Security model

Security on GM Markets sits on four layers. Each is documented in detail on its own page; this is the map.

#Custody layer

Underlying shares are held in segregated customer accounts at regulated US broker-dealers such as Alpaca Markets and Interactive Brokers, separate from the broker's own funds, under the applicable investor-protection arrangements. A designated security agent (GenTwo) has standing authority to direct the custodian to redeem outstanding tokens against the underlying shares for token holders if GM Markets discontinues operations. Independent third-party attestation publishes the share balance on-chain in real time. See Custody and backing and Proof of reserves.

#Smart contract layer

The token contracts, mint/redeem partner contracts, and proof-of-reserves attestation contract are audited by Sherlock. See Smart contract audits for the audit history.

#Wallet layer

Embedded wallets are MPC-backed by Privy — no single party holds your complete key. Biometric or passkey confirmation on every trade is optional and off by default; you can turn it on in Account → Security. Recovery paths via passkey, email magic link, TOTP, or external wallet. See Privy embedded wallet and Recovery and security.

#Operational layer

• Rate-limited magic links — throttled to prevent enumeration and brute force
• Bound-to-session tokens — session tokens cannot be replayed from a different device
• New-device sign-in detection — first sign-in from a new device requires re-authentication
• Suspicious-activity re-authentication — triggered by geo jumps or device changes
• Private-key export gating — magic-link confirmation
• No value-based step-up — trades, deposits, and withdrawals never trigger a second-factor prompt based on dollar size

See Recovery and security for the full mechanism.

#The product Security page

The /security page is the marketing-facing security overview — the docs page links to it but does not duplicate it. The docs pages are the deep reference; /security is the summary.