KAST, a stablecoin-powered card and neobank that raised $80 million in a Series A round in March at a $600 million valuation, faced widespread criticism on Crypto Twitter this week after ether.fi co-founder and CEO Mike Silagadze called the company a « Kasthole scammer ». KAST updated its terms of service on July 7 to include an explicit repayment obligation for unspent user balances after controversy over a clause treating crypto deposits as a transfer of ownership to the company. Ether.fi’s ETHFI token has fallen approximately 95% from its 2025 all-time high of $8.53 to trade around $0.43. A comparison test showed ether.fi as the cheapest card at $8.48 all-in versus $9.03 for KAST on an identical purchase in Europe, a 6.5% gap. KAST’s Series A was co-led by QED Investors and Left Lane Capital, following a $10 million seed round in December 2024.
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