Wallet Restore Policy

1. Introduction

This policy defines the procedures and guidelines for wallet restoration for users of Alfred’s services. Wallet restoration is a crucial process to regain access to your digital assets in case of loss, damage, or any other situation that results in the unavailability of your wallet.

2. Importance of Wallet Restoration

2.1 Asset Recovery

Wallet restoration allows users to recover their digital assets in the event of lost credentials, or inaccessible wallets.

2.2 User Responsibility

It is the user's responsibility to ensure the security and accessibility of wallet recovery information.

3. Wallet Restore Process

3.1 User Verification

To initiate a wallet restore, users must go through a verification process to confirm their identity and ownership of the wallet.

3.2 Providing Recovery Information

Users will be required to provide the necessary recovery information, which may include mnemonic phrases, private keys, and other relevant data.

3.3 Verification Timeframe

The verification and restoration process may take time, and users are encouraged to be patient while we ensure the security of the procedure.

4. User Responsibility and Keeping Backups Secure

4.1. Secure Backup: When creating wallet recovery backups, users must ensure the secure storage of backup information. This includes keeping mnemonic phrases, private keys, and other recovery data confidential and protected from unauthorized access.

4.2. Separate Storage: Store backup copies of recovery information in a separate, secure location to prevent loss. Avoid storing recovery information in the same location as your primary wallet

4.3. Encryption: If storing recovery data digitally, use secure, encrypted storage solutions and ensure that backup files are password-protected.

5. Backup Files

5.1. Prevention from loss: Users are responsible for preventing the loss of backup files. Ensure that physical copies are stored in a safe and protected environment, and digital copies are backed up in multiple secure locations. Loss of backup files may result in the loss of wallet/account/loss of digital assets.

5.2 Sharing of backup files: In no circumstances, backup files should be shared with anyone else. Having backup files will give complete access to your account, and may result in loss of funds.

5.3 Alfred is not responsible for any loss due to loss of backup files/loss of account/sharing of backup flies/ access of funds by anyone else.

5.4 Alfred will never have custody of your account. You will be responsible for managing and restoring your account/wallet.

5.5 In the wallet recovery precedure, if the user has enabled two factor authentication for their Google or Apple account, it’s their responsibility to pass the authentication. Failure to do so may result in the loss of the wallet/account.

6. Disclaimer

Alfred is not responsible for any loss of assets resulting from the mishandling, loss, or exposure of recovery information. Users are responsible for protecting and managing their recovery information securely.

7. Compliance

Users must comply with this policy to ensure the secure restoration of their cryptocurrency assets. Failure to do so may result in potential risks.

9. Updates

This policy may be updated to reflect changes in security practices and user needs. Users may be informed of any policy updates.