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Mike Silagadze stories

Jul 7, 2026

KAST faces controversy after EtherFi CEO calls out platform over Terms of Service

EtherFi co-founder and CEO Mike Silagadze publicly criticized KAST, calling the platform a 'Kasthole scammer' in a viral post that sparked scrutiny of KAST's Terms of Service provisions.

Jul 7, 2026·1 source
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Top claims

  • ▪The crypto neobank KAST faced public backlash after its Terms of Service revealed that user stablecoin deposits are legally structured as sales to the company.
  • ▪In the event of KAST's insolvency, hack, or operational failure, users could theoretically be limited to recovering only $500 regardless of their actual balance.
  • ▪Under KAST's Terms of Service, user deposits are legally treated as sales rather than custodied funds, changing the risk calculus for platform users.

Topics

Liquid StakingDeFiCrypto regulation

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