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FaZe’s Ricky Banks, the CEO of the company, has resigned following the backlash over MLG’s failed crypto token.
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A leaked email shows Banks blaming Adin for the coin’s crash, and investor losses.
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Ross confirmed that the message was authentic but denied misleading or scamming users.
The cryptocurrency community was shocked when Ricky Banks, the CEO of FaZe resigned amid the MLG scandal. Banks, streamer Adin Ros and other FaZe team members heavily promoted the meme coin in early 2025. The coin’s value surged rapidly, thanks to influencer hype and retail investors. However, this spike was short-lived. MLG’s value plummeted following a wave sell-offs. Many investors suffered significant losses. Fans accused Banks and his associates for orchestrating a “rug pull”.
Leaked messages and the Blame Game
As the backlash grew, a leaked message from a group chat appeared online. It showed Banks blaming Adin for the collapse of token. He claimed that traders used Ross as “exit liquidity” and accused him of creating false narratives to shift the blame towards others, including Banks.
Banks claimed that he never sold his MLG holdings. He also said that he invested heavily in the project to increase its market capital organically. Despite his defense, the online communities continued to link him with the tokens failure. In his X posting, Banks claimed that he never scammed anyone. He also said that the entire narrative was unfair. He also emphasized how the controversy has ruined his career and everything he has worked for.
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Banks announced that he would be going live on a joint streaming with Ross to address controversy. Within hours, he changed his mind. Banks cited emotional exhaustion as well as growing frustration over the online narrative. He announced he would step down from his position as FaZe Clone CEO and withdraw from social media. He called the allegations baseless and said that his reputation was being abused because of his association to the FaZe Brand. He said that the situation had taken a toll both on his mental health as well as his personal life.
Ross Responds, and Tensions escalate
Adin Ross, on the other hand confirmed the authenticity of leaked messages, but denied being the cause of the fall of MLG. He stressed that the truth would come out and expressed disappointment at the way the situation had affected his relationship with Banks.
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This back-and forth spat between two influencers has added drama to a chaotic situation, and crypto market participants are divided on who to trust. This incident also highlights the dangers that could arise when influencer culture is combined with speculative cryptocurrency investing. Lack of regulation and accountability can lead to financial and reputational loss.
A Disrupted Legacy
Banks’ departure marks a dramatic turning-point for FaZe Clan, especially when considering his role in 2024, the reboot of the organization, in which most legacy creators had been removed in an effort to steer the group into a new direction.
FaZe is now mired in controversy and leaderless, only months after the scandal began. The future of Banks is uncertain, but MLG’s fallout has already left its mark. According to CoinMarketCap, following Banks announcement, the MLG token price has risen by more than 60% over the past 24 hour. The meme token is currently trading at $0.01382, which is 38% lower than its previous high.
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