Terms of Service

Effective 2024.09.09

Article 1 [Purpose]

These Terms set out the rights, obligations, and responsibilities of Nonce Lab Inc. (the “Company”) and users in connection with the use of Coconut Wallet and Coconut Vault (the “Service”) provided by the Company.

Article 2 [Definitions]

The terms used in these Terms are defined as follows.

  1. Service: Coconut Vault, Coconut Wallet, and Coconut Tutorial, provided by the Company for users to access through a mobile device.
  2. User: Any person who uses the Service by agreeing to these Terms. The Service may be used without a separate contract.

Article 3 [Effect and Amendment of the Terms]

  1. The Company posts these Terms within the Service so that users can easily review them.
  2. The Company may amend these Terms to the extent that it does not violate applicable laws, including the Act on the Regulation of Terms and Conditions and the Act on Promotion of Information and Communications Network Utilization and Information Protection (the “Network Act”).
  3. When amending these Terms, the Company will announce the effective date and reasons for the amendment, together with the current Terms, in the manner described in Paragraph 1, from 7 days before the effective date until the day before it. However, if the amendment is unfavorable to users, the Company will announce it at least 30 days before the effective date and notify users within the Service.
  4. If the Company, when announcing or notifying the amended Terms under Paragraph 3, clearly states that users who do not express refusal by the effective date will be deemed to have accepted them, and a user does not expressly refuse, the user is deemed to have agreed to the amended Terms.
  5. A user who creates a wallet in the Service by generating or restoring a mnemonic is deemed to have agreed to these Terms.

Article 4 [Management and Responsibility]

  1. If a user becomes aware that their wallet information has been stolen or is being used by a third party, the user must immediately move their bitcoin. The Company is not responsible for any loss arising from the leakage of private keys, including mnemonics.

Article 5 [Protection and Use of Personal Information]

  1. The Service does not manage any separate personal information.
  2. The protection and use of personal information are governed by applicable laws and the Company’s Privacy Policy.

Article 6 [Obligations of the Company]

  1. Unless there are special circumstances, the Company provides the Service to users without interruption.
  2. The Company makes continuous efforts to provide the Service steadily and reliably as set out in these Terms, and must promptly repair or restore any facility that fails or is lost. However, the Company may temporarily suspend or stop the Service in the event of a natural disaster, emergency, or other unavoidable circumstances.
  3. The Company does not provide users’ personal information obtained in connection with the Service to third parties without their consent.

Article 7 [Obligations of Users]

  1. Users must not engage in any of the following acts:
    1. Accessing the Service, applying to use the Service, or placing load on the Company’s servers through automated means such as agents, scripts, spiders, spyware, or toolbars, or through other illegitimate methods, without the Company’s prior approval
    2. Disrupting fair trading, such as by unduly influencing the price of bitcoin
    3. Any act objectively judged to be connected with a crime
  2. If a user engages in any act under Paragraph 1, the Company may take appropriate measures at its discretion, including legal action.
  3. Users must comply with applicable laws, these Terms, service guides, precautions posted in the Service, and notices issued by the Company regarding use of the Service, and must not otherwise interfere with the Company’s business.

Article 8 [Use of the Service]

  1. The Company provides the following services to users:
    1. Bitcoin private key storage
    2. Bitcoin transfer
    3. Bitcoin test network for educational purposes
  2. In principle, the Service is available 24 hours a day, 365 days a year, except when use is impossible due to business or technical problems of the Company.
  3. The Bitcoin test network may be reset without notice as needed.
  4. By using the Bitcoin test network, users acknowledge and agree that data may be lost when the network is reset. The Company is not responsible for data loss that may occur due to the nature of this test environment. Storing or relying on important data on the test network is therefore at the user’s own risk, and users should take precautions such as backing up data where necessary.

Article 9 [Changes to and Termination of the Service]

  1. The Company may change or terminate all or part of the Service if there is a reasonable ground to do so.

Article 10 [Restrictions on Use of the Service]

  1. The Company may restrict or suspend a user’s use of the Service in any of the following cases:
    1. The user violates Article 7 (Obligations of Users)
    2. The user intentionally or negligently interferes with the normal operation of the Service
    3. Maintenance, replacement, or failure of service facilities, or other reasonable operational grounds
    4. Regular maintenance is carried out for stable operation of the Service
    5. A facilities-based telecommunications carrier as defined in the Telecommunications Business Act suspends its telecommunications service
    6. Use of the Service is hindered by a national emergency, facility failure, surge in usage, or similar events
    7. The Company otherwise deems it inappropriate to continue providing the Service for serious reasons

Article 11 [Disclaimer]

  1. The Company is exempt from liability for providing the Service when it cannot do so due to a natural disaster or equivalent force majeure.
  2. The Company is not responsible for any disruption in use of the Service caused by the user.
  3. The Company has no obligation to intervene in disputes arising through the Service between users or between users and third parties, and is not liable for any resulting damages.

Article 12 [Governing Law and Jurisdiction]

  1. Disputes between the Company and users arising from use of the Service are governed by the laws of the Republic of Korea.
  2. Lawsuits concerning disputes between the Company and users shall be brought before a court agreed upon by the parties, or, failing such agreement, before the court determined under the Civil Procedure Act.

[Addendum]

These Terms of Service take effect on September 9, 2024.