When you log into AlphaX using your email, Privy’s embedded wallet technology is used to ensure that your private key remains completely inaccessible to AlphaX. This guarantees that while you access your account via email, AlphaX never manages or stores your private keys, giving you full control over your assets. Privy’s advanced authentication methods ensure both security and privacy, making sure your funds and personal data remain protected.
1. What is Privy?
Privy is a trusted, innovative platform with a strong foundation in digital identity and privacy. Established before 2021, Privy has built a reputation for delivering mature, secure technological solutions. In November 2023, Privy raised $18 million in Series A funding from Paradigm and Sequoia Capital, and in July 2024, received further investment from Coinbase Ventures, highlighting its continued growth and reliability.
The team behind Privy is led by experts, including its founder, a former Research Scientist at Protocol Labs and Stanford graduate. This expertise is reflected in Privy’s robust security measures and cutting-edge technology.
Platforms that have integrated Privy include AlphaX, dYdX, Hyperliquid, and OpenSea.
2. How Does Privy Ensure Fund Security?
Privy supports multiple user authentication and verification methods to ensure a high level of security. These methods include:
1. Verifying users’ email or phone number through a One-Time Password (OTP) sent directly to the user’s email or phone number.
2. Verifying social accounts (Google, Apple, Twitter, Discord, GitHub, TikTok, LinkedIn, Spotify, Instagram) via the OAuth2.0 protocol.
3. Verifying wallet ownership through the Sign In With Ethereum (SIWE) standard.
Given the tendency of users to create easily guessable passwords and the high frequency of password database leaks, Privy does not support traditional password-based verification methods. For more details on Privy’s security verification methods, please visit the Privy Security Guide.
3. Why Doesn't AlphaX Require 2FA for Transfers, and How Are Funds Secured?
In traditional CEX transfers, the platform manages your funds and private keys, requiring identity verification to ensure the transfer is initiated by the account owner.
AlphaX uses self-custody wallet technology, where you hold your private key, granting you the authority to transfer and use your funds without platform verification. Possessing the private key is proof of ownership of the account, so securing your private key is essential to ensuring fund security. AlphaX remains vigilant and will continue to introduce cutting-edge security measures.