Faze Kay crypto scam is much talked about these days because it had Faze Clan suspend its three essential members and kick another one out. The three members that got suspended include Jarvis Khattri, Nikan Nadim, and Teeqo while the one that has been kicked out is named Frazier Kay. They are accused with the charge of looting people in the name of raising funds for saving unprivileged children.
Now you must be thinking about what kind of scam they were involved in due to which they got suspended all at once. Well, they were accused of creating a cryptocurrency named “Save the Children.” Later on, they took the help of famous influencers to promote this cryptocurrency which led people to invest more and more in this crypto.
Earlier, the value of this crypto was kept very high and later on, it saw a huge fluctuation as its price got dropped on a large scale. Many people are naming this scam as a “pump and dump” scam as it gave users a great shock.
What were the allegations made by investors?
It all started in June when a few members of the Faze Clan group allegedly developed a cryptocurrency named “save the children” and it was widely promoted by famous social media influencers.
A very famous YouTuber named Coffezilla covered an investigation on the same and came out with finding tweets that were related to this scam. It was also found out that they built this cryptocurrency using the Binance Smart Chain which they later termed as “Charity Token.” The developers of these tokens ensured investors that investing in this crypto is beneficial for both buyers as well as charities it is going to help.
However, soon after the coin was made public in the mid of June, many people started to invest in it. However, within a week, it saw a great drop and is now valued at half of its selling price.
How the scam became public?
The scam caught users’ attention when Coffezilla uploaded a video in which he discussed the in-depth aspect of faze kay crypto scam. But, soon after it was made public, Clan took a much-needed step by throwing out and suspending members which were involved in this scam.
The Clan group made a public announcement stating that they had no involvement in undertaking any such scam and they do not promote this behavior of the ones that were involved in it.
As the details of the scam were brought to the attention of the people, the famous influencers spoke about it and said that they had no idea about what was going on. Also, they will try not to promote any such thing in the future before undergoing a proper investigation. The takeaway from this scam is that you should think twice before investing in a newly boomed cryptocurrency.