Mike Silagadze: Doubts about User Asset Ownership Provisions in KAST Service Terms

Mike Silagadze, founder and CEO of ether.fi, questioned KAST's terms of service in a post. This clause stipulates that when a user transfers cryptocurrency or stablecoin to KAST, it shall be deemed as selling the asset to KAST, and the user shall no longer retain ownership of the asset; The ledger records displayed within the app are only denominated in US dollars and do not constitute account balances, deposits, or stored currency values. KAST emphasizes that it is not a bank and user funds are not protected by deposit insurance. KAST and ether.fi Cash both provide stablecoin payment and encrypted card services, and there is a direct competitive relationship between the two parties.