Your 12 words risk

Exchange
#1

Disclaimer: my mnemonic phrase is safe and guarded by a dragon! I’m not new in crypto and i know how it works.

But imagine the situation. New to crypto buys for example 10k nex and stakes them for 24 months. His flat where he kept his phrase got robbed and now he thinks that it can be compromised. If it was a cold wallet with tokens he could just move them to a new one, but in our nash situation he doesn’t this option.

Sooo my question is, may be nash team has any ideas how to solve this problem?

It might be important for a newcomers safety. Cex is more safe in case i described for now.

2 Likes
#2

Staked tokens cannot be moved, even if they are in a cold wallet. If you lose the words, you can still log into the exchange and move the rest of your assets.

A failsafe for the staked tokens would be nice. A trigger that will move the tokens after staking or some sort of whitelisting in the smart contract. But that wouldn’t be different for a CEX or DEX.

2 Likes
#3

You should also be able to change the destination of dividends.

1 Like
#4

If he knows his 12 words will be compromised, he could try to move the funds before the account becomes hacked. If he has copied his private keys, he could even move the funds using other blockchain wallets. It would also be a good idea to contact support in that case, to see if they can lock his account.

#5

You can’t move staked NEX tokens, so that wouldn’t work.

1 Like
#6

Where did you get the dragon? :dragon_face:

2 Likes
#8

I won a lotter😄

#9

Neither can the hacker. The staked tokens would be safe for the moment. He can move his unstaked tokens, BTC, etc. to another wallet before the hacker compromises his account.

#10

If you lose the keys to your flat, and in your flat your most valuable possessions are in a safe, you’ll still want to change the lock.

1 Like
#11

I’m not sure what you’re suggesting Marc that is any different from what I’m suggesting. I said they should contact support and see if the account can be locked. I’m not sure technically whether the staking contract can be altered to make the beneficiary of the dividends a new account. That’s something perhaps Fabio can comment on.

2 Likes