Kontigo CEO Jesus A. Castillo recently criticized a well-known tech media outlet for false reporting. The other party claimed that the company was shut down by a major bank due to compliance issues. Castillo firmly stated that this claim is completely unfounded and constitutes defamation.

He emphasized that Kontigo's core positioning is very clear — it is a technology company focused on self-custody and permissionless infrastructure, while also integrating local stablecoins and zero-knowledge proof technology. In other words, Kontigo itself is not a licensed financial institution; its fiat on-ramps rely entirely on licensed partners in different regions.

Where is the real problem? It lies with their virtual account partner in the US, Checkbook. This partner initially promised to provide account services for users worldwide. But what happened? They directly ceased cooperation without any prior notice, and their technical support capabilities could not keep up. In one sentence: they were scammed.