Uncovering the Wallet Network Behind Faze Banks’ Token Scandals

Meet the side wallets of Faze Banks

• Made 2M profit on $MLG
• Lost money on $LIBRA
• Part of a network of wallets that bought before the promotion

Just a coincidence? Details in this thread 🧵

A suspicious wallet

We know the streamer promoted $MLG and was aware of $LIBRA, likely getting scammed by Hayden Davis.

This wallet follows the exact same pattern:
• Bought a dead token before the stream
• Set up a Raydium LP
• Bought $LIBRA using an algo, ending in a loss

But there’s more than one address, more of a network

The network of addresses

I followed the money and noticed that some wallets, with strong connections between them, bought a lot of the supply before the pump.

There are 3 main actors:
• Supply control wallet
• Libra related wallet
• Big buyer wallet

Big Buyer wallet

All three wallets bought before the marketing pump.

As you can see in the chart this wallet was:
• Buying before the pump
• Selling the pump
• Transfer the supply to other wallets

Supply control wallet

This wallet is meant to transmit trust.

The big whale is holding and not selling.

But the buy price was of course insanely low

Libra wallet

I called it $LIBRA for simplicity since it was rugged by the same team behind Milei's token

This wallet is cashing out heavily and is also likely paying some callers.

For example it sent free tokens to tmtheog.sol

Recent cashout

Another link between the recent scandal and this wallet network is that the supply control wallet, after being dormant for 60 days, started cashing out to Coinbase over the last 22 days

Backstory: The origin of the token

The token was not launched through any launchpad and the LP was created manually.  

12 minutes passed between the mint and the burn.  
• Minted 1B tokens  
• Added 890M to the LP

Where did the remaining 110M go?

Supply control, but this time it doesn't matter

The 110M were simply spread through 9 wallets and used to rug the launch from 290k to 3k MC.

This "free" supply was used to extract the first couple of thousands and bring the token from 200MC to 2k.

Why it doesn't matter? Because it was just the original team extracting 20k. Nothing to do with Banks.

Conclusion

This case is very different from a typical low level influencer pump and dump

• The token was not launched through a launchpad
• The original team did a quick cash grab
• The token had been dead for about 170 days
• A new team took over and slowly accumulated a large part of the supply
• Then they pushed the price with marketing and false promises to dump on the audience
• Final step was crying about not making any money and claiming it only hurt their brand, which is not true