FaZe Banks announced his resignation as CEO of FaZe Clan on July 29, 2025, following intense backlash over a failed cryptocurrency venture. The 33-year-old internet personality stepped down after facing accusations of scamming fans through the $MLG meme coin promotion.
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
Banks took to social media to deny any wrongdoing in the crypto controversy. He wrote on X that he has “never scammed anyone” and called the entire situation “unfair.” The resignation comes after months of allegations surrounding the meme coin that Banks and other FaZe members promoted in early 2025.
The $MLG token experienced a massive price spike before crashing, leaving many investors with losses. According to reports, the coin’s value collapsed after initial promotional efforts by FaZe members. Banks claims he invested heavily in the project and never sold his holdings.
Leaked group chat messages from July 28 show internal conflicts between Banks and content creator Adin Ross. In the messages, Banks blamed Ross for the token’s failure. He accused Ross of being “used as exit liquidity” by the community and claimed Ross’s ego was hurt in the process.
FaZe Banks blames Adin Ross for the failed and rugged launch of his MLG coin.
“Adin Ross fucked this up, this community dumped on him buying
Used him as exit liquidity
His ego got hurt, blamed Frank (…) Adin despises Frank and spins and drives a narative about Frank selling.” pic.twitter.com/HePw3yONPn— Adin Reports (@AdinReports) July 28, 2025
Banks wrote that Ross “despises Frank and spins and drives a narrative about Frank selling.” He maintained that he “ran the thing up from $3 million to $200 million organically” and never sold any tokens. The messages reveal deep tensions between the collaborators over responsibility for the coin’s collapse.
Ross acknowledged the leaked messages were authentic but denied any wrongdoing. He posted from an alternate account saying he was “hurt” that someone he considered a “brother” was speaking about him behind his back. Ross insisted he was not responsible for the token being “rugged” or abandoned.
Before announcing his resignation, Banks revealed plans for a joint stream with Ross to address the controversy. He said the situation had been “wildly miscommunicated” and had damaged his mental health for months. Banks expressed disappointment that the controversy affected his relationship with Ross.
The joint stream was intended to clear the air about the failed crypto project. Banks said he had wanted to publicly discuss the situation for some time. He hoped the stream would help resolve the misunderstandings between him and Ross.
Banks expressed concern about how the controversy was affecting other FaZe Clan members. He said the fact that the allegations were impacting “the guys” was unacceptable. This concern appeared to be a major factor in his decision to step down from his leadership role.
The outgoing CEO said he would be stepping away from not only FaZe but “all this internet stuff.” He described the situation as “destroying his life inside and out.” Banks indicated uncertainty about whether he would return to his online career.
Banks posted additional clarification on Instagram Stories, calling the allegations against him “farming” for engagement. He maintained that anyone who examined the details would see the accusations were baseless. The former CEO said his situation could “change on a dime” but remained firm in his innocence.
Banks scheduled a joint stream with Ross for July 28 to address all allegations before stepping away from social media indefinitely.
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