Jack Mallers, CEO of Bitcoin-backed financial services company Strike, has challenged recent claims by competitor Lava regarding significant savings on loan interest costs. Lava asserted that it saved users millions by offering refinancing at rates as low as 7% annually. However, Mallers published a spreadsheet indicating that Lava's effective annual percentage rate (APR) for a one-month period exceeds 35%, contradicting the advertised rate. Mallers further criticized Lava for operating without money transmitter licenses in any U.S. state, a requirement that Strike has fulfilled in most states. This has raised concerns about the legality of Lava's custodial operations, as critics question the company's compliance with regulatory standards.