It's a fair thing to ask before you put money anywhere. Here's how your wallet works.
Your Ulys wallet is non-custodial, which means you control your wallet and assets, and Ulys doesn't hold them.
Your wallet is secured by Privy, our wallet security provider. Your private key is split into two encrypted pieces, stored in tamper-proof hardware enclaves. It only exists whole for the moment a transaction is signed, inside secure hardware, and only because you approved it. Not even Ulys can access it.
No security setup can promise there's zero risk, and that goes for crypto in general. These measures are designed to help protect your wallet. The value of what you hold can also go down as well as up.
Getting your key
You don't need a recovery key to use Ulys. Your wallet comes back when you sign in, so there's nothing to write down.
If you want your own copy, you can export your key from the app.
Treat it like the key to a safe: anyone who has it can move your funds, and it can't be cancelled or reissued. Ulys can't view your key, and we can't recover an exported key if you lose it.
If you think something's wrong with your account, contact us and we'll look into it with you.