FaZe crypto drama deepens as leaked chats expose backdoor dealings
Leaked messages show FaZe Banks pressuring the MLG team into giving him preferential treatment.
- Influencer Ricky “Faze” Banks is accused of dumping MLG token.
- Leaked texts show him pressuring the team.
- MLG token is down 93% since ATH.
The FaZe Banks crypto pump-and-dump controversy is once again heating up. On Wednesday, July 31,leaked texts appeared that appear to show Ricky Bengston, also known as FaZe Banks, pressured the MLG team into giving him preferential treatment.
Messages show FaZe Banks asking to buy large amounts of tokens over the counter, alongside influencer Aydin Ross and another investor. He also explicitly stated that he was not interested in buying at the current market price, instead asking for a special discount. After the founder refused, he threatened to stop promoting the token.
The texts also revealed that FaZe held 0.6% of the token supply and wanted to accumulate at least 1%. This conflicts with his earlier public statements that MLG was a passion project and that he did not receive any compensation from the team.
FaZe Banks’ apparent intention was to buy large amounts of tokens without moving the market, all while continuing to promote the token to his audience. This strategy aligns with a classic “pump-and-dump” scheme, suggesting that FaZe Banks intended to pull the rug on his followers.
MLG token dump costs users up to $150m
The controversy stems from FaZe Banks’ promotion of 360noscope420blazeit (MLG) memecoin in October 2024. His tweets sent the token skyrocketing to more than $150 million in market cap before collapsing to just $10 million.
MLG memecoin, based on gaming culture, partnered with influencers such as FaZe Banks and Aydin Ross, both popular among gamers. The memecoin appealed specifically to their audience, who saw it as a nod to gaming nostalgia. On July 28, following public scrutiny over his role in the MLG crash, FaZe Banks stepped down as CEO of FaZe Clan gaming.
You May Also Like
BetFury is at SBC Summit Lisbon 2025: Affiliate Growth in Focus
ISM Manufacturing PMI suggests Bitcoin cycle may extend beyond historical norm
Bitcoin’s market cycles may stretch longer as ISM manufacturing data remains weak, hinting at extended macro headwinds and slower business recovery. The Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers’ Index (PMI) has historically aligned with major peaks in Bitcoin’s market cycles — a pattern that, if repeated, could imply a longer-than-usual cycle this time around.The correlation between the ISM PMI and Bitcoin’s (BTC) price was first popularized by Real Vision’s Raoul Pal and has since gained traction among macro-focused crypto analysts.“All 3 past Bitcoin cycle tops have broadly aligned with this monthly, oscillating index,” analyst Colin Talks Crypto noted, referencing the recurring overlap between Bitcoin’s market highs and the PMI’s cyclical peaks.Read more
