The token “Save the Kids” token promoted by the famous “Influencers” eventually cracked and burned as a result of the “Pump & Dump Scheme”.
FaZe Kay, a member of the FaZe Clan, a professional electronics sports organization based in Los Angeles, was expelled and three players (Jarvis, Nikan, and Teeqo) were involved in promoting cryptocurrency tokens (children) were suspended.
The FaZe Clan tweeted, “We decided to remove FaZe Kay from the Clan and also suspended Jarvis, Nikon, and Teeqo until further notice. The FaZe clan has nothing to do with the activities of our members in the cryptocurrency space, and we strongly condemn their recent behavior”.
While the Clan also added,
“The trust and respect of our fans has been, and will always be our number one priority.”
The KIDS token trading business opened in early June. Initially, the Token Finance Smart Chain was considered a charity-based cryptocurrency based on the Binance blockchain and was designed to “give every child a chance to have a better life”.
According to the project’s website, the token is tamper-proof (because liquidity is locked for 1 year) and the transaction balance is limited to 0.5% thus protecting the token against “pump & dump” schemes. But surprisingly, the kids turned out to be a different matter.
The token touched an all-time high of $0.0044 on June 10, shortly after the start of trading, according to the crypto-matrix platform CoinMarketCap. However, as soon as the mass sale took place, the price of the child dropped to around $0.0011. Currently, the KIDS token is traded at about $0.0013.
In addition to FaZe Clan members, The KIDS Token has been heavily promoted by various popular “influencers” on also various social media platforms. But soon after the dump of the token, some of them were deleted their Twitter Post related to promoting other similar crypto projects.
Now it is unknown at this time what made FaZe Clan remove Kay, and then also just suspending the other three.
According to investigative YouTuber Coffeezilla, Kay reportedly sold away all of his kid tokens as soon as the business started, indicating that this was his plan from Get-Go. In the past, while promoting other cryptocurrencies, Kay stuck to the scheme and sold all his caches instantly in the pre-sale period.
However, other FaZe members did not disclose their activities, they sold their tokens and kept the rest. Coffeezilla argues that when promoting crypto projects, they should not have malicious intentions.
In particular, they modified the system of KIDS “anti-whale protection” that prevents customers from selling 20% of their holdings within 24 hours, and the modification took place before the token trade began.
While analyzing the code of the smart contract, Coffeezilla found that the 24-hour limit was eventually changed to 1 minute, indicating that KIDS creators were planning to drop their tokens from the beginning of the trade activities
While Coffeezilla calculated the estimations that he earned $30,000 somewhere in this entire scenario – which was not worth his prestige and his place on the prestigious sports team.