In a statement, the $KIDS team later admitted that there was “a decimal issue with the transaction limit.” All of that happened despite heavily marketed anti-whale measures that were supposed to prevent such a dump. The successful pump was promptly followed by a big dump as mostly pre-sale investors divested from the token to secure big wins, consequently driving the market price back down. During that crucial time the altcoin experienced a short but effective pump driven by public buyers, urged on by their favorite content-creating ambassadors from FaZe Clan and others.

Within just four hours of the $KIDS launch, the token’s market price shot up almost 500% and crashed back down below its initial price. While the altcoin’s operators initially communicated that its ambassadors “are not paid by us and are not given ANY $KIDS tokens,” it later turned out that ambassadors were either given the tokens for free as compensation, saw the token purchased by others and then given to the ambassadors, or the ambassadors purchased the token at a very discounted rate through a pre-sale purchase. According to the altcoin’s white paper, token transactions came at a three percent fee, which was split evenly across a liquidity pool, redistribution, and charity.įollowing a private pre-sale to roughly 200 investors – according to a document published by the Save The Kids marketing team, on June 5, the altcoin was launched with a total supply of one billion tokens. The marketing for the altcoin primarily focused on its charitable aspects. The reason behind the expulsion and suspensions stem from the Save The Kids altcoin $KIDS that was being promoted by the high-profile ambassadors from the North American gaming scene, including the aforementioned members from FaZe Clan. Other people such as influencer Sommer Ray and YouTuber RiceGum (who also lives in “the Clout House” with Banks) were also involved in the Save The Kids charity scheme.

While FaZe Kay was essentially fired from the organization and three others suspended, many individuals have been involved in similar altcoin promotions including Adin Ross (who lives with FaZe co-founder Richard ‘FaZe Banks’ Bengston in the “Clout House). On Thursday evening esports organization FaZe Clan announced via social media that it had cut ties with Frazier “FaZe Kay” Khattri and suspended members Jarvis “FaZe Jarvis” Khattri, Nikan “FaZe Nikan” Nadim, and Jakob “FaZe Teeqo” (last name unknown) “until further notice.” The announcement from FaZe occurred after internet sleuths uncovered transaction details related to a charity-based cryptocurrency called “Save The Kids,” an obvious play on the well-known charity, Save The Children, and other altcoins pushed to the community as part of an alleged on-going “pump and dump scheme.”

Faze jarvis