MDAO Telegram Wallet Security

Since the launch of the MDAO Telegram Wallet in July 2021, users have already experienced the clear benefits of this crypto wallet in the Telegram messenger — speed of transactions, user-friendly functionality, and security. With the MDAO Telegram Wallet, you can buy cryptocurrency without leaving your couch and in just a few minutes. Telegram is a unique platform openly embracing the cryptocurrency and blockchain industry.

The MDAO Telegram Wallet is designed as a convenient tool for managing cryptocurrency assets and personal digital finances. Encrypted messaging applications like Telegram can protect users' identities, making the platform an attractive environment for crypto transactions.

With the introduction of new features and extensive capabilities of the MDAO Telegram Wallet, as well as the increasing popularity of this product within the community, we have decided to dedicate this article to addressing the most pressing security-related questions about the MDAO Telegram Wallet.

***

When it comes to the security of the MDAO Telegram Wallet, it is essential to start by discussing how to secure your Telegram account. At the very least, users should enable two-factor authentication (2FA). This is a must-have for every Telegram user, even if there are no associated crypto assets. Your Telegram account can be easily compromised through SMS code interception and other methods. It is important to limit access to your messenger and regularly check the Session History of your accounts. You may have logged into Telegram on a device that you no longer use. Additionally, we recommend setting up 2FA protection for wallet operations, which can be done by following the instructions in the 2FA section.

Users often wonder why they don't have access to their wallet seed phrase and how to obtain it. In the current version of the MDAO Telegram Wallet, users cannot access the seed phrase. The private key of the user is stored on a secure server in an encrypted database, where each private key is encrypted with the user's specific identifier.

It is important to note that a malicious actor can only access your MDAO Telegram Wallet if you inadvertently provide them with the opportunity to do so. We all live in a world of money, and basic rules of handling personal finances and investments are like traffic rules - everyone should know them to avoid getting into unpleasant situations.

Having a proper level of digital (and financial) literacy contributes to an improved quality of life, overall economic development, and increased societal well-being. A digitally financially literate consumer is better protected from fraudulent activities. Avoid visiting suspicious websites, verify sources, and never disclose personal data to third parties.

Regarding whether a malicious actor can access the MDAO Telegram Wallet, our servers, intercept data, and steal assets, this is theoretically feasible in the following scenarios:

  • Gaining access to the server.

  • Gaining access to the Database.

As for access to the server - it is highly restricted. Only a trusted circle of people have access to the server. All data is encrypted and has additional protection. We use only quality and secure providers.

Access to the Database without access to the server is also impossible. The database is encrypted, the private keys of users are also encrypted with a unique generated user ID. Such data is not transmitted and is not made available for extended access.

So, how safe is MDAO Telegram Wallet?

The wallet is as convenient and safe as possible, as long as the tips described above are followed. Be vigilant and use it with pleasure.

Last updated