Jarvis and other members of the Faze clan got confused over crypto implosion

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Faze Clan, a video game group known for their vlogging and streetwear releases, is under hot water because of cryptocurrency endorsements that have cost fans money. While a scam has not been outright proven, many wonder if the band members used their fame to put a bad investment in front of millions of impressionable young followers.

The investigation was conducted by YouTuber SomeOrdinaryGamers in a lengthy video that highlights a number of strange coincidences. As the YouTuber begins the investigation with a warning that he does not call this a direct scam, it is clear that what happened involved an error in judgment on the part of several members of the Faze clan.

In short, a digital cryptocurrency token on the blockchain that can be traded or invested called Save The Kids was released in June. Crypto assets like these are becoming more and more mainstream, especially after the tumultuous rise of cryptos like Dogecoin and the volatile but popular Bitcoin. What sets this specific token apart is that it promises users that a percentage of the profits will go to charity. The piece also came with a list of influential ambassadors, including Ricegum and Faze Nikan, who shared the news of its development and release with their fans.

What happened next will sound familiar to anyone following the crypto news: The coin’s value seemed solid for a day or two, only to collapse immediately. Anyone who bought tokens was losing money by orders of magnitude, with the value ranging from about a dime to about a tenth of a dime. In general, this tends to happen when investors sell their tokens when everything is going well, cashing in in a method colloquially known as pumping and dumping. Anyone who hasn’t sold in that window ends up with the proverbial bag. Selling at this point is unnecessary, as the tokens aren’t worth much anymore, including what has been donated to charity. The program has been picked up by a number of influencers who have offered spare parts to their huge fans, Save The Kids being the latest example.

The question everyone is concerned about is: Did the members of Faze know or did they anticipate all of this? The group declined to comment. In the video above, SomeOrdinaryGamers points out that many of the people who bought the token during the presale, before it was made available to the public, were the same people who sold during the release window. If the ambassadors weren’t the sellers, they still ended up promoting an investment that imploded almost immediately.

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Some of the ambassadors have also been part of dubious programs in the past, like influencer Ricegum, who encouraged viewers to buy mystery boxes for a chance to win outrageous prizes like expensive cars. Other people who shared news of the token ahead of launch, like Faze Jarvis, are already known for things like Fortnite’s lifetime ban.

While many ambassadors added caveats to their social media posts regarding the token, noting that they did not provide financial advice, part of the Save The Kids token spiel was that buyers could rest assured that their investment was worth it.

We have partnered with several Ambassadors to give investors social proof and the confidence that we are in it for the long haul, reads a linked white paper on the official (and very glossy) Save The Kids website. According to that same document, Save The Kids has been championed by influencers who have around 20 million combined followers.

So far, a member of Faze has acknowledged the controversy on Twitter despite the fact that several members have technically contributed to the fiasco. Faze Kay, who has 6 million followers on his personal YouTube account, apologized directly to his fans. The game influencer also tried to distance his actions from the larger group, noting that he had not checked it with the team. It should be noted, however, that several Faze Clan members have endorsed Save The Kids, as well as friends of the group.

I want you all to know that I had no malicious intent to promote crypto alt coins, Faze Kay wrote on Twitter. Honestly and naively, I thought we all had a chance to win, which just isn’t the case.

It was so irresponsible of me to speak publicly about all the pieces without knowing more and now knowing that they can do more harm than good, he continued. I’m really struggling with letting all of you down and, more importantly, anyone whose trust I have lost. My fans represent the world to me and I wouldn’t be where I am today without you.

Faze Clan recently released a merchandise line with Takashi Murakami and was featured on Sports Illustrated this summer.

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