EtherFi credit card on-chain oracle malfunction! Balance display and spending temporarily suspended

EtherFi Cash Platform Experiences Service Disruption Today: Official Announcement Says the On-Chain Price Provider Is Malfunctioning. User Funds Are Safe, but Balance Display and Credit Card Spending Are Affected.
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Key Summary

• EtherFi Cash on-chain price provider malfunctioned; users’ balances temporarily showed as $0, and the credit card spending function was interrupted
• EtherFi strongly states that users’ funds are safe and not impacted; the issue is an abnormal quote from the price-data source side
• EtherFi Cash has more than 70,000 active cards, 300,000 accounts, and in early May it completed a $220 million TVL migration to OP Mainnet

Today (the 22nd), the EtherFi Cash platform issued a red warning banner stating: “The on-chain price provider is currently experiencing an incident. Your funds are safe, but balance viewing and credit card spending are affected.”

Affected users report that the total balance on the Vault page temporarily displayed as $0.00 USD, and functions such as Add Funds, Send, and Convert all show a zero-balance status.

The current fault may be due to EtherFi’s integration with the Pyth network in April, and today the Pyth oracle experienced a malfunction.

EtherFi is one of the largest liquidity restaking (liquid restaking) protocols in the Ethereum ecosystem. Its Cash product offers crypto credit card services, allowing users to use staked assets as collateral for everyday spending and earn up to 3% cash back.

According to data disclosed by EtherFi on May 7, the Cash product has issued more than 70,000 active cards, serves more than 300,000 accounts, and during the migration to OP Mainnet transferred $220 million in TVL, with no payment failures occurring during the process.

Frequently Asked Questions

Are EtherFi Cash users’ funds safe?

EtherFi officially states that users’ funds are safe and not impacted. The problem comes from abnormal pricing by the on-chain price provider, which prevents balances from being displayed correctly and temporarily pauses the credit card spending function.

What is an on-chain price provider?

An on-chain price provider is an oracle service that provides real-time asset price quotes for DeFi protocols. The protocol relies on its data to calculate the value of users’ positions, trigger liquidations, or process transactions.