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KAST's User Deposits Classified as Sales Transferring Ownership to Company; Terms Updated Through July 7

GateNews
Exchange RiskSecurity Incidents
ETHFI-0.44%
According to ChainCatcher and verified by The Defiant, KAST's user terms classify stablecoin deposits as sales to the company with immediate ownership transfer, a structure that remained unchanged through June 25. The Defiant confirmed the terms via Wayback Machine. ether.fi CEO Mike Silagadze publicly criticized the arrangement as deceptive during a five-day dispute with KAST CEO Raagulan Pathy. As of July 7, KAST updated its terms to allow user redemption of unconsumed balances; however, the legal structure remains unchanged—deposits are still defined as sales, the company's maximum liability is capped at $500, and the platform operates under Seychelles law from Comoros. KAST previously promised 1:1 token conversion for points but switched to tokenized equity on July 2, prompting user backlash. Research account Decentralisedco noted that KAST can earn approximately 4-5% annual yield on idle balances by classifying deposits as company assets, differing from competitors like ether.fi that settle through user-controlled smart contracts.
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