down as CEO after the collapse of the cryptocurrency MLG coin.

FaZe Clan is a huge player in the esports and streaming arena, with millions of followers. Their founders have major influence over gaming communities, especially the group’s kingpin, FaZe Banks.

Fans have accused him of a pump-and-dump “rug pull,” wiping out millions on the value of MLG coin, which Banks denies, claiming that he has lost over 100K himself on the altcoin.

A “rug pull” is where insiders hype a token, sell at the peak, and leave regular buyers with worthless coins.

Banks is stepping aside after claiming a false narrative has played out, with other influencers throwing him under the bus in the crypto game, effectively ruining his life.

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…

undefined Banks (@Banks) July 28, 2025

The coin behind the collapse

MLG coin launched late 2024 as a “gaming culture” meme cryptocurrency and was hyped by FaZe Banks and Twitch star Adin Ross.

Ross, a well-known American gamer in NBA 2K and Grand Theft Auto V circles, is accused by Banks and his defense of shifting the narrative, claiming him to be a “bad actor.”

A screenshot of a leaked chat shows Banks pointing the finger at Ross, saying he used the coin as “exit liquidity,” meaning that the early investors can build hype before it effectively plummets.

Ross’s side acknowledges that the screenshot is legit but refutes that they orchestrated a rug-pull. As buzz generates around the story, it’s becoming a “his word against mine” kind of situation.

Earlier this year, from January to February, the market cap of MLG coin shot up from just 3 million to a whopping 150 million before crashing back down.

Like you would find in a heavyweight boxing match, there are different calls coming from different corners of the ring.

Ross is claiming he feels hurt by the accusations from Banks.

Meanwhile, Banks says that he’s up against a huge smear campaign occurring on X.