EtherFi virtual cards have been found to have been fraudulently used; the official investigation is underway and a refund has been promised.

Users have reported that virtual cards provided by EtherFi were used fraudulently without any purchases or pre-authorizations. Crypto KOL @keyahayek suggests that EtherFi may be experiencing issues in its upstream and downstream supply chains and advises users to suspend their use of the service. EtherFi CEO Mike Silagadze responded that the company is investigating the matter with its credit card partners and that all users who experienced fraudulent transactions will receive a refund.