This is the explicit consent text for the wallet, kept separate from the privacy notice. Please read it before you open a wallet, and do not open one if you disagree - the rest of the app works without it.
Your Monero keys are not on your phone; they are on our server, encrypted. In practice:
Transactions reach the network through a third party's node, which can see which blocks we ask for. Routing that connection over Tor keeps the node from learning our server's address, but it does not remove the risk.
Monero transactions are final. Money sent to the wrong address cannot be recovered - not by you and not by us.
By opening a wallet you consent to your Monero address, balance and transaction history being processed so the feature can work, and you accept the risks above knowingly. You can withdraw consent at any time by deleting the wallet, after moving your balance elsewhere.