Popular Twitch and Kick streamer Felix “xQc” recently criticized Richard “FaZe Banks,” CEO of FaZe Clan, for allegedly promoting a scam through a crypto meme coin called MLG. On January 7, 2025, FaZe Banks took to his X Community platform, BANK$ INTERN$, to urge fans to invest in the token.
Banks claimed that investing in crypto, including MLG, could provide a rare opportunity for generational wealth. He encouraged followers to “stop procrastinating” and get involved in the crypto market immediately.
xQc’s Sharp Criticism of Crypto Promotions
During a Twitch live stream on the same day, xQc expressed his disapproval of FaZe Banks’ endorsement. He described most cryptocurrencies as exploitative and likened such promotions to schemes designed to enrich promoters at the expense of investors.
According to xQc, the process works like a “circle” where people are drawn into investing, only for the promoters to benefit financially by pulling out later. He further emphasized that crypto investments often lack actual value, making them risky and speculative.
Using an analogy, xQc said encouraging people to buy cryptocurrencies is similar to tricking them into adding “juice” to a pool, only for the promoters to withdraw profits, leaving others at a loss.
Comparisons to Previous Crypto Scandals
xQc also referenced an earlier controversy involving social media personality Haliey Welch, also known as “Hawk Tuah girl.” Welch was accused of running a pump-and-dump scheme through her cryptocurrency project.
In December 2024, Welch’s project faced backlash, with several streamers, including xQc, labeling it as fraudulent. xQc claimed that meme coins are designed to benefit creators while leaving investors at a loss. He described them as “jokes” for the creators but “frauds” for buyers.
Ongoing Debates About Crypto Promotions
This incident highlights the growing debate around influencers promoting cryptocurrency projects. Many critics argue that such endorsements exploit uninformed audiences, especially when promoted as “get-rich-quick” schemes.
xQc’s comments reflect broader concerns about accountability and transparency in cryptocurrency promotions, urging followers to be cautious before making investments.
