FaZe CEO Ricky Banks resigns over the MLG crypto scandal as Bitcoin surges past $115K, highlighting the risks of celebrity crypto tokens.
Quick Take
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FaZe CEO Ricky Banks resigned after the failed $MLG meme coin scandal with Adin Ross.
Bitcoin surged to $115,150, fueled by institutional adoption and Nasdaq listings.
U.S. crypto regulations aim to eliminate risky meme coins and protect investors.
Altcoin market cap rose 5%, signaling a shift toward sustainable crypto projects.
This week, the collision of the gaming community and the crypto community took place when FaZe Clan CEO Ricky Banks stepped down after his association with the meme crypto coin project, $MLG. In 2023, a research in the Journal of Financial Economics found that 70 percent of celebrity-sponsored cryptocurrencies are underperforming because of their hype and uselessness. The MLG scandal only pours into a pot that already has several dead celebrity crypto projects that many questions about responsibility, due diligence, and meme coin speculation risks in the emerging blockchain industry.
Bitcoin Rises Above $115 K As Institutions Buy Into It
During the time of the scandal, the bitcoin soared to a high of $115,150 on July 28, 2025, an indication that the wider cryptocurrency market had revived. Analysts have tagged this surge to upsurge in institutional adoption such as the Nasdaq listing of Bitcoin Standard Treasury Company which validates Bitcoin as an acceptable mainstream asset. The success of this price milestone also demonstrates how investors worldwide believe in the future of Bitcoin because its growth is the exact opposite of the failures of hyped-up tokens. A new era in regulation means that innovation, transparency, and utility will be the elements that help coins such as $MLG to survive.
The case of the $MLG coin cost Ricky Banks a lot of scrutiny. He stepped down hastily in order not to damage FaZe Clan anymore. The fans attacked Ricky Banks accusing him of promoting high profile meme coin projects. The collapse of the coin led to numerous losses by many investors. Skeptics revealed that the case demonstrated how crypto promotions by celebrities usually fail. Ricky Banks vowed to think and re-establish his ruined image. It caused a debate over the ethics of gaming and crypto.
