No — we can't see or use your API key ourselves unless you explicitly give one to us (which can
happen if we're helping you through an issue over email or chat).
When you enter an API key into the app for the first time, it's stored locally on the iPad. It's also sent to our servers so we can create an account for you. Once our servers verify that the API key is valid and your account is created, we mangle the API key before storing it. In this way, we can't possibly un-mangle it. We only keep it so that we verify any future communication from your iPad against an account that already exists.
(if you're interested, we use a cryptographic hash function
to do the mangling).