Picture this scenario: a cryptocurrency holder strolls down a dim alley when suddenly confronted by an intruder! Faced with pressure, the individual reluctantly grants access to their funds in the cryptocurrency wallet app.
They open the crypto-wallet app, input a PIN code, and... only a meager sum appears in their accounts. In a clever move to thwart the villain's demands, the person had entered a special PIN code, revealing nothing of value in the wallet to the attacker! The wrongdoer leaves empty-handed, while the crypto wallet owner retains his funds.
I'm Sergey Udalov, the head of the AlfaBit Wallet Web3 team. We are the developer of a multi-currency crypto wallet and part of the AlfaBit Group ecosystem of digital currency services.
Pioneering the market, we've introduced a unique wallet protection feature to guard against offline threats — the Shadow Safe alternative wallet. Allow me to explain how it operates.
What Shadow Safe is and why you need it
Unfortunately, everyone is vulnerable to unpleasant encounters with malicious actors. Instances have occurred where individuals were physically assaulted, threatened, and pressured to surrender their crypto wallet key. Conventional security measures prove ineffective in such scenarios.
That's why we developed Shadow Safe. The principle is simple:
- You create an extra wallet in advance
- Create an alternate PIN code to enter Shadow Safe mode
- In an emergency, you enter the alternate PIN code
- An attacker gains access to the wallet, which contains nothing of value
In Shadow Safe mode, the installed wallet works as usual, only the other wallets are hidden.
Why is it important?
In 2022, an armed group in Thailand attacked several individuals, robbing them of $25,000 in cryptocurrency. Following a similar pattern, a well-known investment blogger fell victim to such an incident in February 2023. Four perpetrators invaded his villa in Bali, coercing him to transfer $284,000 to their accounts.
These crimes have unfortunately become more commonplace, prompting us to introduce an additional protective measure for our users.
We swiftly devised a solution in just a few days, and the entire process, from conception to release, spanned two weeks. A single developer worked on the functionality, and our subscribers played a role in choosing a name for the feature — they voted for the most fitting option in a poll on our Telegram channel.
How to activate Shadow Safe
Download the AlfaBit Wallet app and create a wallet:
- Go to «Settings» > «Security»
- Click on «Shadow Safe» and go to the «Next» button
- Select a previously added wallet or create a new one
- Set an alternate PIN code (used for all Shadow Safe actions)
We strongly advise turning off Face ID / Touch ID in the application settings because it automatically directs the user to the primary wallet. All seed phrases and PIN codes are securely stored in the device's Keychain and are not synchronized with any cloud storage.
When using Shadow Safe, an alternative PIN code will be required for all actions, including fund transfers, unlocking, and exiting the application.
Deleting the wallet's seed phrase connection in Shadow Safe mode removes all wallets added to the application. Even if potential wrongdoers become suspicious, they won't have access to your funds.
What's next
In the near future, our users will have the ability to buy cryptocurrencies directly within our app, securely store encrypted seed phrases in iCloud, and leverage DEX Swap with minimal fees. We're also planning to introduce Wallet Connect and integrated AML verification (AML stands for anti-money laundering).
This is just a glimpse; there's more in the works. Stay tuned for updates on our Telegram channel, where we share essential news from the crypto realm and details about our products.
