What Happened to FaZe Kay? The well-liked YouTuber and Twitch streamer recommended several cryptocurrencies over the previous few weeks — and it backfired.
Several individuals of FaZe Clan, the common esports and leisure group headquartered in Los Angeles, got here beneath scrutiny for their involvement in a so-called pump and unload scheme.
FaZe Kay (aka Frazier Khattri) was once got rid of from the area in June 2021. His brother, FaZe Jarvis (aka Jarvis Khattri), and two others, FaZe Nikan (Nikan Nadim) and FaZe Teeqo (aka Jakob), got suspended for falsely promoting an altcoin referred to as Save the Kids.
So, what came about to FaZe Kay?
FaZe Kay attracted complaint for drumming up exposure for Save the Kids, an choice cryptocurrency, prior to hanging his tokens again onto the market in a brief time period. His endorsement helped inflate the price of the altcoin. Trading it in had an adverse impact, causing giant headaches for individuals who adopted FaZe Kay's advice and spent cash on the tokens. Here's what came about to FaZe Kay.
FaZe Clan launched a statement on Twitter in July 2021. In it, they took a stand towards ostensibly fraudulent actions, emphasizing that the "respect and trust" of their fanatics will continue to be their priority.
"We have made the decision to remove FaZe Kay from FaZe Clan and have suspended Jarvis, Nikan, and Teeqo until further notice," FaZe Clan wrote. "FaZe Clan had absolutely no involvement with our members' activity in the cryptocurrency space, and we strongly condemn their recent behavior."
"The trust and respect of our fans have been, and will always be our number one priority," they added.
FaZe Kay issued an apology on Twitter on June 27, 2021.
"I want you all to know that I had no ill intent promoting any crypto altcoins. I honestly and naively thought we all had a chance to win which just isn't the case," FaZe Kay tweeted. "It was so irresponsible of me to speak publicly about any coins without knowing more and knowing now that they can do more harm than good."
FaZe Kay recommended a number of cryptocurrencies sooner than getting kicked out of FaZe Clan.
FaZe Kay may claim that he had no consciousness of how cryptocurrency schemes perform, however his earlier activities paint a distinct image. In the previous, FaZe Kay additionally recommended Rich Coin, MoonPortal, Safe Galaxy, and Titscoin, in step with Mashable.
He did not shed light on the terms of his involvement with these cryptocurrencies, and his failure to do so most probably left some of his followers thinking that they had been about to make a in reality sound investment.
Take, for instance, Save the Kids, which introduced in early June 2021. The website reportedly displayed FaZe Kay, FaZe Jarvis, FaZe Nikan, FaZe Teeqo, and RiceGum as its logo ambassadors.
It's uncertain what the terms of their involvement might had been. Either manner, when they put their tokens back on the market, the currency tanked. Save the Kids later put out an announcement mentioning that the founder has deserted the project.
Long story quick: If you spot the "no investment advice" tagline in a tweet posted via a gaming legend, at least believe working in the wrong way.
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