FaZe Clanmade history last month by being the first ever gaming organisation to grace the cover of Sports Illustrated magazine.
- This month, four of their members are being scrutinised for running a ‘pump and dump’
- They allegedly pumped up the value of an altcoin called ‘Save The Kids’ and then sold off their holdings causing the tokens’ value to plummet.
An e-sports group called the ‘FaZe Clan’ has fired one of its members and suspended three others amid allegations of running a ‘pump and dump’
cryptocurrency scam. Outside the crypto world, it’s what you would call a ponzi scheme.
A statement from FaZe Clan. https://t.co/HnPXpAoSYX
— FaZe Clan (@FaZeClan) 1625183019000
This means that these influencers ‘pumped up’ the price of an altcoin, also called ‘meme coins’ or ‘sh**coins’ by getting their followers to invest in it. Once the price soared up, the influencers…