What is the MLG Coin controversy? All you need to know as Ricky Banks reportedly stepping away from FaZe Clan

In January of this year, many of the top brass at FaZe Clan, a professional e-sports and entertainment brand, invested in MLG coin. Their endorsement and the market response caused the coin's value to increase dramatically in the following days.

With the hype at an all-time high, many more invested, while the initial investors seemingly liquidated all of their coin, in turn plummeting the value of the cryptocurrency. In the aftermath, accusations have been levied that FaZe CEO Ricky Banks had intentionally “scammed” people of their investments.

In response, Banks has backed away from the spotlight to deal with the fallout as well as from his position at the company. He announced the news on his X account:

"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."

He continues:

"The fact this is affecting the guys at all, is whack. So for the time being I’m gunna be stepping away from not only FaZe, but all this internet sh*t. 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."

Former FaZe CEO Ricky Banks points finger at Adin Ross

Recently, a new wrinkle was added to the context of the situation with FaZe’s MLG coin endorsement. A screenshot of a group chat message from Banks related to the coin surfaced on X and brought forth some incendiary allegations.

Banks directly blamed streamer Adin Ross for the value drop in MLG, skirting himself of any responsibility:

"Adin Ross f**ked this up, this community dumped on him buying. Used him as exit liquidity. His ego got hurt, blamed Frank. Him and Frank got into it privately, Adin despises Frank and spins and drives a narrative about Frank selling."

The screenshot of the message from Banks continues:

"Somehow this falls on me and threads farm the whole situation spin it into me selling and dumping coins. When I ran the thing up from f**king $3m to $200m organically, top blasted multiple times, invested a f**k ton of money, and NEVER EVER SOLD. The only bad actor in this entire thing is Adin. Point blank. Period.”"

For his part, Adin Ross denies dealing in bad faith or having any involvement with MLG eventually tanking.

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