June 1, 2021- 9:26 p.m.
In short, a cryptocurrency token—digital currency on the blockchain that can be traded or invested—called ‘Save The Kids’ was released in June. Crypto assets like these are becoming more and more common, especially after the tumultuous rise of cryptos like Dogecoin and the volatile but popular Bitcoin.
What set this specific token apart was that it promised users that a percentage of the proceeds would go to charity. The coin also came with a slate of influencer ambassadors, including Ricegum and Faze Nikan, who shared news of its development and release with their fanbases.
Loads of the group’s fans pumped money into this scheme, believing their investment was protected by the high profile of those endorsing it, only to see their money disappear almost literally overnight.
What happened next will sound familiar to anyone following crypto news lately: the value of the coin seemed solid for a day or two, only to immediately plummet. Anyone who purchased tokens lost money by several orders of magnitude, with the value going from about a penny to about a tenth of a penny.
Other Statement
Please note that last part, where he says he didn’t “vet any of this with my team”. Turns out nobody did, and given the incredibly negative public blowback following the currency’s collapse, Faze clan have moved quickly to discipline some the team members involved, including—and most dramatically—Kay himself.
