Forgot Password Feature

Exchange
#1

I believe the biggest hurdle to Cryto adoption is lack of “Forgot Password” feature. People cannot grasp the concept of being solely responsible for their funds. Also people are stupid and keeps loosing their password. I was not expecting Nash to have “Forgot Password” since it is a DEX. I was pleasantly surprised when I saw “Forgot Password” link in login page.

  1. With this, I have a concern as well. If an Email account is compromised and two factor authentication is not enabled, then in such a scenario, the attacker can change password and gain access to the account and funds. Wont this make the exchange vulnerable?

  2. In what scenario does a person loose access to his / her funds?

1 Like
#3

Don’t forget the MPC wallet upgrade will happen at some point. After that, the way I see it, you’ll be able to have such a setup:

Master account:

Everyday account

Using your everyday account will limit your interactions with your main account, thus lowering its chances of being compromised.

All of this is explained in this great blog article. Another possible setup for institutions is:

Master institutional account:

Senior trader

Junior trader 1

Junior trader 2

  • …

Needless to say, this is unprecedented for a non-custodial account :muscle:

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#4

I believe you have to have your private key to your wallet to reinstate your account password. So mere email hack wouldn’t complete the security breach.

#5

Yes, you need to provide the seed phrase to change your password if you forgot it. The system wouldn’t work otherwise since we do not have access to the private keys / seed phrase.

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