Faze Clan, a popular esports team, has announced it will drop Kay and suspend Jarvis, Teeqo and Nikan following an alleged cryptocurrency fraud. Faze Clan issued a Twitter press release stating that they had not been involved in the incident and condemned the actions of the four team members.Faze Clan's four members were involved in the Save the Kids Token. This cryptocurrency claims that a portion of it will go to charity. Along with other influential people, they were ambassadors for the crypto and purchased it before its public launch. Kay and the three other members of Faze Clan hyped and talked up the crypto right up until its launch.FaZe Clan statement pic.twitter.com/HnPXpAoSYX FaZeclan (@FaZeClan), July 1, 2021The Save the Kids Token was a token with a high value. However, the price plummeted the first day it launched. Various ambassadors sold their shares. The site for altcoin is currently offline at the time of writing.The ambassadors were accused in a pump and dump scam due to the sudden decline in value on the day the project was launched. This happens when a person, or group, inflates a stock's value, or cryptocurrency, and then makes it more accessible to a wider audience.Kay apologized publicly earlier this week, saying that he did not intend to promote a potentially nefarious altcoin. Jarvis, Teeqo and Nikan have not yet made any public statements about Save the Kids since its launch. Faze Clan officially removed Kay from the team, and suspended the three other players until further notice.Editors' Recommendations
