FaZe Banks Resigns as CEO Following MLG Crypto Coin Scandal Allegations

FaZe Banks, the 33-year-old internet personality and former CEO of FaZe Clan, stepped down on July 29, 2025, amid mounting backlash over his involvement in the failed $MLG meme coin project. The controversy erupted after leaked messages revealed internal disputes about the coin's collapse, with accusations that Banks and other FaZe members misled investors.

Banks vehemently denied any wrongdoing, stating he "never scammed anyone a day in my fucking life" in a since-deleted tweet. The scandal has drawn in streamer Adin Ross, with Banks announcing a joint livestream to address the allegations before stepping away from social media. The fallout has reportedly affected other FaZe Clan members, prompting Banks' resignation "for the time being."

The $MLG token collapse highlights ongoing concerns about celebrity-endorsed cryptocurrencies. While no major exchanges like Binance or Coinbase were involved, the incident underscores the risks of unregulated meme coins in the digital asset space.