Chief Operating Officer
You are responsible for implementing reasonable measures for securing the digital wallet, vault or other storage mechanism you use to receive and hold CTK which you have purchased, including any requisite passwords, tokens, private key(s) or other credentials necessary to access such storage mechanism(s). If your passwords, tokens, private key(s) or other access credentials are lost, you may lose access to your CTK. We cannot be responsible for, and are technologically unable to recover, any such losses.
Given that CTK and the CertiK Platform are based on blockchain protocol and architecture, any malfunction, breakdown or abandonment of the relevant blockchain protocol or architecture may have a material adverse effect on CTK and/or the CertiK Platform. Moreover, advances in cryptography, or technical advances (including without limitation development of quantum computing), could present unknown risks to CTK and/or the CertiK Platform by rendering ineffective the cryptographic consensus mechanism that underpins that blockchain protocol.
The CertiK Platform is at the stage of development as of the date of these Terms and its algorithm, code, consensus mechanism and/or various other technical specifications and parameters could be updated and changed frequently and constantly. While the marketing materials and Whitepaper released relating to the development of the CertiK Platform has been prepared with the then up-to-date key information of the CertiK Platform, it is not absolutely complete and is subject to adjustments and updates from time to time for optimal development and growth of the CertiK Platform and/or ecosystem on the CertiK Platform. We are unable, nor obliged, to keep you closely posted on every detail of the development of the CertiK Platform (including its progress and expected milestones no matter whether rescheduled or not) and therefore will not necessarily provide you with timely and full access to all the information relating to the CertiK Platform that may emerge from time to time. Due to the nature of the project to develop the CertiK Platform, you accept that such insufficiency of information disclosure is inevitable and reasonable.
Hackers or other malicious groups or organisations may attempt to interfere with CTK and/or the CertiK Platform in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing. Furthermore, there is a risk that a third party or a member of any Group Entity may intentionally or unintentionally introduce weaknesses into the core infrastructure of CTK and/or the CertiK Platform, which could negatively affect CTK and/or the CertiK Platform.
There is no prior market for CTK and the CTK token sale may not result in an active or liquid market for CTK. CTK is intended to be used solely within the network for the CertiK Platform, hence there may be illiquidity risk with respect to any CTK you hold.
CTK is not a currency issued by any central bank or national, supra-national or quasi-national organisation, nor is it backed by any hard assets or other credit nor is it a "commodity" in the usual and traditional sense of that word. We are not responsible for, nor do we pursue, the circulation and trading of CTK on any market. Trading of CTK will merely depend on the consensus on its value between the relevant market participants. No one is obliged to purchase any CTK from any holder of CTK, including the purchasers, nor does anyone guarantee the liquidity or market price of CTK to any extent at any time. Furthermore, CTK may not be resold to a purchaser who is a citizen, national, resident (tax or otherwise), domiciliary or green card holder of a Restricted Country or to purchasers where the purchase of CTK may be in violation of applicable laws. Accordingly, the we cannot ensure that there will be any demand or market for CTK, or that the price you pay for CTK is indicative of any market valuation or market price for CTK.
Any secondary market or exchange for trading CTK would be run and operated wholly independently of the Group Entities, the sale of CTK and the CertiK Platform. No Group Entity will create such secondary markets nor will it act as an exchange for CTK. Even if secondary trading of CTK is facilitated by third party exchanges, such exchanges may be relatively new and subject to little or no regulatory oversight, making them more susceptible to fraud or manipulation. Furthermore, to the extent that third parties do ascribe an external exchange value to CTK (e.g., as denominated in a virtual or fiat currency), such value may be extremely volatile, decline below the price which you have paid for CTK, and/or diminish to zero.
CTK is uninsured unless you specifically obtain private insurance to insure them. In the event of loss or loss of utility value, there is no public insurer or private insurance arranged by us, to offer recourse to you.
The regulatory status of CTK and distributed ledger technology is unclear or unsettled in many jurisdictions, but numerous regulatory authorities across jurisdictions have been outspoken about considering the implementation of regulatory regimes which govern cryptocurrency or cryptocurrency markets. It is impossible to predict how, when or whether regulatory agencies may apply existing regulations or create new regulations with respect to such technology and its applications, including CTK and/or the CertiK Platform. Regulatory actions could negatively impact CTK and/or the CertiK Platform in various ways. The Seller or any Group Entity may cease operations in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction.
The tax characterisation of CTK is uncertain. You must seek your own tax advice in connection with the purchase, holding and/or usage of CTK, which may result in adverse tax consequences to you, including withholding taxes, income taxes and tax reporting requirements.
It is possible that alternative networks could be established that utilise the same or similar code and protocol underlying CTK and/or the CertiK Platform and attempt to re-create similar facilities. The CertiK Platform may be required to compete with these alternative networks, which could negatively impact CTK and/or the CertiK Platform.
It is possible that the CertiK Platform will not be used by a large number of individuals, companies and other entities or that there will be limited public interest in the creation and development of distributed ecosystems (such as the CertiK Platform). Such a lack of use or interest could negatively impact the development of the CertiK Platform and therefore the potential utility of CTK.
Start-up companies such as the Seller involve a high degree of risk. Financial and operating risks confronting start-up companies are significant, and the Seller is not immune to these. Start-up companies often experience unexpected problems in the areas of product
development, marketing, financing, and general management, among others, which frequently cannot be solved.
It is possible that, due to any number of reasons, including, but not limited to, an unfavourable fluctuation in the value of cryptographic and fiat currencies, decrease in the utility of CTK due to negative adoption of the CertiK Platform, the failure of commercial relationships, or intellectual property ownership challenges, the CertiK Platform may no longer be viable to operate and the Seller or any Group Entity may be dissolved.
Because CTK confers no governance rights of any kind with respect to the CertiK Platform or any Group Entity, all decisions involving the CertiK Platform or any Group Entity will be made by the relevant Group Entity at its sole and absolute discretion, including, but not limited to, decisions to discontinue the services and/or ecosystem on the CertiK Platform, to create and sell more CTK for use in the ecosystem on the CertiK Platform, or to sell or liquidate any Group Entity. These decisions could adversely affect the CertiK Platform and CTK you hold.
The development of the CertiK Platform depends on the continued co-operation of the existing technical team and expert consultants, who are highly knowledgeable and experienced in their respective sectors. The loss of any member may adversely affect the CertiK Platform or its future development.
There is the risk that the development of the CertiK Platform will not be executed or implemented as planned, for a variety of reasons, including without limitation the event of a decline in the prices of any digital asset, virtual currency or CTK, unforeseen technical difficulties, and shortage of development funds for activities.
As the CertiK Platform may provide a decentralised cloud storage service to individual and institutional clients, including users and applications, the CertiK Platform (and services thereon) are susceptible to a number of risks related to the storage of data in the cloud. The CertiK Platform (and services thereon) may involve the storage of large amounts of sensitive and/or proprietary information, which may be compromised in the event of a cyberattack or other malicious activity. Similarly, the CertiK Platform and/or services thereon may be interrupted and files may become temporarily unavailable in the event of such an attack or malicious activity. Because users can use a variety of hardware and software that may interface with the CertiK Platform, there is the risk that the CertiK Platform and/or services thereon may become unavailable or interrupted based on a failure of interoperability or an inability to integrate these third-party systems and devices that the Group Entities do not control. The risk that the CertiK Platform and/or services thereon may face increasing interruptions and the ecosystem on the CertiK Platform may face additional security vulnerabilities could adversely affect the CertiK Platform and ecosystem thereon, and therefore the future utility of any CTK that you hold.
In addition to the aforementioned risks, there are other risks associated with your purchase, holding and usage of CTK, including those that the Seller cannot anticipate. Such risks may further materialise as unanticipated variations or combinations of the aforementioned risks.
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