FaZe CEO Ricky Banks Steps Down Amid MLG Crypto Scandal

• FaZe CEO Ricky Banks has stepped down following backlash from the failed MLG crypto token.
• A leaked message showed Banks blaming Adin Ross for the coin’s crash and investor losses.
• Ross confirmed the message’s authenticity but denied scamming or misleading users.

The cryptocurrency community went aghast after Ricky Banks, CEO of FaZe, stepped down amid the MLG scandal. The meme coin was highly promoted in early 2025 by Banks along with streamer Adin Ross and other FaZe members. Though the coin experienced a rapid surge in value, fueled by influencer hype and a rush of retail investors, the spike was short-lived. The value of MLG plummeted after a wave of sell-offs, leaving many investors with significant losses. Allegations of a coordinated “rug pull” soon surfaced, with fans accusing Banks and his associates of misleading them and orchestrating an exit scam.

Blame Game and Leaked Messages

As backlash intensified, a leaked group chat message appeared online, showing Banks blaming Adin Ross for the collapse of the token. He claimed Ross was used by traders as “exit liquidity,” and accused him of creating a false narrative that shifted the blame …

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