Ether.fi has taken immediate action to address concerns about unauthorized access to user bank card data following reports of fraudulent transactions. CEO Mike Silagadze has publicly confirmed that no such access has occurred and emphasizes the company’s commitment to user privacy and security. 100% transparency regarding card information flows is a priority for Ether.fi, which emphasizes not having access to user data in any form. Investigations with credit card partners are underway to verify these claims and issue full refunds for those affected by fraudulent transactions. Silagadze assures users of their commitment to restoring trust following this incident. The company’s immediate actions, including a $50 million ETHFI buyback program aimed at stabilizing prices, demonstrate their commitment to the platform’s long-term stability amidst market volatility in the DeFi sector. This incident highlights the growing need for robust security protocols and increased oversight within the crypto industry to safeguard user data and enhance transparency.