Last Updated: June 30, 2022
This Risks Disclosure Statement (this “Statement”) is a part of and to be read in conjunction with the WePad Terms of Service (the “Terms”). Capitalised terms used in this Statement shall have the meanings assigned to them in the Terms. Any access to or use of certain functionality of the WePad website available at https://wepad.io, including any of its subdomains (the “Website”), any associated software, application programming interface (API), any functionality and services offered or provided via the Website (hereinafter collectively the “Platform”), shall be subject to your acceptance and assumption of the risks set out in this Statement. You should note that all risks set out herein are not intended to be exhaustive nor to be presented in any assumed order of priority.
Risk of Software Weaknesses
Although we make reasonable efforts to ensure that the Platform follows the high-security standards, we do not warrant or represent that the Platform is secure or safe, or protected from phishing, malware, hacker or other malicious attacks. Further, the Platform may contain weaknesses, bugs, vulnerabilities, viruses or other defects which may have a material adverse effect on the operation of the Platform or may lead to losses and damages for you, other users of the Platform or third persons.
Risk Inherent in the Blockchain
Certain functionality of the Platform relies on the Smart-Contracts implemented on blockchain networks. As a result, any malfunction, breakdown or abandonment of the underlying blockchain may have a material adverse effect on the Platform. Moreover, advances in cryptography, or technical advances such as the development of quantum computing, could present risks to the Platform and related blockchain software by rendering ineffective the cryptographic consensus mechanism that underpins the blockchain on which they are implemented. The smart-contract concept and the underlying blockchain networks are still in an early development stage and unproven. Although it is very unlikely, a blockchain network can be attacked which may result in downtime, consensus split, long reorganisation of the chain, 51% attack or other adverse outcomes each of which may lead to complete loss of your Digital Assets.
Risk Inherent in the Smart-Contracts
The Platform partially relies on and interacts with the Smart-Contracts that can be used to carry out certain transactions involving the Digital Assets. We do not provide any warranties or representations regarding the Smart-Contracts or Digital Assets since the operation of the Platform depends on factors occurring outside of our control that may materially impact the underlying technology. The Smart-Contracts or Digital Assets may not (i) perform as intended, (ii) meet your expectations, (iii) be secure or error-free, (iv) be profitable, (v) fit for a particular purpose, or (vi) have any specific price, merchantability, or hold any particular value.
Risk of Inaccurate Data
The Platform derives certain information from the blockchain network(s) and related software, such as oracles, in an automated manner, which means that such information is not verified or checked. As a result, such information can be incorrect, incomplete, untimely, inaccurate, or insufficient. No warranties are being made that any information provided in connection with the Platform or on the Platform will be complete or accurate.
Risk of Forward-Looking Statements
The information, any data, content, and materials provided on the Platform, in our Documentation, through Communications, whether marked as relating to the Terms or not, may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements other than statements of historical fact, are forward-looking statements. Any development plans and projections, business projections, future functionality and projected performance of the Platform, Smart-Contracts, or the Company, as well as prospects and future events related to any industry, are forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain or unknown. We can give no assurance that any forward-looking statements will prove to have been correct. Actual events, results or outcomes could differ materially from what is stated in the forward-looking statement, and you should not rely on any such forward-looking statement.
Risk of Third Parties Acting Late
Certain functions within the Platform or Smart-Contracts may have to be executed by third parties, such as Digital Wallet providers, and there is always a risk that such third parties will not act in a timely or reliable manner, or as expected or intended, or may fail to act, which can lead to inaccessibility of the functionality of the Platform and/or Smart-Contracts, or partial or complete loss of the respective Digital Assets.
Risk of Flawed Logic of the Platform or Smart-Contracts
The underlying logic of the Platform and Smart-Contracts may be flawed, defective, or impaired, which can result in the software, the Platform and Smart-Contracts operating incorrectly or not as expected, or transactions being executed in violation of the logic which underpins the respective software and a Smart-Contract, which can lead to partial or complete loss of the Digital Assets used in the transaction.
Risk of Confusing User Interface
Certain user interface elements or design decisions can be confusing or mislead you, which may result in the execution of a different action or transaction than intended or desired, or connection of a wrong wallet, account, or network.
Risk of Legal Uncertainty
Our activities are subject to various laws and regulations in the countries where we operate or intend to operate. We might be obliged to obtain different licences or other permissive documents in some or all jurisdictions where we intend to operate our business, therefore, our business in such jurisdictions shall always be subject to obtaining such licences or permissive documents, if so directed by applicable laws. There is a risk that certain activities may be deemed in violation of any such law or regulation. Penalties for any such potential violation would be unknown. Additionally, changes in applicable laws or regulations or evolving interpretations of existing law could, in certain circumstances, result in increased compliance costs or capital expenditures, which could affect our ability to carry on the business model, develop, and maintain the Platform.
Risk of Theft
We make a commercially reasonable effort to ensure that any transactions carried out in relation to the Platform are secure. Notwithstanding the aforesaid, there is no assurance that there will be no theft of the Digital Assets as a result of hacks, sophisticated cyber-attacks, distributed denials of service or errors, double-spent attacks, flash-loan attacks, vulnerabilities or defects of the Platform or related on-chain or off-chain software, of a blockchain, or otherwise. Such events may include, for example, flaws in programming or source code leading to exploitation or abuse thereof. Any of the above may lead to partial or complete stealing or loss of the Digital Assets used in transactions carried out in relation to the Platform.
Risks Associated with Staking
The Staking Rewards are dynamic and are subject to regular change depending on different circumstances, including, but not limited to, the number of participants in the staking, the total value of the staked (locked) Digital Assets in a particular liquidity pool, etc. Therefore, the Staking Rewards indicated on the Platform are indicative, approximate, and non-binding, as they are based on the current, historical, or expected performance. We neither warrant nor represent that the Staking Rewards will meet your expectations or match the amount indicated on the Platform as of the date you staked the respective Digital Assets. Staking the Digital Assets may not be profitable, fit for a particular purpose, or be beneficial for you and you are solely responsible for determining whether to stake the Digital Assets on or though the Platform. Please consult your own legal, financial, tax, or other professional advisors, whether it is suitable for you or not, before making any decision related to staking.
Value and Volatility
The prices of the Digital Assets are extremely volatile and subjective and the Digital Assets may have no inherent or intrinsic value. Fluctuations in the price of other digital assets could materially and adversely affect (i) the value of the Digital Assets, which may also be subject to significant price volatility, or (ii) the underlying logic of the Smart-Contracts. We do not guarantee that any Digital Assets will retain their original value, have any specific price or any particular value, or that the use of the Platform will be profitable, as the value of Digital Assets depends on factors occurring outside of our control that may materially impact the value and desirability of any particular Digital Assets. The volatility and unpredictability of the value of Digital Assets relative to a fiat currency, meaning a government-issued currency that is designated as legal tender, may result in significant or complete losses over a short period of time.