PANews reported on November 2nd that in response to the community's claim that "100% of bank card information is currently transparent to intermediaries," ether.fi CEO Mike Silagadze stated that this claim is incorrect, and ether.fi does not access any bank card data or users' private information.

Previously , EtherFi's CEO stated that an investigation was underway into fraudulent use of EtherFi cards, and all defrauded users would receive refunds.