This document provides you with information about the risks associated with investment products in which you may invest through the services provided to you by MagicLotto.
MagicLotto is a decentralized online streaming platform that will empower gamers, bringing them to the next level and unlock their full potential by allowing them to earn and trade resources, based on real-money human-driven economy conditions. Streamers will be also rewarded for spending their time and effort by the community treasury depending on their audience and the time spent in the ecosystem. Your use of the MagicLotto platform involves various risks, including, but not limited to, losses while digital assets are being supplied to the platform and losses due to the fluctuation of prices of tokens in a trading pair. Before using the MagicLotto, you should review the relevant documentation to make sure you understand how the MagicLotto works. You are responsible for doing your own diligence on those interfaces to understand the fees and risks they present.
Cryptocurrency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but it does not have legal tender status. Cryptocurrencies are sometimes exchanged for FIAT currencies around the world, but they are not generally backed or supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies. The value of cryptocurrency may be derived from the continued willingness of market participants to exchange fiat currency for cryptocurrency, which may result in the potential for permanent and total loss of value of a particular cryptocurrency should the market for that cryptocurrency disappear.
Regulatory Landscape
Cryptocurrencies currently face an uncertain regulatory landscape in many jurisdictions. In addition, many cryptocurrency derivatives are regulated by the provisions of national and supra-national (i.e. EU) securities legislation; moreover, some state securities regulators have cautioned that many initial coin offerings are likely to fall within the definition of a security and subject to their respective securities laws. One or more jurisdictions may, in the future, adopt laws, regulations or directives that affect cryptocurrency networks and their users. Such laws, regulations or directives may impact the price of cryptocurrencies and their acceptance by users, merchants and service providers.
Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of cryptocurrency.
Purchasing cryptocurrencies comes with a number of risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks. In addition, cryptocurrency markets and exchanges are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing. There is no assurance that a person who accepts a cryptocurrency as payment today will continue to do so in the future.
Investors should conduct extensive research into the legitimacy of each individual cryptocurrency, including its platform, before investing. The features, functions, characteristics, operation, use and other properties of the specific cryptocurrency may be complex, technical, or difficult to understand or evaluate. The cryptocurrency may be vulnerable to attacks on the security, integrity or operation, including attacks using computing power sufficient to overwhelm the normal operation of the cryptocurrency’s blockchain or other underlying technology. Some cryptocurrency transactions will be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that a transaction may have been initiated.
Cryptocurrency trading requires knowledge of cryptocurrency markets. In attempting to profit through cryptocurrency trading you must compete with traders worldwide. You should have appropriate knowledge and experience before engaging in substantial cryptocurrency trading.
Any individual cryptocurrency may change or otherwise cease to operate as expected due to changes made to its underlying technology, changes made using its underlying technology, or changes resulting from an attack. These changes may include, without limitation, a "fork," a "rollback," an "airdrop," or a "bootstrap." Such changes may dilute the value of an existing cryptocurrency position and/or distribute the value of an existing cryptocurrency position to another cryptocurrency.
Blockchain Risks
Since blockchain is an independent public peer-to peer network and is not controlled in any way or manner by MagicLotto, and we shall not be responsible for any failure and/or mistake and/or error and/or breach which shall occur in the blockchain ecosystem or in any other networks in which the MGT Token may be used and/or traded. You will be bound and subject to any change and/or amendments in the blockchain system and subject to any applicable law which may apply to the blockchain. We make no representation or warranty of any kind, express or implied, statutory or otherwise, regarding the blockchain functionality nor for any breach of security in the blockchain.
Technology
The relatively new and rapidly evolving technology underlying cryptocurrencies introduces unique risks. For example, a unique private key is required to access, use or transfer a cryptocurrency on a blockchain or distributed ledger. The loss, theft or destruction of a private key may result in an irreversible loss of cryptocurrency associated with this private key. The ability to participate in forks could also have implications for investors. For example, a market participant holding a cryptocurrency position through a cryptocurrency exchange may be adversely impacted if the exchange does not allow its customers to participate in a fork that creates a new product.
The security of the MagicLotto ecosystem, and associated core components, is a top priority for MagicLotto. Our Proof of Stake network is secured by the already proven blockchain ecosystem technology and provides valuable services for business or private use. Our mission is to become a layer of trust for digital financial systems at internet scale, and the highest level of security is a mandatory prerequisite.
The security researcher community regularly makes valuable contributions to the security of organizations and the broader Internet, and MagicLotto recognizes that fostering a close relationship with the community will help improve the security of the MagicLotto ecosystem. So, if you have information about a vulnerability in the MagicLotto ecosystem and associated components, we want to hear from you.
Cybersecurity
The cybersecurity risks of cryptocurrencies and related “wallets” or spot exchanges include hacking vulnerabilities and a risk that publicly distributed ledgers may not be immutable. A cybersecurity event could result in a substantial, immediate and irreversible loss for market participants that trade cryptocurrencies. Even a minor cybersecurity event in a cryptocurrency is likely to result in downward price pressure on that product and potentially other cryptocurrencies.
Access risks
There are a series of inherent risks with the use of the mobile and/or web-based trading technology such as latency in the prices provided, and other issues that are a result of connectivity (including, without limitation, the use of mobile networks). Prices displayed on the Trading Platform are solely an indication of the executable rates and may not reflect the actual executed or executable price of an order.
There are a series of inherent risks with the use of the mobile and/or web-based trading technology such as latency in the prices provided, and other issues that are a result of connectivity (including, without limitation, the use of mobile networks). Prices displayed on the Trading Platform are solely an indication of the executable rates and may not reflect the actual executed or executable price of an order.
Future MagicLotto applications may require Users to download and install updates to the application or to their device’s operating system as such updates are made available. Failure to do so might lead to certain parts of the Services (including trading functions) becoming inaccessible to Members until such update has been successfully downloaded and installed. Performance issues and security risks may arise if MagicLotto mobile applications are used on devices with customized or otherwise non-standard operating software or as a result of other software installed on such devices.
Reporting a Security Issue
In case of any security issue is identified, you are required to send us an email to: …….
What to include:
- Well-written reports in English will have a higher chance of being accepted
- Reports that include proof of concept code will be more likely to be accepted
- Reports that include only crash dumps or another automated tool output will most likely not be accepted
- Reports that include products & services that are out of scope (see the Scope section below) will not be considered
- Include how you found the bug, the impact, and any potential remediation
- Any plans for public disclosure
What you can expect from us:
- A timely response to your email (within 2 business days).
- An open dialog to discuss issues.
- Credit after the vulnerability has been validated and fixed.
Coordinated Responsible Disclosure Policy
We ask security researchers to keep vulnerabilities and communications around vulnerability submissions private and confidential until a patch is developed to protect the MagicLotto Token and its users.
Please do:
- Allow the MagicLotto team a reasonable amount of time address security vulnerabilities
- Avoid exploiting any vulnerabilities that you discover
- Demonstrate good faith by not disrupting or degrading MagicLotto services, products & data
MagicLotto pledges not to initiate legal action against researchers as long as they adhere to this policy.
Responsible Disclosure Process
- Once a security report is received, the MagicLotto team verifies the issue and establishes the potential threat
- Patches to address the issues will be prepared and tested
- We update the token technology right away
Out of scope
- Scam & phishing attempts involving MagicLotto services
- Lost or compromised secret phrases, keystore files or private keys
- Physical vulnerabilities
- Social Engineering attacks
- Functional, UI, and UX bugs such as spelling mistakes
- Descriptive error messages
- HTTP error codes/pages
Project risk
AS DESCRIBED IN THE MGT LICENSES, THE MGT IS PROVIDED "AS IS", AT YOUR OWN RISK, AND WITHOUT WARRANTIES OF ANY KIND. Although MagicLotto developed much of the initial code for the platform, it does not provide, own, or control the MagicLotto token, which is run by smart contracts deployed on the Qchain blockchain. Upgrades and modifications to the protocol are managed in a community-driven way by holders of the MGT token. No developer or entity involved in creating the MagicLotto will be liable for any claims or damages whatsoever associated with your use, inability to use, or your interaction with other users of, the MagicLotto, including any direct, indirect, incidental, special, exemplary, punitive or consequential damages, or loss of profits, cryptocurrencies, tokens, or anything else of value.
Contact Us
Get in touch with us at …... Whether you want to submit an issue, a recommendation or have security related topics to bring up, we’re happy to hear from you.
In order to protect the MagicLotto ecosystem, we request that you not post or share any information about a potential vulnerability in any public setting until we have researched, responded to, and addressed the reported vulnerability and informed partners if needed.