Security

How Yoyo Market deals with security for our Telegram wallet.

Summary

• Private keys are safeguarded with industry-standard encryption. They are not accessible on our server, database, website, or any other platform.

• In contrast to centralized exchanges, Yoyo Market users retain access to their private keys. You can import these keys into Metamask, providing you with complete control over your funds whenever you need it.

• Always regard your wallet as a hot wallet, prioritizing security and vigilance.

How does it work

Gaining access to your private key involves a multi-layered security approach. Three distinct "keys" are required:

• Secret Key: This key is securely stored within Telegram.

• Encryption Key: Safely stored in the backend, this key adds an extra layer of security.

• Encrypted Private Key: Stored in the database, this key can only be decrypted with both the secret key and the encryption key.

This multi-key system minimizes the risk of a single point of failure. For added security, it's worth noting that even if someone gained access to the backend, they wouldn't instantly have access to all wallets. They would need to employ complex man-in-the-middle attacks due to the additional layers of protection in place. Your assets remain well-protected.