Tech Bureau Inc has announced that $59 million worth of cryptocurrency has been stolen from their cryptocurrency exchanges on September 20th, 2018. Due to this recent development, Ginco is issuing a statement regarding the security of our own crypto wallet.
How does Ginco keep your private key secure?
Ginco functions as a decentralized wallet. This means your private key is solely stored within your smartphone. Our customers have full autonomy over their private keys, and it will never be shared outside their own phone, not even with our own servers. Under these strict guidelines, we can ensure that our customer’s digital assets will never be breached in a hacking attack, even if our own servers come under threat.
What if my device becomes lost or stops working properly?
In the scenario that your phone is lost or begins functioning improperly, you will be able to retrieve your digital assets by recovering your private key with another key, which utilizes a combination of 12 words, called a backup key, or sometimes referred to as a mnemonic key. Your backup key is reinforced with BIP39 encryption. This grants our customers the ability to securely recover their digital assets from multiple blockchains, just by managing 12 words written down in correct order.
Who governs Ginco’s source code?
Only active board members are authorized to release updates for the Ginco application. Approval must be met for the release of any modification to our code through app platforms, (ex: Appstore, PlayStore). Our board members are held fully accountable for Ginco Inc., safeguarding against potential impropriety and illegalities.
Is Ginco compliant with regulations?
Ginco is fully compliant with Japanese law. Our legal team works closely with government authorities such as the Japanese FSA to ensure the highest security standards.
Safely managing your digital funds begins with having the correct knowledge about crypto-security and digital asset management. Under this belief, Ginco continually strives to keep customers informed and educated. We promise to always update customers on any developments regarding security in the future.