FaZe CEO Ricky Banks is stepping away from the organization and the internet following controversy surrounding the MLG crypto coin. This drama is significant because it highlights the risks associated with influencer-backed crypto projects and the consequences that can arise when things go awry.
In January 2025, Banks and other FaZe Clan members invested heavily in the MLG meme coin, which quickly surged in value. The hype was intense, but it didn’t last. The coin’s value crashed as thousands sold off their holdings, leading to accusations that Banks and his group scammed fans by rug-pulling the token.
On July 28, a leaked screenshot showed Banks blaming Kick streamer Adin Ross for the coin’s downfall. Banks claimed Ross’s involvement caused the community to dump the coin, calling him the “only bad actor” and denying any wrongdoing on his part.
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
Shortly after, Adin Ross confirmed the screenshot’s authenticity but denied scamming anyone. He expressed sadness over the situation and hinted that the truth would eventually come out.
The banks screenshot is real. Shit sad asf , if you guys think that mlg being rugged was me im sorry to tell u it wasn’t. There’s a reason that entire house is silent, truth will come out eventually. I’m just more hurt on the fact someone I call my brother is behind my back
— AR15THEDEMON (@AR15thed3mon) July 28, 2025
Banks responded publicly on X, saying he was on a call with Adin and planned to stream together to address the whole mess. He described the situation as “wildly miscommunicated” and said it had taken a toll on his mental health over several months.
On the phone with Adin right now, we’re doing a stream together tonight to address ALL OF THIS. This whole thing has been wildly miscommunicated and destroyed my mental the last several months. I’ve wanted to more publicly talk about this situation for a while. Sucks any of this…
— Banks (@Banks) July 28, 2025
But just an hour later, Banks announced he was stepping down from FaZe and “this internet sh*t.” He insisted he never scammed anyone and that the narrative against him was unfair, partly because his FaZe name was easy to exploit online. The impact on the people involved was “whack,” he said, and he didn’t know if he would return.
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
After becoming FaZe CEO, Banks led a major shakeup in 2024, removing most creators in what was called a “reboot” of the organization. This crypto controversy now adds another layer of challenge to his tenure.
Crypto projects tied to popular groups can be risky. Fans often trust these figures, but when their value tanks, fingers are pointed quickly. Banks stepping away might help cool things down, but the entire situation serves as a reminder to exercise caution when considering influencer-backed investments.
