🛡️ Securing Generational Wealth with Webacy
DeepDive #5 On Webacy: The protection layer for self-custody
💡 Intro
🥳 Welcome to the 5th DeepDive Edition of our research Substack!
This Saturday: we’re bringing you an in-depth Web3 product deep dive, written directly by the product’s team.
None of these guest posts are paid, so if you have a product that you’re a part of: DM us, we’d love to get it added to the schedule!
Today, we have the Webacy team covering their awesome crypto security suite.
Their platform makes it easy to:
Track wallet transactions and get notifications when assets move in/out
Move assets out of vulnerable wallets
Transfer tokens to trusted addresses in case of an attack.
Most Web3 security tools focus on stopping you from signing / creating a transaction that makes your wallet vulnerable.
But all it takes is those tools missing 1 transaction, and a wallet could become vulnerable. Webacy focuses on keeping your assets safe, in case an attack does occur.
Take the Kevin Rose hack from this year: he signed a malicious message from his wallet.
Instead of losing many millions, he lost ~$1M as a Proof member saw transactions moving NFTs out of his wallet (which made them realize he was being scammed).
🛡️ Being notified of transactions related to your wallets is one way of immediately knowing if something has gone wrong and with Webacy’s Wallet Watch tool, you can get email alerts related to your wallets.
Thanks to the Webacy team for writing this guest post, and we’ll let them take it from here!
Before we get into it, we like to set the stage with a simple question.
Imagine later today, you get hit by a bus, would your loved ones know how to access your crypto wealth?
Remember, you’re unable to sit next to them and walk through everything (Metamask, hardware wallets, seed phrases, etc).
If you are starting to feel a bit underprepared, don’t worry, you are not alone. The large majority of crypto users we talk to realize their digital legacies are way less secure than they originally thought. You’ve put in all of this time, effort, and capital towards building your crypto wealth, don’t let it go to waste.
Some impressive Webacy stats:
Over $52.6M worth of digital assets protected
Over 103k transactions monitored monthly
Raised over $5M from investors who shared our vision
What problem does the tool solve?
Let’s look at the 3 most common reasons people lose their crypto and how Webacy helps protect you:
Mismanagement of seed phrase / private key
Fall for a scam (phishing link, fake mint, etc.)
Lack of planning for the unexpected (death)
In response, Webacy has built tools that:
Recovers your assets if you lose your seed phrase / private key
Sends you real-time alerts for your wallet’s activity (including bad approvals)
Allows you to quickly transfer all of your assets to a safe wallet in one transaction
Enables you to designate who will receive what if you pass away unexpectedly
All achieved while remaining completely non-custodial. We will never ask for your keys!
Who is it for?
Webacy is the ideal solution for anyone looking to level-up their wallet security with maintaining complete custody of their own funds. Our community includes traders, NFT collectors, institutional investors, web3 builders, and more.
How to Level Up Your Security With Webacy:
Wallet Watch
Webacy’s most popular tool, Wallet Watch allows you to get real-time alerts whenever anything moves in or out of your wallet. Given that alerts are instantaneous, you will be alerted to the transaction while it is pending in the mempool. Imagine you’ve been hacked and your favorite NFT is on its way out of your wallet. With Wallet Watch, you’ll be notified and can take immediate action to prevent catastrophe, ideally with Webacy’s other tools. 😉
Panic Button
The “Oh no” moment hits. You’ve signed a suspicious transaction in your Metamask and realize your wallet might be compromised. You receive the Wallet Watch alert that assets are beginning to move out of your wallet. Imagine you could press one button and all of your assets are quickly transferred to a safe, non-compromised wallet in your control. Thanks to Webacy’s Panic Button, now you can.
From your Webacy dashboard, press the giant *Panic Button* at the top, sign the transaction prompted in your wallet, and all of your protected assets will be transferred to your pre-designated Backup Wallet, crisis averted.
Backup Wallet
We just mentioned that Webacy’s Backup Wallet is the destination address for your assets once the panic button is triggered, but what else does it do? The Backup Wallet allows you to retrieve those same assets, even if you do not have access to the main wallet. In other words, you can press one button, similar to the Panic Button, where all of your assets from your main wallet are transferred to your Backup Wallet, but the Backup Wallet is the one initiating it this time.
Crypto Will
Finally, Webacy’s Crypto Will allows you to ensure your assets are recoverable in the event of your death. Within the Webacy dashboard, you will be able to go through your “crypto estate” and designate who receives which asset(s). For example, your three kids each inherit 33% of your USDC, your oldest son receives your Pudgy Penguin, and your daughter receives your Sup Duck.
Your wallet(s) has a “heartbeat” and this resets any time that the wallet signs a transaction proving that you are still alive. After 15 months of inactivity across all of your wallets, a deadman’s switch will trigger, allowing your beneficiaries to claim the assets that you designated for them. You can add their email address during the Will setup process so we can communicate to them step-by-step instructions on how to retrieve their assets.
How to get set up on Webacy in 30 Seconds:
You can get set up on Webacy’s Wallet Watch today for free in 6 simple steps, all you need is a web3 wallet and a phone number or email address.
Go to this link in web3 browser
Connect Wallet
Sign message proving ownership
Add an email address and/or phone number
Press “Notify via Email” and/or “Notify via Phone”
Confirm Code
That’s it. You’ve leveled up your wallet security with a 24/7 real-time monitoring service, and can now access the remaining features mentioned in this article in your newly created dashboard.
Webacy Team Background:
After our founder Maika lost a family member, the mourning family turned to her, in hopes she could help retrieve the crypto wealth left behind from this unexpected tragedy. As she struggled to help retrieve this wealth for the family, she realized that this problem is not unique and nobody should have to deal with this. As a result, Webacy was born.
A few months ago, we announced that we closed a $4 million seed funding round, bringing our total to $5 million total, led by Web3-focused investment firm gmjp with entrepreneur Gary Vaynerchuk, his brother AJ Vaynerchuk, Mozilla Ventures and more supportive investors who believe in our mission and are helping us reach it.
More cool Webacy Features:
Get a free Wallet Risk Assessment, to see how vulnerable your wallet is. No wallet connect required.
Connect with us!
Need help? Open a ticket in Discord or email us at info@webacy.co
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Disclaimer: None of this is to be deemed legal or financial advice of any kind. Always DYOR!