Security

What happens when using Mentat Minds?

When you sign the transaction from Mentat Minds’ app, you effectively set one of the strategies address as a Staking Proxy to yours.
This gives the strategy the right to buy and sell subnet tokens from your account, but not the ability to send funds outside of your account.

What if the proxy private key gets compromised?

Even if that were to happen, an attacker couldn’t steal your funds. They could use them to pump a subnet token they hold. In that case, you would still be holding a valuable subnet token while we detect the situation and reset the proxy.

👉 When signing the transaction on mentatminds.com, please make sure that you are on https://mentatminds.com/delegate, and double check what you are signing on your wallet. This is actually where most user hacks come from.

You should see a Batch Request containing both an add_proxy and an add_stake function call.

Useful links to go further:

• The official announcement about the addition of the Proxy Pallet within Bittensor.
• The docs that explains how the Staking Proxy works in substrate chains like Bittensor.
  
  You can read the most important paragraphs of this documentation below:
  
  • If the proxy is compromised, it doesn't have access to transfer-related transactions, so the stash account could just set a new proxy to replace it.
  • Staking: allow all staking-related transactions. The stash account is meant to stay in cold storage, while the staking proxy account makes day-to-day transactions like setting session keys or deciding which validators to nominate.