When EtherFi co-founder and CEO Mike Silagadze called KAST a “Kasthole scammer” in a post that quickly went viral, he wasn’t just throwing shade at a competitor. He was pulling back the curtain on a Terms of Service document that effectively tells users: the moment you deposit stablecoins, that money belongs to KAST.
The feud, which kicked off around July 5, 2026, has snowballed into one of the more revealing public disputes in crypto this year. It centers on a deceptively simple question: when you load money onto a crypto card, do you still own it?
What KAST’s Terms of Service actually say
KAST, a neobank that processes transactions in stablecoins, structures its deposits in a way that most users probably didn’t expect. Its Terms of Service classify user deposits not as custodied funds, but as sales to the company. In English: when you top up your KAST card, the platform treats that transaction like you sold your stablecoins to KAST in exchange for a spending balance.
KAST updated its ToS on July 7, 2026, two days after the Silagadze feud went public. The revised terms do reaffirm that users can redeem unspent balances. But the fundamental framing didn’t change. Deposits are still treated as sales.
