Logged into my web wallet. Was met with a whole list of new terms and conditions. Is the web wallet really that safe?
19.3. We keep the private keys for your Online Wallet. We endeavour to make all reasonable efforts to maintain the security of your Online Wallet private keys by taking precautions including (but not limited to):
19.3.1. encryption of your private spend key within our database;
19.3.2. encryption of the file system on which your encrypted private keys’ access codes are stored; and
19.3.3. firewalling of the access to the encrypted file storage in which your encrypted private keys’ access codes are stored.
19.4. We cannot warrant, represent or guarantee the security of your Online Wallet or use of the App. If any third party gains access to your private keys, your ETN may never be recovered.
Anyway… I thought a custodial wallet meant in the event of a hack or a stolen funds it would mean full replacement of stolen funds. Can someone from the team please clarify.