FaZe Banks, real name Richard Bengtson, stepped down as CEO of FaZe Clan in July 2025 amid a major crypto scam controversy involving the MLG meme coin and streamer Adin Ross.

Crypto Drama Breakdown

The MLG coin, promoted by Banks and other FaZe members earlier in 2025, skyrocketed in value before crashing dramatically after mass sell-offs, sparking "rug pull" accusations where influencers hype a token then dump it for profit. Leaked group chats allegedly showed Banks blaming Adin Ross as "exit liquidity" for the collapse, though Ross confirmed the messages but denied scamming. Banks vehemently denied wrongdoing, posting: "I’ve never scammed anyone a day in my f king life"**, blaming the backlash on his FaZe name being "easily farmed and manipulated."

Emotional Exit and FaZe Fallout

Overwhelmed by stress—"It's destroying my life inside and out"—Banks announced he'd step away from FaZe and social media entirely to shield the team, saying the narrative unfairly hurt members. This came after GameSquare acquired FaZe, with Banks as CEO since around 2024 (a prior December 2024 "stepping down" post was just a prank he later debunked). By late 2025, FaZe saw key departures like Lacy, Stable Ronaldo, JasonTheWeen, and even longtime member FaZe Adapt, prompting Banks to resurface in streams venting frustration over "ruining" the org through naive management and lack of backend structure despite early successes.

Later Updates and Speculation

In September 2025 interviews, like one with Ludwig, Banks clarified he "stepped away" voluntarily, not fired, and discussed FaZe's esports legacy while hinting at uncertain returns: "I wish I could say I'll be back… don't know if I will." By December 2025, discussions painted him as regretting heavy investments to bail out FaZe financially while feeling unappreciated amid the clan's "falling apart." No major public activity from him has surfaced into 2026 based on available reports, leaving fans speculating on a full comeback amid ongoing esports drama.

Key Timeline| Event
---|---
Early 2025| MLG coin promotion and crash3
July 28, 2025| Banks resigns as CEO13
Sept 2025| Podcast clarifications68
Dec 2025| FaZe exodus, Banks responds online24

TL;DR : Banks quit FaZe amid 2025 crypto scam backlash (which he denies), took a social media break, and later addressed the org's declines—still low- key as of early 2026.

Information gathered from public forums or data available on the internet and portrayed here.