In our recent blog posts, we have provided you step-by-step guides on how to download, register, and add account; migrate funds; back up; and restore your Aladdin Wallet accounts. Alongside this, we have given you a briefer on what makes our new wallet different from our previous wallets. As discussed, Aladdin Wallet is a non-custodial wallet that gives our users full control of their digital assets. We know that you value your assets’ safety, and we do so as well.
One of our highlighted security features in the Aladdin Wallet is the mnemonic phrase. We have been giving emphasis on the importance of this auto-generated phrase to our users.
The mnemonic phrase generates your private keys, which give you direct access to your Aladdin Wallet and all your digital assets.
Users must make sure that they have securely made a copy of their mnemonic phrase to easily access their Aladdin Wallet accounts.
To provide a sample incident any common user may encounter in the future, our team has set up an experiment with our social community.
In one of our twitter posts last week, we have included a mnemonic phrase in our graphics. This is done to give everyone a clear visualization of what a mnemonic phrase looks like and how it should be backed up safely.
The Aladdin Wallet account associated with this mnemonic phrase is owned by one of our team members. This wallet has a total amount of 10 ABBC on its account balance. An hour after we have posted the image, a Twitter user has declared to find the 10 ABBC in the said wallet. After checking with the servers, the said amount was deposited and transferred to the user’s own wallet.
This scenario can also happen to you if you share your mnemonic phrase to any untrusted parties or even in public.
What we are trying to prove here is the significance of protecting your mnemonic phrase. Anyone who will have access to this phrase can directly access your Aladdin Wallet. We do not want you to lose your digital assets in this manner, so we are taking this issue as a serious matter.
Your Wallet Is Your Responsibility
The result of our social experiment is very alarming with regard to keeping your digital assets safely. This is a warning notice we want all our users and supporters to be aware of.
Your Aladdin Wallet serves as your own digital bank account and your mnemonic phrase is your passcode to access your account. Hence, you have to make sure that this phrase is kept in a secure location where no one can easily access it.
We highly suggest that you either keep your mnemonic phrase written in a piece of paper and keep this paper out of reach of others. Similarly, you can also save a screenshot of your mnemonic phrase and save it in an encrypted gallery application on your mobile phone.
Regardless of your backup method, you have to keep your mnemonic phrase in safety.
As hackers, identity thieves, and account manipulators are lurking around us, it is our responsibility to keep our digital wallets secure at all times.
Enabling biometrics as an added security layer can also keep your wallet locked despite someone entering your account’s mnemonic phrase. Moreover, setting a strong password to encrypt your private keys is also advisable upon account creation.
Getting your cryptos stolen could be avoided as long as you keep your account credentials private.
In case of any security issues you may encounter, do not hesitate to contact our Aladdin Wallet technical support at [email protected].