This document was last updated on August 17, 2026
Nova Products Terms of Service
Last Updated: August 17, 2026
Version: 2.0
Previous Versions: Nova Wallet, Nova Spektr, Polkadot Vault.
Introduction
a. Application
These Terms govern your access to and use of the Nova Products, Communication Channels, and Materials. Please read these Terms carefully as they affect your obligations and legal rights.
b. Acceptance
By accessing, using, or otherwise interacting with the Nova Products, or by accepting these Terms, including by clicking a checkbox referencing these Terms, you confirm that you have read, understood, and agree to these legally binding Terms in full without modifications or reservations. If you do not agree, you must immediately stop using the Nova Products. If you are acting on behalf of an entity, you confirm that you are authorised to accept and agree to these Terms on both its behalf and your own.
c. Disclaimers
Note that Section 13 Applicable Law and Dispute Resolution contains provisions governing the choice of law, arbitration terms, and class action waiver. Please read and review Sections 10, 11, 12 Important Disclaimers, Limitation of Liability, and Indemnification carefully before accepting these Terms as they provide for the limitation of liability, your obligations to indemnify us and Nova Parties, and contain disclaimer of warranties concerning the Nova Products.
d. Personal Data
Your personal data is processed in accordance with the Nova Products Privacy Notice.
e. Risk Disclosure Statement
By using the Nova Products, you acknowledge and accept in full the risks set out in the Risk Disclosure Statement set out in Schedule 1. These risks are not exhaustive nor presented in any specific order of priority. You understand that any of these risks may result in damages or complete loss of your assets, and you are solely responsible for that. You must not use the Nova Products or carry out any transactions associated therewith if you cannot accept these risks.
f. Modification
These Terms may be modified, supplemented, or updated from time to time without your consent or prior notice. In this case, the “Last Updated” date and version number at the top of these Terms will be updated accordingly. The updated Terms will automatically replace and supersede the previous version upon publication, taking immediate effect, unless we decide otherwise. By continuing to use the Nova Products, you confirm your acceptance of the updated Terms. It is your responsibility to review these Terms regularly to stay informed of any changes. If you do not agree to the amended Terms, you must immediately stop accessing or using the Nova Products.
g. Interpretation
Capitalised terms used herein and rules of interpretation are defined in Section 15 Interpretation.
Nova Products Overview
a. Nova Wallet
Nova Wallet is a software application available mainly in the form of a mobile application that enables you to manage your Virtual Assets across various blockchains. It functions as a non-custodial interface, meaning only you can access and control your Credentials and associated Virtual Assets. All sensitive information, including Credentials, is stored locally on your device(s), and you are solely responsible for its security. Nova Wallet also offers an optional Cloud Backups functionality, although you may always choose to back up your Credentials manually instead. If you choose to use Cloud Backups, you are solely responsible for carefully protecting both the password used to encrypt such backup and access to your Apple iCloud or Google account. For the avoidance of doubt, the use of Cloud Backups does not change the non-custodial nature of Nova Wallet, and we do not have access to such backup, or to your Apple iCloud or Google account. Please note that your Credentials are not backed up by us, and if you delete the Nova Wallet application and/or lose your Credentials, your Credentials cannot be restored from any backup on our side. Staking-related functionalities available through the Nova Wallet, may be provided by us as the Staking Services or by third parties.
b. Nova Spektr
Nova Spektr is a software application that enables you to manage your Virtual Assets across various blockchains, including within the Polkadot and Kusama ecosystems, via a desktop or web interface. Some features of Nova Spektr include multi-signature account management, staking, and the ability to connect supported hardware and/or software wallets. Please note that all such supported wallets constitute Third-Party Services, if not indicated otherwise by us, and we are not responsible for their operation or any issues arising from their use. As with all Nova Products, we do not have access to your Credentials, and you remain fully responsible for their security.
c. Polkadot Vault
Polkadot Vault is a non-custodial Wallet application that makes your mobile device, such as a smartphone or tablet, into a cold storage hardware Wallet. This application securely holds your Credentials offline by keeping the storage device itself disconnected from all networks. We do not access, or control your Credentials in any way; these remain solely on your device, and you are fully responsible for their safekeeping. Additionally, you are responsible for holding your storage device always offline, and complying with the Technical Documentation.
d. Compliance with Technical Documentation
While we make efforts to ensure the Nova Products are user-friendly, the Nova Products are designed for use by users who have sufficient understanding of the underlying blockchain technology. You must carefully read, understand, and comply at all times with all applicable Technical Documentation made available by us or on our behalf in connection with the Nova Products. We are not liable for any losses or damages, including consequential, incidental, loss of profits, or indirect damages, resulting from your failure to comply with the Technical Documentation. We may issue, amend, supplement, or withdraw any Technical Documentation at any time and at our sole discretion. Updated Technical Documentation takes effect immediately upon publication through the Nova Products, Materials, or Communication Channels. We are not required to inform you about any changes to the Technical Documentation, and continuously checking them is your own responsibility.
e. Consumer Protection Legislation
Nothing in these Terms shall affect or restrict mandatory statutory rights available to you under the applicable consumer protection legislation.
Nature and Use of the Nova Products
a. General Description
The Nova Products’ functionality and features may be outlined in the Materials or communicated by us or on our behalf via the Communication Channels. Generally, the Nova Products are a set of software applications for non-custodial self-management of Virtual Assets. Please note that we are not a regulated or licensed service provider and are not supervised or authorised by any governmental, regulatory, or supervisory authority.
b. Security
We do not have access to or control over your Virtual Assets held in the Nova Products. You must not share your Credentials or allow others to access them. You are fully responsible for (i) securing your Virtual Assets, and associated Credentials; (iii) keeping your Credentials confidential and ensuring their proper use; and (iv) all transactions made through your Wallets or using Credentials thereto, and all such transactions will be considered to be made personally by you.
c. Loss of Access
We do not store any Credentials associated with your Wallets on our servers. Since these Credentials are not backed up by us, we cannot restore them if they are lost. However, you may be provided with an opportunity to store or back up your Credentials on your side or in your cloud.
d. Release
We are not liable for any losses or damages, including consequential, incidental, loss of profits, or indirect damages, resulting from the unauthorised use of your Credentials or Wallets, except where such unauthorised use results from our gross negligence. This includes cases where you fail to maintain the confidentiality of your Credentials. To the maximum extent permitted by applicable law, you hereby release and forever discharge the Nova Parties from any and all actions, claims, suits, demands, losses, damages, obligations, or liabilities of any kind, whether known or unknown, arising from or related to the above.
e. Non-Party Status
Except for the Staking Services where we act as a validator or a nominator, we are not involved in any transactions you conduct with the Virtual Assets using the Nova Products. All legal relationships and obligations for such transactions occur peer-to-peer and exist solely between you and the corresponding counterparty. We do not act as a party or intermediary to these transactions and accept no responsibility or liability for any disputes that may arise. Such disputes must be resolved directly between you and the respective counterparty.
f. Blockchain-Based Infrastructure
While the Nova Products interact with the Blockchain-Based Infrastructure, the Nova Products do not form a part thereof, and serve exclusively as an independent interface to access and interact with that Blockchain-Based Infrastructure. All components of such Blockchain-Based Infrastructure constitute independent software that is not under our control. In general, the Blockchain-Based Infrastructure and its components operate in a decentralised and autonomous manner, where nobody can have influence thereon. However, you should always do your own thorough research before interacting with the Blockchain-Based Infrastructure, and any use of its components, including Virtual Assets, shall be at your own risk.
g. Open Source Code
Certain code and documentation used by the Nova Products is available under the FOSS Licences at https://github.com/novasamatech. Therefore, there may be other interfaces that use the same or similar code and documentation as the Nova Products in their own products or services. We have no connection or affiliation with such products or services. We only provide the Nova Products and are neither responsible for nor involved in the operation of any third-party web, mobile, desktop or other interfaces that provide access to the code distributed under the FOSS Licences. We do not provide any representation or warranty with respect to the code and documentation distributed under the FOSS Licences, and any use thereof shall be subject to the applicable terms of the FOSS Licences.
h. Funding
The Nova Products, or certain components thereof, may be funded in whole or in part by the Polkadot Community Foundation. Such funding does not mean, and shall not be construed as, that the Foundation operates, manages, supervises, controls, endorses, or maintains any exclusive relationship with the Nova Products. We remain the sole operator and provider of the Nova Products and are solely responsible for their operation, maintenance, and provision, subject to these Terms.
i. Intended Software Logic
You are required to comply with the intended logic of the Nova Products. Bugs, flaws in logic, and other vulnerabilities are not part of their intended operation. Exploiting bugs, flaws, or vulnerabilities in the Nova Products, regardless of purposes or circumstances, shall be strictly prohibited, and any such transactions shall be considered void and null ab initio; relevant acts, including those harming other users, may be treated as criminal or other offences under applicable law. Virtual Assets acquired through violation of the intended logic of the Nova Products, taking advantage of flaws, bugs, errors, or vulnerabilities therein shall be deemed unlawfully obtained, and may be further subject to forfeiture under applicable law or other adverse consequences.
j. Updates and Availability
The Nova Products, including any of its elements, may be terminated, suspended, updated or modified at any time with or without a reason or prior notice, and without any liability whatsoever. The Nova Products or their components, whether in whole or in part, may also become inaccessible or inoperable due to maintenance, updates, disruptions, cyberattacks, technical issues, Force Majeure circumstances, unavailability of Third-Party Services, and so forth. Access may also be limited, suspended, or restricted with immediate effect and without notification and liability, regardless of reason, including if you violate these Terms or applicable laws, create legal exposure for us or Affiliates, are identified as a Prohibited Person or act on their behalf. You must comply with all limitations outlined in these Terms and not attempt to circumvent or bypass them.
Eligibility
To be eligible to access and use the Nova Products, you must: (i) be capable of entering into a legally binding agreement; (ii) not be a Prohibited Person or acting on its behalf; (iii) be at least 18 years old or of legal age (age of majority) in your jurisdiction; (iv) if representing an entity, have proper authorisation and confirm the entity is properly existing; and (v) fully comply with these Terms. If you do not meet these criteria, you must not use the Nova Products until you do.
User Instructions
a. General
You are responsible for ensuring that all your User Instructions are complete and accurate. By providing a User Instruction, you agree and understand that we do not conduct a suitability review of any User Instruction you submit. We are not obligated to verify their correctness, accuracy, authenticity, or validity, nor will we be obligated to monitor or reject them for any reason, even if they appear to be duplicates. However, we may reject or cancel, or the Nova Products may automatically reject your User Instructions if they violate its intended logic, or if there are doubts about their accuracy, authenticity, or validity. In such cases, you may be required to take further actions regarding the relevant User Instruction.
b. Submission
By submitting a User Instruction, you initiate the corresponding transaction, which may result in deducting Virtual Assets from your Wallet in accordance with your User Instruction. If your Wallet has insufficient Virtual Assets to complete the transaction, including covering applicable Third-Party Costs, the transaction will not be processed, and the User Instruction may be rejected. User Instructions are irrevocable; once submitted, you may not be able to revoke them and, once processed, you have no right to rescind or withdraw them. We make no warranties that any User Instruction or associated transaction will be completed successfully, within a specific timeframe, or at all.
c. Security
You acknowledge that User Instructions transmitted via the Nova Products are generally sent over the internet and may pass through public, transnational networks that are not specifically secured. We cannot warrant complete protection against unauthorised access, and you accept the associated risks.
d. Records
We shall have the right to maintain records of all User Instructions and associated transaction data to ensure the security of the Nova Products and its users, including fraud prevention, abuse detection, and compliance with legal obligations, where applicable. Our records of all User Instructions shall be conclusive and binding on you for all purposes.
e. Responsibility for Transaction Details
When submitting a User Instruction to send Virtual Assets, you are solely responsible for ensuring that all recipient details, such as the recipient’s blockchain address, applicable blockchain network, Third-Party Costs details, and any other required transaction information, are entered completely and accurately. Incorrect or incomplete details may result in unintended outcomes, including the irreversible and complete loss of your Virtual Assets. We shall not be liable for any losses or damages arising from your failure to enter correct and complete transaction details.
Fees, Third-Party Costs, and Taxes
a. Nova Products Fees
Generally, Nova Products are free to use. However, certain Fees may apply when using certain functionality. The applicable Fees will be disclosed within the interface of the Nova Products and may be updated from time to time. We will do our best to notify you of any changes to Fees reasonably in advance through the Communication Channels. Where we provide Staking Services, we may deduct Fees from validator rewards before you will receive such rewards. The exact rate of such Fees may vary and cannot always be determined in advance. Any indicative staking reward figures shown in the Nova Products are estimates only and are not binding on us. Please note that Fees are always distinct from Third‑Party Costs.
b. Third-Party Costs
When conducting transactions within the Nova Products, you may incur certain Third-Party Costs. You are solely responsible for these Third-Party Costs, and we bear no liability for them. It is your responsibility to independently verify and review any Third-Party Costs associated with your transactions. The Third-Party Costs are not charged by us and are not deemed Fees.
c. Taxes
You are solely responsible for all current and future Taxes applicable to you that may arise from or relate to the transactions made by you through or in relation to the Nova Products. This includes all Taxes imposed, levied, collected, withheld, or assessed by any state or governmental authority. It is your obligation to manage your tax responsibilities, as failure to do so may result in penalties, fines, or other legal consequences.
Intellectual Property
a. All Rights Reserved
Except as explicitly provided under these Terms or the applicable law, you do not gain any rights in or to the Intellectual Property, which remains fully owned by its respective rights holders, who may restrict its use at any time. Specific elements of the Intellectual Property are protected under applicable laws, for example: (i) distinctive elements of Third-Party Services are protected as trademarks, trade dress, copyright, or otherwise, as applicable, (ii) the Nova Products features are protected by copyright, or otherwise, as applicable, and (iii) the Nova Products’ design and branding are protected by copyright, trademark laws, or otherwise, as applicable. You must not obscure, remove, or alter any marks or notices within the Nova Products. You additionally acknowledge that no rights or interests in any trade names, logos, trademarks, service marks, or other brand identifiers displayed within the Nova Products are granted to you under the Licence or otherwise under these Terms, and all such rights are expressly reserved by us or the relevant third-party owners.
b. Licence
Subject to your compliance with these Terms, you are hereby granted the Licence. The Licence will remain effective until it is revoked or these Terms terminate or expire. Any use of the Nova Products or the Intellectual Property not expressly permitted under the Licence or applicable law is prohibited.
c. FOSS Licences
Any items or components of the Nova Products distributed under a FOSS Licence, if applicable, are not governed by the Licence granted under these Terms. Such items are provided to you solely under the terms of their respective FOSS Licences. This applies only to components originally distributed under a FOSS Licence and expressly excludes any items or components developed or modified by us that were not initially released under a FOSS Licence.
Your Representations and Warranties
By accepting these Terms, you make the following representations and warranties, which must remain true, complete, accurate, and non-misleading at the time of acceptance and throughout your use of the Nova Products:
a. Acknowledgement of Terms
You have read and understood these Terms, have the authority to accept them, enter into a binding legal agreement with us, and meet the obligations these Terms outline.
b. No Conflict
Acceptance of these Terms will not breach or conflict with any court orders, judgments, or existing agreements or arrangements you are bound by.
c. Entity Representation
If you are acting on behalf of an entity, you confirm that the entity is properly incorporated, registered, and in good standing in its jurisdiction. The entity is responsible for any breach of these Terms by you or its employees, unless you are personally liable under the law. Additionally, accepting these Terms must not breach or conflict with the entity’s organisational documents.
d. Approvals or Authorisations
If and to the extent necessary, all consents, permissions, authorisations, approvals, and agreements from third parties, as well as any required registrations, declarations, or filings with regulatory or governmental authorities, have been unconditionally obtained as of the date you accept these Terms.
e. Prohibited Person Status
You are not a Prohibited Person, nor act on behalf or for the benefit of a Prohibited Person.
f. Compliance
Your acceptance of these Terms and use of the Nova Products is in full compliance with all applicable laws. You will meet all tax obligations related to your use of the Nova Products, any transactions made by you through the Nova Products, as well as any acquisition, sale, transfer or other disposal of the Virtual Assets.
g. Authorised Asset Use
All Virtual Assets you use in relation to the Nova Products must be owned by you or used with proper authorisation, originate from legitimate sources, and have been lawfully acquired.
h. Understanding of Blockchain Technology
You have sufficient understanding of the functionality, usage, storage, transmission mechanisms, and complexities related to Virtual Assets, Wallets, blockchain-based software, and distributed ledger technology, including blockchain, in general. You additionally confirm that you have sufficient understanding of the functionality, usage, risks, and features of the multi-signature, staking, and ‘cold’ storage functionality you select to interact with. You have read, understood and will comply with all Technical Documentation, if any.
i. Transactions
You are solely responsible for all and any operations and transactions with Virtual Assets or other funds carried out through or in relation to the Nova Products, as well as for their consequences and outcomes.
j. Information Verification
You will carefully evaluate, check, and verify any content made available to you in the Nova Products, Communication Channels, or provided otherwise on our behalf, including in Materials, before using or relying on it in any way.
Prohibited Activities
You must not conduct or participate in any of the following activities, whether directly or indirectly, when using the Nova Products:
a. No Unauthorised Data Extraction
Do not use any data mining tools, robots, spiders, crawlers, scrapers, or similar automated methods designed to gather, extract, or harvest data from the Nova Products, Communication Channels or any of its parts.
b. No Disruption and Interference
Do not disrupt, interfere with, or inhibit others from using the Nova Products. Additionally, you are prohibited from engaging in activities that could disable, impair, or harm the Nova Products.
c. No Restrictions Circumvention
Do not circumvent or attempt to bypass any access or functionality restrictions or limitations related to the Nova Products.
d. No Illegal Use and Harm to Others
Do not use the Nova Products, or the Communication Channels for illegal purposes, including money laundering, terrorism financing, or those that are harmful or detrimental to the Nova Parties or others.
e. No Fraudulent Activities
Do not engage in fraudulent activities, such as providing false, inaccurate, or misleading information to unlawfully acquire funds or property from others.
f. No Harmful or Malicious Activities
Do not use malware, harmful code, or software, engage in hacker attacks, or exploit any technical glitches, malfunctions, failures, delays, defaults, or security breaches in relation to the Nova Products.
g. No Third-Party Rights Violation
Do not violate any rights of any third person, including intellectual property rights.
h. No Copyright Infringement
Do not (i) copy, replicate, download, store, distribute, transfer, broadcast, publish, alter, sell, lease, sublicense, or create derivative works from any part of the Intellectual Property, unless we explicitly granted a FOSS Licence therefor; and (ii) remove or modify any copyright statements, labels, or licensing information.
i. No Impersonation
Do not impersonate any person, project, or entity, or misrepresent your affiliation with them in any way. This includes attempting to disguise your identity or the origin of any messages or transmissions sent to us or others.
j. Good Faith and Lawful Conduct
Do not act unfairly and contrary to the principle of good faith, nor carry out any other activities that violate any applicable regulations, rules, orders, etc.
Important Disclaimers
a. No Warranties and Representations
The Nova Products, their services, functionality, components, integrations, and Materials are provided on an “as is” and “as available” basis, and their use is entirely at your own risk. There are no warranties of any kind, express or implied, including but not limited to warranties of title, non-infringement, integration, merchantability, fitness for a particular purpose, or those arising from any course of performance or usage of trade with respect to the Nova Products, including their components, integrations, and Materials, all of which are expressly disclaimed and denied. Specifically, there is no assurance that the Nova Products, including their components, integrations, and software, will function as expected, have any specific functionality, be secure or accessible at any time or location, operate continuously, or be free of defects or errors, nor that any issues will be resolved.
b. No Advice
No part of these Terms, the Nova Products, and the Materials, is intended to be, or should be considered, or construed as a business, legal, financial, virtual asset, investment, trading, or any other sort of advice, or advice of an advisor or broker regarding any matters to which all or any part of such information relates. Before making any decision, you should consult your own legal, financial, tax, or other professional advisors regarding any such information.
c. No Custody
We do not provide nor intend to provide any custodial or similar services, custodial solutions or software, do not act as your agent or representative, and do not control, manage, or custody your Wallets or any of your Virtual Assets.
d. No Offer or Solicitation
No part of these Terms, Communication Channels, Materials, or the Nova Products constitutes (i) a prospectus, (ii) offer document, or (iii) an offer, recommendation, or solicitation to buy, sell, or hold investment instruments, securities, stocks, or Virtual Assets, in any jurisdiction.
e. No Regulated Services
Nothing in these Terms, Communication Channels, Materials, or within the Nova Products shall be interpreted or considered as the provision of financial, virtual asset, legal, investment, tax, brokerage, financial advisory, fund management, or any related intermediation services. You are solely responsible for ensuring that your use of the Nova Products and any transactions with the Virtual Assets comply with the applicable laws, regulatory and other requirements.
f. No Benefits
Using the Nova Products does not presume any benefits, financial returns, gains, or positive outcomes. Any expectations of financial gain or other benefits are entirely your responsibility, and we are not liable for any losses or damages resulting from such expectations.
g. No Fiduciary Relationship
To the fullest extent permitted by applicable law, we owe no fiduciary duties to you under these Terms or in relation to your use of the Nova Products.
h. No Partnership or Agency
These Terms do not create any agency relations, partnership, joint venture, or co-operative entity. We and you have no authority to bind each other or make public statements on each other’s behalf.
i. Third-Party Services
When using the Nova Products, you may encounter and interact with the Third-Party Services. We do not provide any warranties, express or implied, regarding them and do not endorse, recommend, or solicit their use or any interaction with them. Your use of Third-Party Services, as well as any interactions with third parties linked to or from the Nova Products, are entirely at your own risk.
j. Void Transactions
Any Virtual Assets misappropriated or obtained through violations of these Terms or the intended functionality of the Nova Products, Third-Party Services, or related software, including interference with the Blockchain-Based Infrastructure operations or attacks, are strictly prohibited. Any related transactions will be deemed null and void from the outset (ab initio), and the involved Virtual Assets may be subject to forfeiture under applicable law.
k. Staking
The Nova Wallet enables you to stake Virtual Assets in two ways: (a) by connecting you to third parties or Blockchain-Based Infrastructure that we do not control, and (b) through Staking Services that the Nova Parties operate and make available within the Nova Wallet. Where you stake through Blockchain-Based Infrastructure directly, the Nova Parties do not provide or control the staking process and bear no responsibility for staking terms, conditions, or outcomes. Where the Nova Parties provide Staking Services, our role is limited to the specific service described in the applicable Technical Documentation; all other aspects of the relevant Blockchain-Based Infrastructure remain outside our control. Where Staking Services involve our selecting or nominating validators on your behalf, you acknowledge and agree that, to the fullest extent permitted by applicable law, the Nova Parties owe you no fiduciary duties in connection with such selection, nomination, staking outcomes, or any related activity. If staking requires your Virtual Assets to be locked for a set period, you will not be able to use or withdraw those Virtual Assets until that period ends or the applicable conditions are met. You may also lose accrued staking rewards if the applicable unlock or withdrawal conditions are not satisfied. Any information displayed in the Nova Products regarding reward accrual frequency, minimum staking thresholds, unstaking or redemption periods, automatic or manual payout conditions, and governance participation features is derived from the relevant Blockchain-Based Infrastructure and may change at any time without notice from us. The Nova Parties are not responsible for the accuracy or currency of such information and do not guarantee that any functionality described will remain available or operate as displayed. The Nova Parties do not guarantee any staking rewards, yield, return, validator performance, or preservation of value. Any figures shown in the Nova Products are indicative only and are based on information obtained from the Blockchain-Based Infrastructure.
l. General Disclaimers
We do not represent or warrant the accuracy, completeness, reliability, or timeliness of any information displayed in the Nova Products, nor can we ensure that specific information will be available. We decide, at our sole discretion, what data related to the Blockchain-Based Infrastructure and Virtual Assets is shown in the Nova Products. The availability of a specific Virtual Assets or feature in the Nova Products does not constitute our endorsement or recommendation of that Virtual Assets or feature. By using or otherwise interacting with the Blockchain-Based Infrastructure, including transaction execution, you agree to the automatic processing of transactions in accordance with the applicable parameters configured within the Blockchain-Based Infrastructure. In the event of a conflict between these Terms and the Blockchain-Based Infrastructure, these Terms shall prevail for legal and judicial matters, while the Blockchain-Based Infrastructure and terms embedded therein will take precedence in governing transactions involving Virtual Assets.
m. Nova Products Services
There is no assurance that the Nova Products and any related information will be up-to-date, true, accurate, complete, timely or non-misleading, and you expressly acknowledge and agree that we will be under no obligation to update or fix them. You shall solely evaluate all information provided by us or on our behalf. The Nova Products and any related information may be updated from time to time with or without notice depending on various circumstances, including market conditions, applicable regulation, and governments’ actions.
Limitation of Liability
a. Damages
Except as excluded herein and subject to the liability cap outlined below, we are liable only for damages that directly arise from breach of our obligations under these Terms or applicable law. Additionally, to the fullest extent permitted by the applicable law, the Nova Parties shall not be liable for any consequential, incidental, indirect, or punitive damages, including loss of profits, business opportunities, data, goodwill, diminution of value, or business interruptions, regardless of their legal basis.
b. No Personal Liability
To the fullest extent permitted by law, in no event shall our or Affiliates’ officers, directors, employees, consultants, and shareholders be held personally liable in connection with these Terms and any transaction contemplated hereunder, provided that the foregoing shall not limit our liability as an entity.
c. Liability Cap
To the fullest extent permitted by law, the total liability of the Nova Parties arising from these Terms, whether in contract, tort, breach of duty, or otherwise, including attorney’s fees, will not exceed, whichever is greater, one hundred (100) U.S. dollars (or equivalent) or the total Fees received by us from you during the twelve (12) months preceding your first contact with us regarding the claim, excluding any Third-Party Costs.
d. No Liability
To the fullest extent permitted by law, the Nova Parties shall not be liable for any losses or damages, regardless of their legal basis (breach of warranty, contract, negligence, strict liability, or tort), even if advised of the possibility of such losses, arising from or caused by: (i) any acts, activities or omissions of the Third-Party Services, users of the Third-Party Services, Nova Products users, or any other third parties that are outside of our direct control; (ii) the Blockchain-Based Infrastructure and Virtual Assets, as well as any failure thereof to perform as represented or expected; (iii) your breach of these Terms or the applicable law; (iv) the Force Majeure Circumstances; and (v) occurrence of risks described in the Risk Disclosure Statement.
e. Exclusions
Nothing in these Terms limits liability for gross negligence, fraud, fraudulent misrepresentation, death or personal injury resulting from negligence, or any other liability that cannot be legally limited.
Indemnification
To the fullest extent allowed by law, you agree to indemnify, defend, and hold harmless the Nova Parties from any claims, demands, actions, damages, losses, costs, and expenses (including reasonable legal fees) arising from: (i) your violation of these Terms or applicable laws, including providing false representations or warranties; (ii) your use of the Nova Products; (iii) your acquisition, use, or disposal of Virtual Assets; and (iv) your tax obligations related to the transactions made through or in relation to the Nova Products. We reserve the right to control the defence of any indemnified claim, at your cost. This indemnity is in addition to any other legal remedies available to us.
Applicable Law and Dispute Resolution
a. Applicable Law
These Terms, as well as any relationship relating to the Nova Products, are governed by the laws of Singapore, excluding any conflict of law rules.
b. Negotiations
You must first contact us to try to resolve any dispute related to these Terms or the Nova Products informally by sending a notice via email to the addresses specified in the Communications Clause below. If no agreement is reached within thirty days, the dispute may be submitted to court as outlined below.
c. Arbitration
If, and only if, a dispute cannot be resolved through the negotiations outlined in the preceding clause, then such dispute shall be referred to and finally resolved by the binding arbitration in accordance with the general procedure under the Arbitration Rules of the Singapore International Arbitration Centre for the time being in force, which rules are deemed to be incorporated by reference in this clause. The seat of the arbitration shall be Singapore. The Tribunal shall consist of one arbitrator and the language of the arbitration shall be English. The law of this arbitration agreement shall be the law of Singapore.
d. Dispute Resolution
If, and only if, for any reason arbitration under the preceding Arbitration Clause, cannot be applied or enforced under the applicable laws or the Arbitration Rules of the Singapore International Arbitration Centre, then you and we agree to submit such a dispute to the exclusive jurisdiction of the courts of Singapore in respect of any claim or matter arising from these Terms and to comply with all requirements necessary to give such court jurisdiction.
e. Confidentiality
To the fullest extent permitted under applicable law, each party involved must maintain the confidentiality of any arbitration, litigation and negotiation proceedings, judgments and awards, including, but not limited to, all information gathered, prepared, and presented for purposes of the litigation or related to the disputes.
f. No Class Actions
To the extent permissible by applicable law, any dispute arising out of or related to these Terms is personal to you and us and will be resolved solely through individual litigation, not as part of a class, collective, representative, or private attorney general action or proceeding. You further agree to waive any right for such disputes to be brought or heard as a class, collective, representative, or private attorney general action or proceeding, to the extent permissible by applicable law. Combining or consolidating individual claims or litigations into a single litigation is not permitted without our prior consent.
g. Statutes of Limitation
To the extent permitted by law, any claim related to these Terms and the Nova Products must be filed within one year of the event giving rise to the claim. Claims not filed within this period will be permanently barred, meaning neither you nor we can pursue such claims.
Miscellaneous
a. Languages
Only the English version of these Terms, the Nova Products, Materials, and Communication Channels, and Communications is considered official. The English version shall prevail in case of differences in translation of these Terms, the Nova Products, Materials, Communication Channels, or Communications.
b. Entire Agreement
These Terms and any incorporated documents constitute the entire agreement between you and us, superseding and fully replacing all prior and contemporaneous terms, agreements, understandings, or promises related to the subject matter of these Terms, including any previous versions of terms of service, terms & conditions, etc. applicable to any individual Nova Product. You acknowledge and confirm that you will not rely on and have no remedies in respect of any warranty, statement, promise, assurance, or statement (whether made innocently or negligently) that is not set out in these Terms.
c. Communications
We will send you Communications concerning these Terms and the Nova Products electronically, including through social media channels of our choosing. All such Communications will be deemed valid, in writing, and legally binding, and will be considered delivered to you on the day after they are published or transmitted. You can send us Communications to our contact email addresses as specified below:
Nova Wallet: [email protected]
Nova Spektr: [email protected]
Polkadot Vault: [email protected]
General: [email protected]
d. Third-Party Beneficiaries
These Terms will benefit the Nova Parties, and any of them may rely on and enforce the provisions of these Terms as if they were a party to these Terms. Except in relation to the Nova Parties, no person who is not a party to these Terms shall have any right to enforce any of its provisions or rely on any term hereof. Notwithstanding the foregoing, any modification, assignment, novation, or other amendment to these Terms may be made without the consent, approval, or notice to any third party, including any Nova Parties.
e. No Waiver
Our failure or delay in exercising any right or remedy under these Terms or applicable law does not constitute a waiver of that or any other right or remedy. It also does not preclude or limit the further exercise of that or any other right or remedy. Similarly, any single or partial exercise of a right or remedy does not preclude or limit its further exercise or the exercise of any other right or remedy.
f. Assignability
You may not assign or transfer any rights or obligations under these Terms without our prior written consent. We may transfer or assign these Terms and our rights and obligations hereunder at any time without your consent.
g. Validity and Enforceability
The invalidity or unenforceability of any provision or part-provision of these Terms shall not affect the validity or enforceability of any other provisions of these Terms, all of which shall remain in full force and effect.
h. Survival
Provisions hereof construed to survive the termination of these Terms shall survive any expiration or termination of these Terms, regardless of reason.
Interpretation
a. Definitions
In these Terms, unless the context requires otherwise, the terms shall have the following meaning:
“Affiliate” means a person controlling, controlled by, or under the same control as us.
“Blockchain-Based Infrastructure” means any software that is deployed on a blockchain network, including any blockchain networks, protocols, modules, smart contracts, infrastructure and other software or combination thereof that enable creation, deployment, and operation of decentralised applications, self-executing code, Virtual Assets, etc.
“Communication Channels” means the Nova Products, Nova Websites and other social media accounts and communication channels belonging to us or Affiliates, as may be linked to on the Nova Websites from time to time.
“Communications” means any communications, notices, and disclosures related to these Terms.
“Credentials” means any information, data, codes, or security mechanisms that you use to access, secure, or manage your Wallets within the Nova Products. It includes, without limitation, your seed phrase (recovery phrase) to the Wallet, password to the cloud backup, if any, PIN, passcode, and any other means of authentication implemented in the Nova Products or chosen by you.
“Fees” means any charges, commissions, or other monetary amounts that are determined and retained by us in connection with the use of certain functionalities of the Nova Products.
“Force Majeure Circumstances” means any events beyond our control that interfere with the performance of these Terms, including, without limitation, (i) fire, flood, hostility, pandemic, act of God, explosion, strike; (ii) war, undeclared war, civil war, revolution, riot, act of terrorism, military actions, interventions, and operations; (iii) epidemic, pandemic, insurrection, labour dispute, accident; (iv) sanctions, government actions, embargoes; (v) injunctions, cease and desist orders, restraining or similar orders of, or prohibitions established by a court, governmental or other authorities; (vi) weaknesses, vulnerabilities and bugs in the Blockchain-Based Infrastructure integrated or used in connection with the Nova Products; (vii) actions, failures to act or inactions of Third-Party Service providers or other third parties, including fraud, loss or theft of funds by such third parties; (viii) system interference or destruction by any malicious programs; and (ix) power failure, equipment or software malfunction or error.
“FOSS Licence” means a free and open-source software licence that allows for editing, modifying, or reusing software’s source code, such as, for example, GPL, Apache and MIT licences.
“Intellectual Property” means any copyrighted content, names of services and products, logotypes, trademarks and other marks, trade secrets, inventions, designs, drawings, pictures, animations, works of authorship, etc., which may be demonstrated within the Nova Products.
“Licence” means a limited, non-exclusive, non-transferable, non-sublicensable, revocable, personal, and temporary right to access and use the Nova Products for its intended purposes and in accordance with these Terms, for the duration of these Terms.
“Materials” means any information, statements, announcements, data, content, and other materials provided via the Nova Products, Communication Channels, including Nova Websites, or otherwise communicated by us or on our behalf in relation to the Nova Products or other services and products provided or offered by us.
“Nova Products” means the (i) Nova Wallet as further described at https://novawallet.io, (ii) Nova Spektr as further described at https://novaspektr.io, (iii) Polkadot Vault as further described at https://vault.novasama.io, (iv) Nova Websites, (v) any associated software, subdomains, application programming interface (API) and services provided in relation thereto, explicitly excluding Blockchain-Based Infrastructure and Virtual Assets, (vi) Staking Services, and (vii) any other products and services that may from time to time be offered by us. The Nova Products’ description contained on the mentioned websites is for informational purposes only and may be changed at any time at our sole discretion.
“Nova Websites” means the websites operated by us, including https://novasama.io, https://novawallet.io, https://novaspektr.io, and all and any subdomains to the mentioned websites.
“Prohibited Person” means any individual or legal entity that is: (i) a citizen, national, resident, or organised under the laws of, or located or ordinarily resident in, any country or territory that is the subject of comprehensive, country-wide or territory-wide sanctions administered or enforced by the government of Singapore, the United Kingdom, the United States, the European Union, any EU member state, or any other applicable governmental or international authority; or (ii) listed on, or otherwise directly subject to, any sanctions-related list of restricted persons maintained by any of the foregoing authorities, including but not limited to the United Nations, Monetary Authority of Singapore, U.S. Office of Foreign Assets Control (OFAC) Specially Designated Nationals and Blocked Persons List, the UK Sanctions List, the EU Consolidated List, or similar.
“Staking Services” means the staking-related services that we provide or make available through the Nova Wallet, including (a) validator services, where any of the Nova Parties operate a validator node, and (b) nomination services, where any of the Nova Parties select or nominate validators on your behalf when you participate in the nomination pool operated by the Nova Parties. For the avoidance of doubt, Staking Services do not include staking carried out by you (i) via third parties or (ii) directly through Blockchain-Based Infrastructure that we do not operate or control.
“Taxes” means any income, earnings, capital gains, sales, use, value-added, withholding, export and import and similar taxes, customs duties, charges or payments.
“Technical Documentation” means any instructions, specifications, user guidelines, best practices, warnings, recommendations, or other operational information made available by us or on our behalf, whether through the Nova Products, the Materials, the Communication Channels, or otherwise, that describe or govern the proper, intended, secure, and compliant use of the Nova Products and their functionality.
“Terms” means these Nova Products Terms of Service, together with all agreements and documents incorporated herein by reference, as may be amended from time to time.
“Third-Party Costs” means any costs, fees, or expenses that are charged by third parties or third-party technologies, including, for example, blockchain gas costs, smart-contract fees, on-ramp and off-ramp commissions charged by third parties, as well as other commissions and fees related to or charged by the Third-Party Services.
“Third-Party Services” means any project, product, service, software, technology, or infrastructure that is not developed, provided, or operated by us. This includes Blockchain-Based Infrastructure, multi-signature feature provider, fiat debit cards provider, swap providers, staking nominators and validators, blockchain networks, Virtual Assets, decentralised applications, and similar external systems.
“Nova Parties” means us, Affiliates, and their respective shareholders, directors, officers, members, employees, agents, advisors, contractors, successors, and assignees.
“User Instruction” means any instruction, request, or order you submit via the Nova Products, including those related to initiating and executing transactions.
“Virtual Assets” means digital cryptographic tokens deployed (implemented) on a public blockchain network, such as, for example, Polkadot (DOT), Kusama (KSM), and so forth.
“Wallet” means the crypto wallet made using the Nova Products or imported therein, being a combination of your Credentials and associated unique public blockchain address, which enables you to access, manage and use the Virtual Assets contained therein.
“we”, “us”, “our” means Novasama Technologies PТЕ. Ltd., a company established under the laws of Singapore, operating the Nova Products.
“you”, “your” means a person who accepts these Terms. If you are acting on behalf of an entity, “you” and “your” also refer to both you as an individual using the Nova Products and the entity you represent.
b. Rules of Interpretation
Unless the context requires otherwise, references to one gender include all genders; singular includes plural and vice versa; terms like “including”, “in particular”, or “for example” are illustrative and shall not limit the sense of the following words; Section headings do not affect interpretation hereof; these Terms will not be construed to our disadvantage for preparing them.
Risk Disclosure Statement
This Risk Disclosure Statement constitutes Schedule 1 to these Terms.
1. General Blockchain Risks
a. Irreversibility
Blockchain transactions, carried out through the Nova Products or otherwise, take place on the underlying blockchain network, and are often irreversible and immediate. We do not guarantee that any transaction you initiate will be executed with the gas fees you expect, completed, processed on time, or processed at all. You must independently assess risks and make informed decisions before carrying out any transactions.
b. Autonomy of Infrastructure
Blockchain-Based Infrastructure operates autonomously and is typically beyond anyone’s control. Any malfunction, breakdown, or abandonment of the underlying blockchain could significantly impact the Nova Products, Virtual Assets, or any transactions involving them.
c. Privacy and Data Risks
Blockchain data is publicly accessible and traceable by third parties, meaning transactions in Virtual Assets may expose certain information about you, though it is unlikely to directly reveal your identity. However, when combined with other personal information, it may allow third parties to infer your financial standing. Once recorded, blockchain data cannot be altered or deleted, making the decision to transact entirely your responsibility.
d. Risk Associated with Hard Fork
A hard fork in the underlying blockchain network, its components or any Virtual Assets, could require major changes. These changes might make the associated smart-contracts incompatible, dysfunctional, impractical, or more expensive to use. This could disrupt the execution and interaction of smart-contracts critical to the Blockchain-Based Infrastructure, Nova Products or any Virtual Assets. Adapting to a hard fork or changes in consensus rules may require significant time and resources, which might not be available or cost-effective. Consequently, the continued operation of the Nova Products cannot be guaranteed.
e. Risk Associated with Cryptography Development
Advances in cryptography and technology, particularly quantum computing, could threaten blockchain systems by weakening or breaking the cryptographic consensus mechanisms that underpin them. As quantum computing evolves, algorithms once considered secure may become obsolete, leaving systems that rely on traditional cryptographic methods vulnerable. This could allow intruders to bypass existing security measures, compromise data integrity, as well as disrupt consensus mechanisms on blockchain networks.
f. Bridge and Cross-Chain Risks
If you use bridges or cross-chain protocols to interact with Virtual Assets across different blockchain networks, you understand these mechanisms are highly susceptible to exploits and bugs. We do not control or audit such Third-Party Services and systems, and you bear full responsibility for any loss arising therefrom.
g. Gas Fee Volatility
Gas fees necessary for executing transactions on blockchain networks are variable and may rise sharply during periods of high demand or congestion. There is no guarantee that transactions will be executed even if submitted, and failed transactions may still incur gas costs.
h. Slippage and Execution Risks
Due to the nature of decentralised order matching, before a transaction is validated it is commonly submitted to public mempools, where any third party, often automated, can see it and may, for example, attempt to affect the price of a particular Virtual Asset on a particular trading venue. Therefore, your transactions may experience slippage, price impact, delayed execution, failure, or higher than expected gas costs. You may receive less favourable rates or outcomes than anticipated.
2. Financial and Market Risks
a. Risk of Loss
Transacting with Virtual Assets involves the risk of monetary or other losses. These risks can arise from various factors, including market volatility, vulnerabilities in smart-contracts, cybersecurity threats such as hacking or phishing attacks, technical failures, regulatory changes, etc. Unforeseen events, including economic downturns, changes in market sentiment, etc, could also have a material adverse effect on your assets.
b. Virtual Assets’ Value Risks
There are no representations or warranties, express or implied, regarding the Virtual Assets, including implied warranties of merchantability, fitness for a particular purpose, or non-infringement, all of which are expressly disclaimed. You acknowledge and agree that Virtual Assets may not: (i) meet your expectations or function as intended, (ii) possess the intended functionality, (iii) have a market, or (iv) have any specific price or hold any particular value, or have any value at all. Receiving, storing, using, or disposing of Virtual Assets is entirely at your own risk.
c. Volatility Risks
Using, or holding Virtual Assets, especially Tokens, involves significant risks. The crypto market is highly volatile, and prices can change drastically in short periods, potentially leading to substantial or total loss of your funds. Due to the nature and operation of blockchain protocols, the total amount of Virtual Assets in circulation could increase through, inter alia, the adoption of a new patch, upgrade of the source code, or additional mint. You bear a sole responsibility for any damages or losses that you may incur as a result of or in connection with the change in the composition, supply, value or price of any Virtual Assets. Only allocate funds to Virtual Assets that you can afford to lose.
3. Risks Associated with the Nova Products
a. Risk Associated with Credentials
Access to a Wallet’s Credentials, such as private key, password, recovery phrase, or other security mechanisms, constitutes full access to the Virtual Assets in that Wallet. If a third party gains access to your Credentials or associated Wallets, they may control and use your Virtual Assets held in such Wallets. To reduce this risk, secure your electronic devices or systems (both hardware and software) used in relation to the Wallet, as well as associated Credentials against unauthorised access. We encourage you to properly back up all Credentials associated with your Wallets. We cannot recover, reset, or restore access to your Wallet or Credentials in any circumstance. You must never enter your Wallet’s recovery phrase into any form, application, or website, as it is not required for the normal functionality of any such application. Legitimate support staff, administrators, or representatives will never ask you to disclose your recovery phrase or other Credentials.
b. Risk of Confusing Interface
The user interface, and design of the Nova Products may sometimes cause confusion, leading to unintended actions or transactions, such as selecting the wrong Virtual Asset, transaction type, blockchain network, or wallet.
c. Risk of Unofficial Projects
There is always a risk of alternative projects or competing teams, including those creating similar products or forking (cloning) the Nova Products and its components, which could negatively affect the Nova Products and us. Additionally, you may be targeted by fraudulent activities, including fake websites, emails, text messages, or social media accounts impersonating us or the Nova Products. They may aim to deceive you, steal your Virtual Assets, or otherwise profit unlawfully. Exercise extreme caution when interacting with websites, emails, text messages, and social media accounts, directing you to sources other than the official Nova Websites or applications, or those asking you to “connect your wallet”. Always verify the authenticity of any communication claiming to represent us or the Nova Products.
d. Risk Related to Staking
You may lose some or all staking rewards, and, where applicable under the relevant protocol rules, you may also lose part of the Virtual Assets staked, including as a result of slashing, nominator or validator misconduct, downtime, or other protocol level events.
4. Technological Risks
a. Functionality and Flawed Logic of Software
The Blockchain-Based Infrastructure and Nova Products are provided “as is” and may experience system failures, downtimes, unplanned interruptions in their underlying network or functionality, hardware or software defects, security breaches, or other causes that could adversely affect the Nova Products, its components or your access to them. We are not obligated to address these issues and do not warrant that any updates will resolve existing bugs or vulnerabilities, or avoid creating new, unanticipated issues.
b. Software Weaknesses, Bugs and Vulnerabilities
The Nova Products-related software, including Blockchain-Based Infrastructure, may contain weaknesses, flaws, bugs, vulnerabilities, defects, or impairments. This can cause the software or smart-contracts to operate incorrectly or not as expected, potentially resulting in transactions being executed contrary to their intended logic or your intents. Such issues can lead to the partial or complete loss of Virtual Assets involved in a transaction or other adverse outcomes.
c. Lack of Remediation
The Nova Products and Blockchain-Based Infrastructure, may have errors or vulnerabilities that are not immediately apparent. Fixing these issues can be difficult and may not always work. Many smart contracts are also immutable, meaning they cannot be changed once deployed. Attempts to fix flaws or vulnerabilities in blockchain software can be complex, risky, expensive, and time-consuming. There is no guarantee that these efforts will prevent negative outcomes, such as the complete or significant loss of your Virtual Assets.
d. Downtime and Maintenance
The Nova Products-related services, products, or their components may occasionally become inaccessible or inoperable for various reasons, including maintenance, updates, technical disruptions, or third-party interference. Such occurrences may lead to downtime or a lack of access to them.
e. Delayed Updates
There is no warranty that the Nova Products will be updated quickly enough to address new threats, vulnerabilities, or required changes, or can be updated at all. Delays in updates can leave you exposed to risks such as errors, failed transactions, inability to execute time-sensitive operations, or the loss of Virtual Assets.
f. Use of Experimental Features or Beta Releases
Certain features or functionalities may be released on an experimental or beta basis. These may contain bugs, errors, or unexpected behaviours and should be used cautiously. Your use of experimental features is entirely at your own risk.
5. Security Risks
a. Risk of Theft
The blockchain networks can be attacked which may result in downtime, consensus split, long reorganisation of the chain, 51% attack or other adverse outcomes. There is no warranty that there will be no theft or loss of Virtual Assets due to attacks, hacks, software flaws, or blockchain vulnerabilities, which could result in partial or complete loss of the Virtual Assets. Even when using our official resources, remain vigilant for pop-ups or unusual program behaviour, as these could result from hacks or malicious code.
b. Exploitation of Vulnerabilities
Bugs, flaws in logic, and other vulnerabilities are not part of the intended operation of the Blockchain-Based Infrastructure and the Nova Products. However, intruders may exploit these weaknesses or flaws, potentially causing financial losses, data breaches, or system malfunctions. The exploitation of bugs, flaws, or vulnerabilities in smart contracts or associated software is strictly prohibited, regardless of the purpose or circumstances. Such acts, especially those that harm others, may be considered criminal or other offences under applicable laws and could result in severe consequences for those involved.
6. Risks Related to Materials
a. Accuracy
There is no assurance that any Materials will be true, accurate, complete, timely or non-misleading, and you expressly acknowledge and agree that we will be under no obligation to update or fix them. You shall solely evaluate all information provided by us or on our behalf.
b. Risk of Impersonation
Reliance on the Materials, whether in whole or in part, and any use of them, is entirely at your own discretion and risk. Always verify that any information you believe to be from us is posted or communicated by our authorised representatives. Be cautious of impersonation risks, including fake websites, fraudulent social media accounts and communications. Always ensure you are interacting with legitimate and verified sources. Verify information independently before acting.
c. Forward-Looking Statements
The Materials may contain opinions, forecasts, projections, future plans, or other statements about the Nova Products and our business activities, excluding statements of historical fact. These are considered forward-looking statements based on current expectations and involve risks and uncertainties. There are no warranties that these statements will be accurate, and actual events, results, or outcomes may differ significantly. Do not place undue reliance on such statements. Risks and uncertainties may arise from economic conditions, competition, technical issues, and other factors affecting us, Affiliates, and the Nova Products.
d. Updates
The Materials may be updated from time to time with or without notice depending on various circumstances, including market conditions, applicable regulation, and governments’ actions.
7. Third-Party Interaction Risks
a. Counterparty Risks
You should always be diligent when dealing with third parties regarding Virtual Assets. Such third parties may include, without limitation, Nova Products users, exchanges, decentralised applications operators, etc. Interactions with third parties carry risks, including fraud, insolvency, contract breaches, or security failures, which could result in the loss of your Virtual Assets. Even projects that appear trustworthy may later be compromised, as technological vulnerabilities are not always identified immediately and may only be addressed after an incident. For example, persons or bodies involved in the governance or administration of any project or protocol may be affected by governance attacks, malicious or coerced upgrades, the theft or loss of administrative keys, or social engineering targeting relevant personnel. In the case of nomination pools or similar pooled staking arrangements, additional risks may arise. For example, a nominator or validator may introduce or increase commission, become inactive, or operate the pool in a way that negatively affects staking rewards or the overall staking experience.
b. Third-Party Illegal Behaviour
Due to the nature of permissionless blockchain software, there is a risk that the Blockchain-Based Infrastructure or the Nova Products could be misused by third parties for illegal activities, such as fraud. Such misuse could result in legal and regulatory consequences affecting Nova Products operation and development, including lawsuits, government investigations, or other enforcement actions. These consequences may lead to liability and reputational harm, potentially disrupting Nova Products operation.
c. Inaccurate Data
The Nova Products may rely on and derive certain information from third-party data sources in an automated manner, such as oracles, third-party APIs, etc. This information is not manually verified or checked, and as a result, it may be incorrect, incomplete, outdated, inaccurate, or insufficient. In certain situations, immediate action may be required, and timely analysis of the available data is essential for making informed decisions. However, delays in the delivery of necessary information may occur, posing an inherent risk. The inability to act promptly due to such delays could result in partial or complete loss of Virtual Assets. You should always exercise caution when relying on any third-party data.
8. Regulatory and Compliance Risks
a. Legal Uncertainty
The Nova Products may be subject to various laws and regulations, including requirements to obtain licences or other permits as directed by applicable laws. Changes to these laws or evolving interpretations could lead to higher compliance costs or operational challenges, potentially impacting our operation, as well as the Nova Products development and operation. In extreme cases, some jurisdictions may ban or heavily restrict the Nova Products operation. The legal status of Virtual Assets and related transactions is uncertain, and some regions may prohibit owning or transacting with them entirely, which could affect you. The penalties for violating such laws, if any, are unclear. You are responsible for researching and understanding the legal and tax implications of interacting with Virtual Assets in your jurisdiction.
b. Taxation
Any acquisition, use, holding, or disposal of Virtual Assets, as well as related transactions, may have tax implications as imposed by state or government authorities. Tax laws for Virtual Assets may be unclear or not well-defined in your region. Additionally, these laws and their interpretations can change and may even be applied retroactively. You are solely responsible for understanding and meeting your tax obligations. Failure to properly report, collect, or pay taxes could result in penalties, fines, or other legal consequences.
9. Unanticipated Risks
In addition to the risks set forth herein, there are unanticipated risks. Further risks may materialise as unanticipated combinations or variations of the discussed risks or the emergence of new risks.
This document was last updated on August 17, 2026