This crashed the value of the $KIDS token from $0.0029 to $0.0012 in about a week, leaving many who bought in with a worthless crypto.
sold large amounts of the token in order to make money from it. Once the influencers had promoted this to their millions of followers, who began buying in, several of them then ‘pumped and dumped’, i.e. Save the Kids was billed as a Bep-20 token ‘redistributing wealth’ to both hodlers and charities via the Binance Charity Wallet (‘hodlers’ is a term with an intended typo used to describe those that hold on to a particular token rather than sell it). Kay added in this video that lawyers are involved and working with authorities and that he is conducting an investigation to find out exactly what happened. Joel Morris has since stepped down from his role at Xcad Network, while FaZe Kay urged his fans ‘not to believe what you’re hearing online’ and that a ‘dishonest person abused his trust’ with Kay to ‘scam everybody and make six-figure profits’. Those accused include Brits FaZe Jarvis (who was banned from Fortnite in 2019 for using an aimbot), FaZe Kay and Joel Morris of UK-based YouTube academy Xcademy, as well as others: FaZe Nikan, FaZe Teeqo (who was later found innocent), Ricegum and Sommer Ray. In a nutshell, a cryptocurrency token called ‘Save the Kids’ ($KIDS) was peddled by huge influencers. I want to be shocked by this story, to think of it as surely a one-off which we’ll all learn from, an anomaly never to be repeated again.īut the sad truth is it doesn’t surprise me one bit, and I know something like it will happen again, and again. Let’s not be so quick to forgive and forget our favourite influencers fibs or fraudulent behaviour, argues Esports News UK editor Dom Sacco in this opinion piece about the recent ‘Save the Kids’ cryptocurrency scandal
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