{"id":194256,"date":"2021-07-03T09:00:10","date_gmt":"2021-07-03T08:00:10","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=194256"},"modified":"2021-07-02T17:29:18","modified_gmt":"2021-07-02T16:29:18","slug":"faze-clan-fires-one-suspends-3-players-embroiled-in-alleged-save-the-kids-crypto-scam","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/faze-clan-fires-one-suspends-3-players-embroiled-in-alleged-save-the-kids-crypto-scam\/","title":{"rendered":"FaZe Clan fires one, suspends 3 players embroiled in alleged &#8216;Save the Kids&#8217; crypto scam"},"content":{"rendered":"<p><span style=\"font-weight: 400\">FaZe Clan, a Los Angeles-based professional electronic sports (esports) organization, today announced that it has fired its member FaZe Kay as well as suspended three more players\u2014Jarvis, Nikan, and Teeqo\u2014who were involved in promoting cryptocurrency token Save the Kids (KIDS).<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cWe have made the decision to remove Kay from FaZe Clan, and have suspended Jarvis, Nikan, and Teeqo until further notice. FaZe Clan had absolutely no involvement with our members' activity in the cryptocurrency space, and we strongly condemn their recent behaviour,&#8221; FaZe Clan tweeted, adding, <\/span><\/p>\n<blockquote><p><strong>&#8220;The trust and respect of our fans has been, and will always be, our number one priority.\u201d<\/strong><\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A statement from FaZe Clan. <a href=\"https:\/\/t.co\/HnPXpAoSYX\">pic.twitter.com\/HnPXpAoSYX<\/a><\/p>\n<p>&mdash; FaZe Clan (@FaZeClan) <a href=\"https:\/\/twitter.com\/FaZeClan\/status\/1410745951120101378?ref_src=twsrc%5Etfw\">July 1, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">The trading of KIDS started in early June. Initially, the token was touted as a charity-focused cryptocurrency based on the Binance Smart Chain blockchain and designed to \u201cto give each kid chance for a better life.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the project\u2019s <\/span><a href=\"https:\/\/savekids.today\/\"><span style=\"font-weight: 400\">website<\/span><\/a><span style=\"font-weight: 400\">, the token is \u201cunruggable\u201d (because \u201cliquidity is locked in for 1 YEAR\u201d) and protected from the so-called \u201cpump & dump\u201d schemes \u201cby limiting the transaction balance at 0.5% per Transaction.\u201d Unsurprisingly, KIDS turned out to be anything but.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Shortly after the trading started, the token reached its all-time high of roughly $0.0044 on June 10, according to crypto metrics platform <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/save-the-kids\/\"><span style=\"font-weight: 400\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400\">. However, a massive sell-off soon followed, collapsing KIDS\u2019 price to about $0.0011. At press time, KIDS is trading at around $0.0013.<\/span><\/p>\n<h2>Not kidding around<\/h2>\n<p><span style=\"font-weight: 400\">Apart from FaZe Clan members, KIDS was heavily promoted by several popular \u201cinfluencers\u201d such as Ricegum and Sommer Ray across various social media. Some of them have reportedly deleted the corresponding Twitter posts\u2014including those promoting other crypto projects\u2014after the KIDS dump.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It is not entirely clear why Kay was outright fired from FaZe Clan while the other three just got suspended. <\/span><\/p>\n<p><span style=\"font-weight: 400\">According to investigative YouTuber <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=Kv6ne6VQCZI\"><span style=\"font-weight: 400\">Coffeezilla<\/span><\/a><span style=\"font-weight: 400\">, Kay dumped all of his KIDS tokens almost immediately after the trading started, implying that this was his plan from the get-go. In the past, Kay also reportedly stuck to this scheme when he was promoting other crypto tokens and sold his entire caches\u2014which he was given during pre-sale periods\u2014in an instant.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Other FaZe members, however, were less obvious in their actions, selling just some of their tokens and keeping the rest. This, according to Coffeezilla, could indicate that they might not have outright malicious intentions while promoting crypto projects.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, KIDS\u2019 \u201canti-whale protection\u201d\u2014a mechanism that ostensibly prevented users from selling more than 20% of their holdings in 24 hours\u2014was also modified right before the token trading started. <\/span><\/p>\n<p><span style=\"font-weight: 400\">By analyzing the smart contract\u2019s code, Coffeezilla has discovered that the 24-hour limit was ultimately changed to 1 minute\u2014implying that KIDS\u2019 creators planned to dump their tokens from the very beginning.<\/span><\/p>\n<p>Ironically, Coffeezilla estimated that FaZe Kay has earned only somewhere in the ballpark of $30,000 from the whole ordeal\u2014a sum that is hardly worth his reputation and the spot on the well-known esports team.<\/p>\n<p><span style=\"font-weight: 400\">You can watch the full video here: <\/span><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/Kv6ne6VQCZI\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FaZe Clan, a Los Angeles-based professional electronic sports (esports) organization, today announced that it has fired its member FaZe Kay as well as suspended three more players\u2014Jarvis, Nikan, and Teeqo\u2014who were involved in promoting cryptocurrency token Save the Kids (KIDS). \u201cWe have made the decision to remove Kay from FaZe Clan, and have suspended Jarvis, [&hellip;]<\/p>\n","protected":false},"author":472,"featured_media":172491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29,9836,76736],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FaZe Clan fires one, suspends 3 players embroiled in alleged &#039;Save the Kids&#039; 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