Last updated: February 19, 2023
This Risk Disclosure Statement is a part of and to be read in conjunction with the Archimedes Terms of Service. Capitalized terms used in this Risk Disclosure Statement shall have the meanings assigned to them in the Archimedes Terms of Service.
- WHEN YOU USE THE SERVICE, YOU UNDERSTAND AND ACKNOWLEDGE THAT ARCHIMEDES IS NOT A FINANCIAL OR INVESTMENT ADVISOR AND THAT THE SERVICE ENTAILS A RISK OF LOSS AND MAY NOT MEET YOUR NEEDS. Archimedes may not be able to foresee or anticipate technical or other difficulties which may result in data loss or other service interruptions. Archimedes encourages you to periodically confirm the valuation of your User Assets through independent sources. Archimedes is not responsible for your User Assets, and does not and cannot make any guarantee that your User Assets will earn any Yield or that your User Assets will not lose value. The prices of cryptocurrency assets can be extremely volatile. Archimedes makes no warranties as to the markets in which your User Assets are transferred, purchased, or traded.
- You understand that the Service may not be suitable for your purposes, could have errors and, like any other software, the Service could be at risk of third-party malware, hacks or cybersecurity breaches. You agree that it is your responsibility to monitor your User Assets regularly and confirm their proper use and deployment consistent with your intentions.
- In order to be successfully completed, any Transaction involving your User Assets initiated by or sent to your Digital Wallet must be confirmed by and recorded on the blockchain(s) supporting such User Assets. Archimedes has no control over any blockchain and therefore cannot and does not ensure that any transaction details that you submit or receive via our Service will be validated by or confirmed on the relevant blockchain, and Archimedes does not have the ability to facilitate any cancellation or modification requests. You accept and acknowledge that you take full responsibility for all activities that you effect through your Digital Wallet and accept all risks of loss, including loss as a result of any authorized or unauthorized access to your Digital Wallet, to the maximum extent permitted by law.
- You represent and warrant that you (a) have the necessary technical expertise and ability to review and evaluate the security, integrity and operation of your Digital Wallet and any DeFi Platforms to which your User Assets may be deployed in connection with the Service; (b) have the knowledge, experience, understanding, professional advice and information to make your own evaluation of the merits, risks and applicable compliance requirements under applicable laws of any use of your Digital Wallet and any DeFi Platforms to which your User Assets may be deployed in connection with the Service; (c) know, understand and accept the risks associated with your Digital Wallet and any DeFi Platforms to which your User Assets may be deployed in connection with the Service; and (d) accept the risks associated with blockchain technology and DeFi Platforms generally, and are responsible for conducting your own independent analysis of the risks specific to your use of the Service. You further agree that Archimedes will have no responsibility or liability for such risks.
- You acknowledge and agree that:
- Archimedes is a software provider that does not store, send, or receive your User Assets.
- There are risks associated with using an Internet based currency, including but not limited to, the risk of hardware, software and Internet connections; the risk of malicious software introduction; the risk that third parties may obtain unauthorized access to information stored within your Digital Wallet; and the risk of counterfeit assets, mislabeled assets, assets that are vulnerable to metadata decay, assets on smart contracts with bugs, and assets that may become untransferable. You accept and acknowledge that Archimedes will not be responsible for any communication failures, disruptions, errors, distortions or delays or losses you may experience when using blockchain technology, however caused.
- The regulatory regimes governing blockchain technologies, cryptocurrencies, and tokens are uncertain, and new regulations or policies may materially adversely affect the development of the Service.
- Archimedes makes no guarantee as to the functionality of any blockchain’s decentralized governance, which could, among other things, lead to delays, conflicts of interest, or operational decisions that are unfavorable to your User Assets. You acknowledge and accept that the protocols governing the operation of a blockchain may be subject to sudden changes in operating rules which may materially alter the blockchain and affect the value and function of any of your User Assets supported by that blockchain.
- Archimedes makes no guarantee as to the security of any blockchain or any DeFi Platform. Archimedes is not liable for any hacks, double spending, stolen User Assets, or any other attacks on a blockchain or DeFi Platform.
- The DeFi Platforms are controlled by third parties, and Archimedes is not responsible for their performance nor any risks associated with the use thereof. The Service relies on, and Archimedes makes no guarantee or warranties as to the functionality of or access to, any DeFi Platform, Digital Wallet, or other Third-Party Service.
- You control your Digital Wallet, and Archimedes is not responsible for its performance, nor any risks associated with the use thereof.
- The introduction of any changes to the British Virgin Islands Virtual Assets Service Providers Act enacted on 1 February 2022, or any guidance issued in connection therewith, or any change in the characteristics of the Platform or the Protocol, or to the business activities of Archimedes, may result in us becoming subject to regulation in the British Virgin Islands which may impact the provision of the services hereunder.