The FaZe Banks MLG coin controversy is shaking up the gaming and crypto worlds. FaZe Banks, co-founder of FaZe Clan, announced his resignation as CEO following the crash of meme cryptocurrency MLG coin—an event that has now spiraled into a messy influencer feud.
MLG coin launched in late 2024 as a gaming-themed meme crypto project. Banks and Twitch streamer Adin Ross heavily promoted the token, sending it from a $3 million market cap to over $150 million in just weeks—before it collapsed, leaving investors burned.
Rug Pull Accusations Rock Gaming Circles
Fans and critics are accusing Banks of orchestrating a pump-and-dump scheme. Known in crypto as a “rug pull,” this tactic involves hyping a coin, selling at the top, and leaving buyers with worthless tokens. Banks denies the accusations, claiming he personally lost over $100,000 in the crash.
“A false narrative has played out,” Banks said, adding that he feels betrayed and smeared by fellow influencers.
Adin Ross Named in the Fallout
Tensions escalated after leaked messages surfaced, showing Banks blaming Adin Ross for using the MLG coin as “exit liquidity.” This implies Ross allegedly used the hype to cash out while others were still buying in.
Ross’s camp confirmed the screenshot is real but denies orchestrating a rug pull. With both sides issuing conflicting statements, the situation has devolved into a social media standoff.
“He ruined my life,” Banks said on X, accusing Ross of flipping the narrative and launching a smear campaign.
Ross responded by saying he feels hurt by the public accusations and denies any bad-faith involvement.
The Rise and Fall of MLG Coin
The coin’s rise was meteoric. Between January and February 2025, MLG’s market cap jumped from $3 million to $150 million—only to crash back down just as fast. Investors are now demanding answers, as influencers shift blame and deny wrongdoing.
Some see this as another cautionary tale in the unregulated meme coin space, where hype often trumps fundamentals and retail investors are left holding the bag.
Conclusion
The FaZe Banks MLG coin scandal shows how quickly crypto hype can turn toxic—especially when influencers are involved. With Banks stepping down and blaming Ross, and Ross denying fault, the drama continues to unfold in real time. One thing is clear: in crypto, reputations can tank just as fast as coins.
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