The Messy Cautionary Tale Of Save The Kids Token
Crypto exchanges are replete with so many kinds of tokens, from serious and stable means to store money to coins that are more about making a joke (such as Dogecoin and the various rude word cryptos that are out there) than they are about being a legitimate currency or asset.
Both of these are interesting in their own way and often lead to physical crypto coins being made of them for posterity’s sake.
Unfortunately in crypto, certain coins are not made with a genuine purpose in mind but are instead made to trick and exploit people, and one of the most infamous of these is the Save the Kids Token ($KIDS).
With a logo suspiciously similar to the one used by legitimate (and wholly unrelated) charity Save the Children, Save The Kids Token promised to donate a portion of its transaction fee to various charities.
Most interestingly, it had the backing of several prominent YouTube personalities, including Ricegum and several members of the gaming/content creation/influencer group FaZe Clan, including FaZe Jarvis, FaZe Nikan, FaZe Teeqo and most prominently Frasier “FaZe” Kay.
The latter name is particularly important, as according to evidence raised by content creators SomeOrdinaryGamers and CoffeeZilla, the man formerly known as FaZe Kay may have had a central role to play in what became the most infamous influencer scam in recent memory.
After a promotional period and presale, the token was changed at the last second, reducing an anti-whale system from only allowing 0.1 per cent of the total supply to be used every 24 hours, to allowing it to be transferred every minute.
This caused a few of the influencers involved to “pump and dump” the token as soon as the market opened, selling the vast majority of their tokens and crashing their value to near-worthlessness.
Faze Jarvis sold two-thirds of his wallet, whilst Mr Kay sold all but four of his tokens whilst lying to his audience that it was a sound investment.
Mr Kay, who was fired from FaZe Clan after the allegation surfaced that he dumped the charity coin, claimed that fellow YouTuber and associate Sam Pepper changed the code, although these claims were debunked by CoffeeZilla in a later Twitter thread and video.
Whilst Sam Pepper was involved, Frazier Kay started selling the token first, which contradicts the idea that Frazier was unaware of the code or had been “backstabbed”.
This story may continue beyond this point, especially if authorities decide to get involved, but currently Save The Kids stands as a cautionary tale that much like stocks and shares, due diligence is vital to ensure your money goes to the right place.
If you want to buy physical crypto coins, please visit our website today.