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What is the FaZe Clan crypto scam?

FaZE Clan is the subject of crypto scam claims and has taken action against some of its members. Here’s everything you need to know about the drama surrounding the FaZE Clan crypto scam. The alleged crypto scam has to do with the Save the Kids (CCC: KIDS-USD) cryptocurrency.

Is the save the kids cryptocurrency scam?

1 On Thursday, esports organization FaZe Clan cut ties with several members. 2 They were promoters and backers of the Save the Kids cryptocurrency, which has plummeted in value. 3 Some influencers have been promoting alternative coins, leading to allegations of scams.

How do crypto scams work?

A fraudster entices you to buy an obscure crypto at a “low price,” with promises that the asset’s value will soon go through the roof. When you buy, the price rises, at which point the scammer dumps their holdings at the new higher valuation, which causes the price to collapse, leaving you and any other victims underwater.

What are the biggest and boldest frauds in cryptocurrency from 2022?

So, without any further ado, here are some of the biggest and boldest frauds, swindles, and rackets in cryptocurrency from 2022 thus far. When the stablecoin Terra and its sister token Luna failed in May, it created a domino effect that took down the whole crypto market with it. Crypto lending companies in turn took a huge hit in the crypto crash.

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