Binance Smart Chain
In a nutshell, a cryptocurrency token called ‘Save the Kids’ ($KIDS) was peddled by huge influencers. Those involved included Brits FaZe Jarvis (who was banned from Fortnite in 2019 for using an aimbot), FaZe Kay and Joel Morris of UK-based YouTube academy Xcademy, as well as others: FaZe Nikan, FaZe Teeqo, Ricegum and Sommer Ray. Joel Morris claims he has since stepped down from his role at Xcad Network, while FaZe Kay urged his fans ‘not to believe what you’re hearing online’ and that a ‘dishonest person abused his trust’ with Kay to ‘scam everybody and make six-figure profits’. Kay added in this video that lawyers are involved and working with authorities and that he is conducting an investigation to find out exactly what happened. Once the influencers had promoted this to their millions of followers, who began buying in, several of them then allegedly ‘pumped and dumped’, i.e. sold large amounts of the token in order to make money from it. This crashed the value of the $KIDS token from $0.0029 to $0.0012 in about a week, leaving many who bought in with a worthless crypto. Unknown loss.
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