FaZe Clan CEO Steps Down Amid Cryptocurrency Controversy
Richard "Banks" Bengtson, CEO of FaZe Clan, has resigned following allegations tied to a failed memecoin venture. The MLG memecoin, heavily promoted by Banks and other influencers, saw a rapid rise and subsequent crash, sparking accusations of misconduct.
Banks denied wrongdoing in a public statement, calling the backlash "unfair" and citing the exploitability of the FaZe brand. "Sucks my entire life gets ruined over something I didn’t even do," he wrote on X. His departure extends beyond FaZe Clan, with Banks indicating a full retreat from public life.
FaZe Clan has yet to comment on the resignation or the allegations. The controversy highlights the risks of celebrity-endorsed cryptocurrencies and their impact on personal and corporate reputations.
