Risk Management
We take security seriously. All code used to manage money has been audited and we have also went through own own third part security risk assessment. Using Madhouse Wallet as intended is safe. In order to take maximum percautions we advise that users do the following steps:
Never share your secrets with anyone (not even the Madhouse Wallet team). Whoever has access to the users' secrets has full access to their funds. Madhouse Wallet does not store these keys and as a result does not have any access to the users' funds. If that key is compromised by the user, there is nothing Madhouse Wallet can do to recover those funds. Keep your secrets in a safe place!
The user should write their secrets down in a safe place. In the event that Madhouse Wallet goes down, user funds would not be impacted, as long as the user has written down there secrets. We recommend physically writing down the secrets and storing this in a fire proof safe which is only accessible by the user. These secrets can be used by applications like MetaMask and Blue Wallet to recover funds if the user is unable to get access to Madhouse Wallet.
It is recommended to use a Yubikey as the recommended passkey authenticator of choice. Yubikeys are more secure than using the default apple, google, or windows passkey authentication. This is because the user has full control over the Yubikey. In the event that Microsoft, Apple, or Google, removes the user's login access, the user would still have the ability to access their funds. Users can purchase Yubikeys from Madhouse Wallet.
Never send funds to anyone that is unknown to the user. We recommend that users only send funds to those they have met in person. Once funds are sent, there is no way to recover those funds without authorization from the receiver.
Madhouse Wallet users are given access to their private key secrets. This means that they can use these private keys in other applications other than Madhouse Wallet. Please be careful with other software and smart contracts. There are a lot of crypto related scams on the internet. Madhouse Wallet is not able to assist with any issues related to this due to the self custodial nature of the wallet. We will not be able to recover any funds lost.
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