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4 Members of FaZe Clan Involved In Pump-&-Dump Crypto Scheme | The Latest Hip-Hop News, Music and Media

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4 Members of FaZe Clan Involved In Pump-&-Dump Crypto Scheme

Source: Luke Walker / Getty

Getting paid handsomely to play video games competitively is apparently enough for these members of FaZe Clan.

The popular gaming clan that boasts famous members like Offset, Lil Yachty, and Ben Simmons is back in the news. This time, Decrypt reports that FaZe Clan punished four members for their involvement in a pump-and-dump scheme capitalizing off the Save the Kids cryptocurrency project.

Bruh.

According to the report, FaZe Clan suspended Jarvis, Nikan, and Teeqo and gave Kay the boot from the organization for their involvement in the scheme. The players in question promoted “Save the Kids (KIDS), a Binance Smart Chain-based cryptocurrency project billed as a charity initiative.” On the coin’s website, which is now offline, the project was supposed to donate 1% of each transaction fee (3% of the transacted amount) to the Binance Charity wallet that would go on to benefit a kid-centric charity foundation. The influencers claimed that investors would benefit from the growing use of the coin.

But that’s not what happened. Instead, developers pulled out suddenly following the coin’s dramatic dip in value.

Per Decrypt:

After the project went live in early June, the coin’s price dropped nearly 90% in just three days, suggesting that developers used the gaming influencers’ considerable reach to boost the value of the coin before selling and pulling the rug out from investors—a classic pump and dump scheme.

FaZe Clan immediately put out a statement late Thursday (Jul. 1) evening distancing itself from those involved in the scheme announcing it had “absolutely no involvement with our members’ activity in the cryptocurrency space” while pointing out it “strongly condemn[s] their behavior.”

As mentioned above, this isn’t the first time FaZe Clan, known as the “bad boys” of Esports, has been in trouble with crypto schemes. According to Engadget, Kay and clan co-founder FaZe Banks were paid to promote another coin, BankSocial, back in May. They wound up selling before exiting the partnership, raising eyebrows while Banks did not reveal any financial connection in a series of now-deleted tweets.

Banks also famously got in trouble for trashing a Las Vegas hotel room he was staying in, racking up $30K in damages. FaZe Clan and Encore told TMZ at the time it would be working together to resolve the issue.

This is an entirely different situation because the Feds would be watching.

We are interested to see how this story pans out.

Photo: Luke Walker / Getty



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NEW VIDEO: Lil Yachty – “Love Music”

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Lil Yachty Love Music videoLil Yachty has dropped off the official video for his latest single “Love Music”.

Hopefully, we can expect a new project from the rapper to drop soon.

Watch the visuals below:



The post NEW VIDEO: Lil Yachty – “Love Music” appeared first on Fresh: Hip-Hop & R&B.



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Nas to Release New Album ‘King’s Disease 2’ Next Week

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There had been rumors that Nas was working on new music and will announce something very soon.

Today, we have the official news: the legendary rapper will release his new album King’s Disease 2 on August 6th, reports NME. It will serve as the follow up to the Hit-Boy produced original that released last year and won Best Rap Album at the 2021 GRAMMYs, Nas’ first ever trophy at the awards.

The artwork has also been unveiled which you can see below. There is no word yet on whether Hit-Boy is also handling production this time around but we’re pretty excited regardless.

Last week, an unreleased Nas song surfaced where he was dissing Tupac. Last month, he celebrated 25 years of his classic album It Was Written by releasing a deluxe edition featuring unreleased songs. The rapper also recently remade his 1993 track ‘Life Is Like A Dice Game’ with help from Cordae and Freddie Gibbs.



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The Weeknd Is Honored With The Quincy Jones Humanitarian Award!!!

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The Weeknd will receive the Quincy Jones Humanitarian Award. The 31-year-old singer, actor, and filmmaker has done a lot of good with his fame.

The Weeknd Receiving Honor For His Contributions To Social Justice, Change and Equity Within The Past Year

Being able to sing is one thing. But being able to use your voice for good shows the true character of a person. In September, The Weeknd is set to be awarded a great honor.

Hosted by the Black Music Action Coalition, The Weeknd is to be honored with the Quincy Jones Humanitarian Award at the first annual Music in Action Awards.

According to Variety, causes that The Weeknd has donated several million dollars to include –

  • Black Lives Matter Global Network
  • The Colin Kaepernick Know Your Rights Camp Legal Defense Initiative
  • MusiCares Covid-19 Relief Fund

But this rapper is no stranger to his humanitarian efforts. The Canadian-born rapper has a long history of helping others. Additional efforts include a long list of accomplishments, like donations to –

  •  University of Toronto
  • St. Mary Ethiopian Orthodox Tawahedo Church in Toronto Canada
  • Children’s Hospital in Atlanta (with Ryan Seacrest’ Foundation)
  • A Maternity and Children’s Medical Center in Uganda
  • The Equal Justice Initiative and more

Speaking on the music industry’s humanitarian contributions, Binta Niambi Brown (BMAC Co-Chairperson) stated –

“BMAC promised to work with the music industry to advance racial equity, and are proud to have done everything we said we would do. Now, while we celebrate the achievements of our industry, we also look forward to continued work with every company in our industry to eliminate all forms of systemic and structural racism. We welcome conversations with all who share our commitment to justice and equality and are enthusiastic about the change we will create together.”

One Hotel in West Hollywood will be the venue where the award will be issued on September 23rd.

Congratulations to The Weeknd, great job!

the weeknd

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