What is a Keyless Wallet?

Keyless Wallet (MPC Wallet) is a specialized cryptocurrency wallet you create using your Bybit account. It employs advanced cryptographic techniques to secure private keys, adding an extra layer of protection.

Unlike traditional wallets, Keyless Wallets distribute key generation and storage processes among multiple parties, effectively minimizing risks associated with a single point of failure. This unique approach not only enhances security but also builds resilience against potential threats through collaborative methodologies.

What is the key advantage of a Keyless Wallet?

• Keyless Convenience: MPC technology eliminates the need for memorizing private keys. Keys are securely stored in separate locations, providing easy access without traditional mnemonic requirements.
• Revolutionizing Security: Multi-party computation ensures unmatched asset protection by concealing the complete private key during dApp interactions. This eliminates the risk of private key exposure, greatly enhancing overall security.
• Self-Custody Empowerment: Keyless Wallets empower you with full ownership of assets and control over your private keys, pioneering advanced crypto asset protection. 

What are the differences between Keyless Wallet and Bybit Wallet?

Does the Keyless Wallet support both the Bybit App and website?

Keyless Wallets can only be created and managed within the Bybit App. However, you can interact with dApps on supported networks using WalletConnect on desktop environments as well. This dual approach provides flexibility for managing assets within the Bybit App and engaging with a broader decentralized ecosystem on the website.

How many Keyless Wallets can be created per Bybit account?

Each Bybit account can only have one (1) Keyless Wallet at any time.

 

Does Keyless Wallet need to be backed up?

Yes, you will need to complete a backup before your Keyless Wallet can be used for any transactions. For enhanced security, your private key-share stored in your cloud drive will be encrypted with your recovery password.

How does Keyless Wallet handle private keys?

Keyless Wallet divides the private key into key-shares, with one part stored in your cloud drive. To recover your Keyless Wallet, log in to your cloud drive to retrieve your Keyless Wallet’s backup key-share.

 

The Keyless Wallet secures private keys through two (2) key-shares and a recovery password:

 

Key-Shares:

• Share 1: Secured by Bybit.
• Share 2: Stored on the user's cloud drive, encrypted with a recovery password set by the user, and backed up to the user’s personal cloud drive (iCloud, Dropbox, or Google Drive).

 

Access Requirement:

• Access to both key-shares is necessary to enter the Keyless Wallet.
• Bybit retains only one key-share, ensuring no access without user involvement.

 

Restoration Process:

• If a device is lost, wallet restoration is possible through the key-share backed up to personal cloud storage combined with the key-share secured by Bybit.

 

Security Note:

• Users need 3FA to restore the Keyless Wallet: Bybit account, recovery password, and complete the backup file in the cloud drive.
• Safeguarding personal cloud storage is crucial, and deleting the backup file will result in the loss of the wallet and assets.

 

User Responsibility:

• Users have one of the two key-shares and bear ultimate responsibility for safeguarding wallet assets and access.
• If users forget their recovery password/lose access to the cloud drive, AND lose the device/delete the Bybit App, access to the Keyless Wallet becomes impossible.
• No centralized service is available for password reset or key share recovery. The Keyless Wallet operates on a self-custody model.

What security measures are employed in the Keyless Wallet？

• 3FA Trading Protection: The 3FA Transaction Protection involves triple-factor authentication through the user’s Bybit account, wallet password, and mobile device. Mobile device changes require wallet restoration for added security.
• TEE Environment Signatures: Both the user and server operate in a Trusted Execution Environment (TEE) for transaction signing, with the AWS enclave for the server and a secure enclave for our users.
• 3FA Recovery System: For account recovery, users will need to have access to their Bybit account, the Keyless Wallet’s recovery password, and access to the Keyless Wallet’s key-share on a cloud drive. This triple-layered system ensures a secure retrieval process.

How many passwords are required for the Keyless Wallet?

Two (2) passwords are required: the wallet password and the recovery password.

What is the role of the wallet password?

The wallet password is crucial for unlocking your wallet, especially during transactions and various activities. It is specific to the device linked to your account.

When is the recovery password required?

The recovery password is needed when restoring or importing your Keyless Wallet due to a device change or loss.

Can I export my seed phrase or private key?

No, Keyless Wallet does not use a seed phrase. As a Keyless Wallet, it employs sharding to protect the private key, storing it in different locations. Currently, Keyless Wallet does not support exporting private keys.

What should I do if I forget my wallet recovery password?

If you forget your recovery password, please note that: 

• Access to your Keyless Wallet becomes impossible if you lose device access and delete your Bybit App.
• Bybit cannot assist you in restoring your wallet in such cases.
• However, if the Bybit App remains installed and operational on the same device, asset transfers can continue as usual.

Note: It is recommended to securely store and remember your recovery password to ensure uninterrupted access to your Keyless Wallet.

Why is it important to store the backup file in your cloud drive and recovery password?

Ensuring secure storage of your Keyless Wallet and recovery password is crucial for safeguarding your assets. Please note that Bybit cannot help recover or reset passwords. Therefore, it is important to guarantee the secure storage of your passwords to prevent any potential asset loss.

Which cloud drive supports the backup of Keyless Wallet on iOS and Android systems?

• For iOS, Keyless Wallet backups are supported on iCloud, Google Drive, and Dropbox. 
• For Android, Google Drive and Dropbox are supported. 

 

It's recommended to backup your Keyless Wallet file in multiple cloud drives to prevent data loss or damage.

 

Upon creating your Keyless Wallet, a backup file named as “DO NOT DELETE Bybit Wallet Backup” will appear in your cloud drive. Please do not delete the cloud drive as it is required to restore your Keyless Wallet. 

 

Can the recovery password for the Keyless Wallet cloud backup be the same as the wallet password?

Yes, it is possible to use the same password for both your Keyless Wallet and its cloud backup. However, for enhanced security, it is strongly recommended to utilize a distinct cloud recovery password separate from your wallet password.

Can I create a Keyless Wallet after already creating a Bybit Wallet?

Yes, you can create a Keyless Wallet even after having a Bybit Wallet. 

 

For detailed instructions on how to create a Keyless Wallet, please visit here.

 

Notes:

— Before creating a Keyless Wallet, please ensure that you download the latest version of the Bybit App.

— Due to the nature of MPC private key fragments, Keyless Wallet creation is exclusively supported on the Bybit App on mobile devices.

Why am I unable to receive and send funds to my Keyless Wallet?

Please ensure you have completed the wallet backup to your cloud drive before attempting to receive and send funds to your Keyless Wallet. You can back up your wallet to multiple supported cloud drives for added security.

Can I restore a deleted Keyless Wallet?

Yes, if your wallet is deleted after creation, you can restore it by manually importing your Keyless Wallet back.

Can I restore my Keyless Wallet?

Yes, to restore your Keyless Wallet after deletion, please follow these steps:

 

Step 1: Log in to your Bybit account.

Step 2: Navigate to the Web3 page.

Step 3: Recovery your wallet password, use the backup file saved on your cloud drive, and input your recovery password. 

 

Please note that failure to complete either step will result in the inability to retrieve your Keyless Wallet.

 

For more details on how to import your Keyless Wallet, please visit here.

 

What should I do if I forgot my wallet password or changed my device?

If you forgot your wallet password or changed your device, you can follow these steps:

 

Step 1: Delete and reinstall your Bybit App.

Step 2: Log in to your account and navigate to the Web3 page.

Step 3: Import your Keyless Wallet.

Can I create a new backup if I accidentally deleted the file from my cloud drive, but my Bybit App is still linked to my Keyless Wallet?

No, once deleted, the backup file cannot be recreated. However, you can perform a new backup to a different cloud drive that has not been used for backup before.