Richard ‘Banks’ Bengtson has resigned as CEO of popular esports organization FaZe Clan amidst allegations connected to the failure of the MLG memecoin. Although Bengtson has denied any personal wrongdoing, he announced his departure and stated he would be stepping away from the internet for an indefinite period due to the intense backlash.
The controversy originated when Bengtson and other prominent FaZe members promoted the MLG memecoin through online endorsements. The token subsequently experienced a dramatic crash, leading to widespread accusations among holders of being victims of a ‘rug pull’ scheme.
In a public response that fueled the fire, Bengtson placed blame for the token’s collapse directly on gaming influencer Adin Ross. This accusation amplified the criticism directed towards the former CEO and significantly contributed to his decision to leave his position and retreat from online platforms.
FaZe Clan has not released any official statement concerning Bengtson’s resignation since his announcement. This silence leaves the leadership direction of the organization uncertain following the unexpected exit of its chief executive.
The incident underscores persistent concerns within the cryptocurrency community regarding transparency and accountability, particularly when projects are endorsed by high-profile online influencers.