Ricky Banks (Image via X/@Banks)
YouTuber Ricky Banks, who is more famously known as Faze Banks, has announced in a post on X that he is stepping down from the post of CEO of FaZe, an organization of esports content creators. Banks is quitting amidst the fallout from the MLG cryptocurrency controversy, which resulted in him being accused of ‘scamming’ fans by dumping his position, leading to a massive crash of the token.
While Banks maintains his innocence, he claimed that his decision to step down as CEO of FaZe was made to protect other content creators associated with the name. He wrote on X,
“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.”
Continuing, Banks added that he would not only be withdrawing from FaZe-related activities but would be quitting everything related to the internet for the time being. Adding that the controversy was negatively impacting his life, the YouTuber noted,
“So for the time being I’m gunna be stepping away from not only FaZe, but all this internet shit. It’s destroying my life inside and out. Sucks my entire life gets ruined over something I didn’t even do. The real ones know. I wish I could say I’ll be back, but I really don’t know if I will.”
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
Why was FaZe CEO Ricky Banks accused of running an MLG cryptocurrency scam?
Ricky Banks, whose real name is Richard Bengtson, invested in an MLG meme coin alongside other members of the FaZe Clan in January 2025, as per Dexerto, and the group members’ involvement in the cryptocurrency led to the value of the coin increasing sharply.
However, the currency suffered a sudden and massive drop in its value when investors sold off their positions some time later, and fans accused FaZe members and Banks of ‘scamming’ them, noted the news outlet.
The crisis further snowballed when the screenshot of a private chat from an MLG cryptocurrency group leaked, where Banks blamed fellow streamer Adin Ross for the downfall of the MLG coin. While Ross made a statement confirming that the chat was real, he denied any involvement in the way the cryptocurrency crashed, and wrote,
“There’s a reason that entire house is silent, truth will come out eventually.”
While it was unclear who Ross was blaming, Banks took to X to inform supporters that he would be live-streaming with Ross to talk about the entire situation. The live stream did not end up taking place, and Banks instead revealed that he would be stepping down as FaZe’s CEO.
Banks also announced after quitting that he was offloading his entire MLG cryptocurrency position for a loss of around $106,475. In a community post on X, the YouTuber alleged that it is unlikely that he is behind the drop in the token’s value, since he is being forced to sell at a loss. He wrote,
“For the first time since I started buying, I have officially sold my entire $MLG position for a total LOSS of -$106,475. Has to officially be the worst “scam” of all time considering I lost 6-figures. Wish the best for their community and everyone else’s. The bad guy is gone.”
For the first time since I started buying, I have officially sold my entire $MLG position for a total LOSS of -$106,475.
Has to officially be the worst “scam” of all time considering I lost 6-figures.
Wish the best for their community and everyone else’s. The bad guy is gone. pic.twitter.com/UW8EOHeevZ
— Banks (@Banks) July 28, 2025
Banks also clapped back at the scam accusations on his Instagram Stories, where he wrote,
“Anybody with a brain or anyone who’s bothered to look into details of the “scam” garbage knows it’s just simply me being farmed. Simple as.”
The streamer also emphasized that his mental health had taken a hit following the allegations, as he added,
“End of the day I’m physically healthy. That’s all that matters. Shit like this will give your mental a hit for sure, but I’ve never been better equip to deal with it. As long as the people who I’m actually close with. My real friends, family, people I work with know the truth we’re good.”
This is not the first time that people from FaZe have been accused of “pumping and dumping” cryptocurrency
Back in 2021, before Ricky Banks became the CEO of FaZe, the group’s members Kay, Jarvis, Teeqo, and Nikan promoted a cryptocurrency token, savethekids.io, as per Game Revolution. The news outlet noted that a YouTuber named CoffeeZilla made an exposé that alleged that the group members inflated the price of the token by prompting their fans to buy it, and then offloaded their positions and made a profit.
At the time, FaZe Clan responded by removing Kay and suspending Jarvis, Teeqo, and Nikan. The group also claimed that it did not know about the activity related to the token.