KAST, a stablecoin-powered card and neobank that raised $80 million in a Series A round in March at a $600 million valuation, spent the past week defending itself on Crypto Twitter after ether.fi co-founder and CEO Mike Silagadze called the company "Kasthole scammer" in a post that had gathered roughly 400,000 views by the morning of July 7.
The exchange was conducted entirely in public replies and quote-tweets between the two CEOs. Silagadze also urged crypto users to review KAST’s terms of service, which state that depositing stablecoins or crypto on the platform legally transfers ownership of those assets to the company in exchange for a repayable balance.
Outcry over the card’s terms of service adds to the ongoing backlash over KAST’s points system. KAST users received emails on July 2 stating that points accumulated in the company's rewards program would convert into "tokenized equity" rather than a token. KAST had previously described the points as converting one-to-one to a future token, with a token-generation event targeted for the second or third quarter of 2026.
KAST CEO Raagulan Pathy addressed the change directly in a post the next morning, on July 3. He wrote that KAST's top 100 users each hold more than 1 million points, and that "unlike pretty much everyone else, we won't be keeping the equity to ourselves and airdropping a shitcoin to our users."
