Overview

• Ricky Banks officially stepped down as CEO of FaZe Clan on July 29, citing the controversy’s strain on his mental health and his decision to withdraw from online activities.
• Banks has denied any wrongdoing, asserting that he invested heavily in MLG Crypto, never sold his tokens, and that the scam narrative unfairly exploited his FaZe reputation.
• A leaked group-chat screenshot shows Banks calling Adin Ross the sole “bad actor” and accusing him of being used as exit liquidity in the token’s plunge.
• Adin Ross confirmed the screenshot’s authenticity on X but insisted he played no role in causing the MLG coin crash or orchestrating a rug pull.
• FaZe Clan has not released any official statement on Banks’s resignation or the allegations surrounding the MLG meme coin venture.