As esports and entertainment group FaZe Clan battles crypto pump-and-dump accusations, many investors want to know what's in FaZe Banks’s crypto wallet. Banks is the organization’s founder and co-owner.
With 2.7 million Twitter followers, Banks is a powerful social media influencer. Many other FaZe Clan organization members have a large Twitter following. For example, more than 880,000 people follow FaZe Kay on Twitter. It means that the team can leverage its vast social media reach to spread the word quickly.
FaZe Banks's crypto wallet in focus amid BankSocial and SaveTheKids debacle
FaZe Clan members, including Banks, have recently promoted some altcoins. Seeing Bitcoin’s blockbuster returns that recently rose as much as 80,000,000 percent, many investors want to find the next cryptocurrency that could explode. Many investors follow social media influencers for clues on the best cryptocurrencies to invest in.
In May, Banks promoted a new altcoin called BankSocial (BSocial) to followers on Twitter. The crypto popped and BankSocial wallets rose to as many as 8,000. However, it soon plummeted and the number of wallets holding it also diminished. At the current price, BSocial coin has dropped more than 90 percent from its May all-time high.
Banks has since deleted his tweet promoting a BSocial coin giveaway that sent the altcoin soaring. Some people think that Banks facilitated the BSocial crypto pump-and-dump, but he denies any wrongdoing. Instead, Banks says that he still holds BSocial coin. Many investors want to know if BSocial is truly in Banks’s crypto wallet.
Away from Banks’s involvement with the BankSocial token, some FaZe Clan members promoted SaveTheKids (KIDS). The altcoin notched some gains, but it later crashed. At the current price, the KIDS token has dropped about 70 percent from its peak. Banks has distanced himself from the SaveTheKids crypto scandal as well. He even dropped some FaZe Clan members because of it.
Why FaZe Banks’s crypto wallet is public.
Banks claims that his crypto involvements are clean. Banks said that he maintains a public crypto wallet for anybody to access his crypto activities. However, since a person can operate multiple crypto wallets, it might not be easy to know exactly what cryptocurrencies Banks has invested in and the amounts involved.
Banks’s fight to clear his name of crypto pump-and-dump allegations comes amid louder calls to regulate the cryptocurrency sector more. For example, after Dogecoin fan Mark Cuban lost money in a Titan token investment, many people called for increased regulation of the crypto space.