Bitcoin Forum

For those that have used it are you happy to recommend it?

What are the pros and cons of choosing between Coinomi Wallet and its nearest competitors?

I found Dogecoin is supported by Coinomi Wallet whereas some of its competitors dropped it.

What are your views about Coinomi Wallet?

If I were to hold a small amount of various non-bitcoin cryptocurrencies on my mobile phone, I'd use Coinomi wallet. Why? Well, it simply does the job; and I'd say it's better than Jaxx(vulnerability issues in the past, and that devs aren't willing to fix stuff).

Though of course, I'd only store a small amount of funds on Coinomi or on any other mobile wallet simply due to security reasons. For bigger amounts, I'd still stick with a Ledger or a Trezor.

Many crypto enthusiasts choose Coinomi wallet apps because it is secured compared to nearest other app wallets.
Aside from that, you can be used 3 types of wallet addresses in a single wallet. Legacy, Compatibility and the Default.

I think you are referring to this article I had found.
https://insidebitcoins.com/bitcoin-wallets/coinomi

But the article says,

There is a comparison to other wallets like Coinbase, Cryptonator, and MyEtherWallet app.
And the Pros and Cons as well of the Coinomi wallet.

I have used the Coinomi wallet both PC and mobile versions for over a year now with no challenge (of course with small amounts) I really like the mobile version more because it's a little more private because someone has to first enter the pin or unlock it using the mobile finger print scanner unlike the PC version where anybody can be able to see your portfolio or wallet balances when they click on the app.

the pros are:
it is convenient to use and supports a good number of coins that most people want to have the wallet for. and it is easy to use.
the cons are:
it is closed source! even though they have some arbitrary code on GitHub, it does not match what they release and the code is rarely updated! which is another red flag.
it has done certain shady things in the past such as sending your seed to a server.

I have used the mobile version in the past for small amounts only. Didnt have any issues with it. I wouldn't use it as my main storage, I have other solutions for that.
It is easy to use, supports a wide variety of coins and fast exchanging between coins with Shapeshift and Changelly. If I remember correctly there was even an option to buy crypto with a credit card or purchase gift cards with Coinomi. 

From your post I understand that Jaxx is not recommended. What about other wallets?

Coinomi should do fine. I haven't tried using and I haven't researched about other wallets like the Trust wallet so I really can't comment on it. Just go with Coinomi if you don't have much, and go with hardware wallets like Trezor[1] and Ledger[2] if you have a significant amounts of money invested into cryptocurrencies.

---

[1] https://trezor.io/
[2] https://ledger.com/

I think everyone agrees that there are a lot of dark things around that wallet, that doesn't mean they're scammers but you should think before depositing large sums.
Remember: Do not use a closed-source wallet, this topic will give you sufficient reason >> WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings (https://bitcointalk.org/index.php?topic=5114708.0).
Your best choice was Atomicwallet, but I see you give them negative trust.
Therefore it is better to use more than one wallet with small amounts.

Thank you for your views, I appreciate them.



It is good to read reviews backing up their claim that they have never ever been hacked and it is good to see another post stating they use it for small transactions.



Yes I noticed the closed source fact from posts in this thread. I always thought it was open source and the fact it is not means it is a big consideration.



What are your views about comparing it with other like-for wallets?

I haven't used any of their competitors so I wouldn't be able to help you with that.
A few wallets are usually mentioned as usable options for holding multiple coins. Those are: Exodus, Atomic Wallet and Jaxx. But there are many bad reviews and posts about Jaxx being an unsafe option since they are saving private info on the device.   

The team behind Atomic Wallet have shady backgrounds so I would avoid them completely: https://bitcointalk.org/index.php?topic=4619534.0

The closed source wallet link you gave makes very interesting reading, thank you.

User of trustwallet here. It's one of the best multi cryptocurrency wallets i have ever used and it supports Dogecoin too. It's Open source, and they have a partnership with Binance. The only problems are that it's impossible to obtain a Private Key from a single address in a multi chain wallet and it's only available in mobile versions at the moment.

The closed source nature of coinomi made me not to trust it that much.

coinomi is fine for small amount but avoid using exchange feature, it is buggy!

Yeah, I like the smartphone version a lot--I just downloaded the PC version and did notice that there's no password option, but that's OK.  I'm not storing much on it and don't really plan to, but I've got small amounts of some altcoins and didn't want to use my Ledger for them.

I've always liked Coinomi as a multicoin wallet, and I prefer it over all of the other ones I've tried.  Jaxx and Exodus both suck ass IMO, and from what I've read they aren't even secure.  At least with Coinomi I have a seed phrase for recovery, which I don't remember getting with either Jaxx or Exodus.  Other members would have to vouch as to whether Coinomi is secure, but I'm pretty sure it is and that's the most important thing.

Anyway, I've had a Coinomi wallet on my phone for a couple of years at least and I've never had any issues with it whatsoever.  I'd definitely give it a thumbs up.

Edit:

Oh man, thanks for posting that link.  I'd like to hear what others have to say about that.

I decided to uninstall it after testing it because of this thread: WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings (https://bitcointalk.org/index.php?topic=5114708.0)

Regardless of the reason the user lost funds, I think the fact it is not open source is an important factor too.

You can read our official statement and independent review of this issue from this thread: https://twitter.com/kimionis/status/1131945228506738688?s=19

With regards to being open source, We decided to close our source code as many new users in the space were being tricked into thinking that various cloned apps were official releases of Coinomi which lead to them losing funds. Whilst we agree open-source provides the ability to audit code, you can never 100% verify that the code from GitHub is the same as that which is pushed to the app stores which is the same for every single open-source application.

You may also choose Coinomi for the wealth of features which many other wallets may not have including;
- Full native segwit support for all segwit supported assets.
- Web3 Dapp browser
- Collectible Support
- 118 blockchains supported and ALL ETH/BEP2/NEM/TRC10/OMNI tokens supported
- Multiseed support
- Enhanced privacy features: https://coinomi.freshdesk.com/support/solutions/articles/29000030207-what-are-coinomi-s-privacy-features-

No user has ever lost funds due to Coinomi and all such cases have been pinpointed to user error which includes;
- Saving the recovery phrase in an incorrect order
- Sharing their phrase with others
- Saving their phrase in an email account or cloud storage
- not saving their phrase at all and then losing their device or uninstalling the app
The list could continue....

And that applies only to Coinoimi? That justification is nothing more than an excuse to keep the project as a close source as keeping that as a rule any and all projects available worldwide would be in the same boat and nothing Open Source would exist.

It is nothing more than a ridiculous excuse that has almost zero merit. Though some scams have taken place by uploading malicious software to Github how many of those have come from official channels and repositories?

I am astounded that a representative of any organisation would make such a post. I reiterate my request asking forum users to stop using Coinomi as precaution until or unless it becomes open source.

I started this thread last week about wallets and open source:
https://bitcointalk.org/index.php?topic=5209842 (https://bitcointalk.org/index.php?topic=5209842)

As a BTC wallet, there are other better options.

But the fact that Coinomi is a multicoin wallet actually makes a bit of a difference here.
I can find a legit mobile BTC wallet. And a legit mobile LTC wallet and a legit DOGE wallet. Now you have wallets and wallets on your phone.
Can you find me one for Defcoin or ViaCoin or Komodo?
How about ETH and tokens?
Now can you trust all of those wallets?


This is where Coinomi works very well.
Do I trust them...no more or less then other wallets.
Do I have life changing amounts of BTC on it. Nope, I usually have my BTC in another wallet. (see note 1)
Do I have life changing amounts of other coins on it. Nope, my phone was worth more when new then the coins that are on there.
Is it nice to have them all in 1 location. You bet.

-Dave

Note 1 --> If you have life changing amounts of BTC (or any coin) in a mobile hot wallet or any non multisig or hardware secured hot wallet you're an idiot.

What happened in the case of that one user who claimed that he lost funds on your desktop platform because you use Google services for spell checking?
How did that case even end, was it proven that Coinomi was the one and only culprit and what is your theory on that case?   

Someone (not coinomi but paid by them) did a write up on it.
https://medium.com/@cipherblade/how-not-to-react-when-your-cryptocurrency-is-stolen-92f7c72616af (https://medium.com/@cipherblade/how-not-to-react-when-your-cryptocurrency-is-stolen-92f7c72616af)


Coinomi statement: https://medium.com/coinomi/official-statement-on-spell-check-findings-547ca348676b (https://medium.com/coinomi/official-statement-on-spell-check-findings-547ca348676b)

-Dave

I recently tried the Coinomi wallet (desktop version), and have no objections about the overall impression. What is important about this wallet is the fact that it supports a large number of coins, that it has a very simple and friendly interface, and that there is a backup in the form of a seed words. Of course, what matters most is that the wallet is free, which, in combination with other features, will satisfy most users.

Of course, the most objection is to the fact that this is not an open-source project, which causes some doubt and skepticism, for good reason of course. Personally, I think this kind of wallet can be a good choice for those who are just beginners and want to play with a lot of altcoins. For some serious dealing with crypto, however, there are some wallets that offer a far better level of security.

Besides the independent study and our statement linked a couple of posts above, please also read this short tweet thread from our CEO: https://twitter.com/kimionis/status/1131945228506738688

So the user who lost founds, or claimed that he lost founds, never actually proved that  ???
And now Coinomi is considering taking legal actions against him for putting user funds at risk making and not reporting the bugs (that were fixed the same day) to support staff of Coinomi. 

Closed source? Get coins out, and uninstall. Don't support this. It goes against Bitcoin, as a movement, and as a philosophy.

If the version of events are correct it means Coinomi claimed in May 2019 it was starting legal proceedings (against the accuser Al Maawali) but I have no idea what has happened in the subsequent 7 months.

Regardless of how the funds were stolen and who is to blame the moral of the story is: Coinomi is closed source so all are advised to find an alternative


https://medium.com/@cipherblade/how-not-to-react-when-your-cryptocurrency-is-stolen-92f7c72616af

I don't use Coinomi as my standard wallet of choice, and I don't recomend it, but I do like few things about it.

- It has option to sign-a-message with from bitcoin address
- You can add Bitcoin testnet BTCt

As for open and closed source...
Let's be honest and say that most wallets are now closed source, and even if they are open source it means nothing if you don't verify the code yourself.

Most of us agree that Electrum is best BTC wallet and it is open source,  but people still lost Bitcoins due to hacks and phishing.

One alternative for Coinomi that I think is open source, is Atomic wallet:
https://atomicwallet.io/
https://github.com/Atomicwallet

Other option is Guarda wallet:
https://guarda.co/
https://github.com/guardaco

Trust wallet is third option
https://trustwallet.com/
https://github.com/trustwallet

(They all support Doge)

I like coinomi

If you just need to use bitcoin in your mobile, you should use Samourai wallet , as it is open source and has many good features such as coin control.

However,  if you need more than one coin i just  go with coinomi.
Coinomi allows coin control in their mobile version, sign messages, full control over private keys, 3 addresses simultaneously.  And support more than a thousand different coins. Which other wallet offered that? None.

Should you keep your life savings there? Of course not. Buy a ledger or trevor for that.
But you could have a coinomi wallet in your phone for small values.

It is not a scam and it is an amazing software imo.

It is closed source, but ALL multicurrency walled are.

No they are not all closed source ;)
I think Atomic, Guarda and Trust wallet are all open source if I am correct, and they have support for a bunch of shitcoins

Those are shitful wallets and are not nearly as safe, as tested and as good as coinomi.
And no, they are not open source.

Those are new wallets,  and some o them have scam accusations against them.
I doubt any of those have coin control feature.

Atomic wallet even claims that it has atomic swap, which is a lie.

Coinomi is running since 2014. You can't compare those wallets to coinomi.  Coinomi is better is every aspect imo.

https://i.imgur.com/zoUBUtE.png

https://i.imgur.com/6kfjtTH.png

Do you know any multi-shitcoin wallet that is not 'shitful'?  ;D

And I don't know how you know that that this wallets are not open source.
I checked github for some and it is clearly Open source.
Trust wallet is supported by Binance exchange.

I don't support any of this wallets I just gave OP options to Coinomi that is confirmed NOT open source.

We can't have old and open source wallets for many shitcoins....they have to be new, open or closed source.

Ledger and other hardware wallets are also closed source.

i don't think people are using this wallet for "bitcoin", they use it for the very large number of altcoins that it supports which gives it an edge compared to other wallets.
otherwise if there existed any other wallet similar to Coinomi that supported this many altcoins AND were open source then i am sure nobody hesitated in switching to it.

Having a close source code is a big no for users who sees transparency to be one of the most important factor of success specially in the opensource community such as blockchain and linux. I did have a Coinomi wallet installed in my phone but never did I got a chance to use it because my mind is fixed on electrum on desktop and ETH on myetherwallet.

We don't really know if they got the copy of our privatekeys and we can only be sure about it if we see the codes.

All advice and feedback is welcomed, thank you.

Sadly Exodus is not open source either: https://support.exodus.io/article/89-is-exodus-open-source

Yes, I knew that Exodus wallet is not open-source.
I found one link with all many wallets (over 220)
You can see what coins are supported and is wallet open-source:
https://www.cryptocompare.com/wallets/#/overview

According to their site they do have Atomic Swaps. They have a guide how to do it as well > https://atomicwallet.io/how-to-make-atomic-swap
You can create your own swap orders or accept those of other users. No idea if it works or not.
Have you tried it and it didn't work for you?

I didnt know this.
I thought thy were just saying changelly and shapeshift were atomic swap, like most wallets

No, I never tried and I didn't know this new feature.

They claim it is decentralized. Atomic swaps should be done by smartcontract,  theoretically.
I don't know if this can be called atomic swap but it looks like.

I had a bad experience in the past with that wallet , as other users (some provate keys could not be recovered after importing the seed), so I move away to other wallets. Maybe I will give it a shot later.

The team behind Atomic Wallet are connected to the same group involved with Changelly and ChangeNOW - there are threads about their failed attempts to selective scam a user from the forum. Even if the code is open source I for one will never use anything those scammers provide and would advise all to proceed with caution if using them and their services:

https://bitcointalk.org/index.php?topic=4619534.0

One more good reason to stick to Coinomi. They never scammed anyone.

however, even though Coinomi is a nice wallet, there are two wallets which is much betteR and do all coinomi does: Ledger Nano and Trezor.

Just buy one of those hardware wallets and you will be able to store all the coins you want knowing that you are using the best security technology to store your coins.

Except when it comes to the share number of supported assets. Coinomi would certainly win in that category.
But for most Crypto holders who don't own many altcoins, especially not the unknown ones, Ledger and Trezor are the way to go.

Yes, hardware wallets have their own security advantages so that would be an option for would-be secure storage seekers.

Additionally,  coinomi adds new coins very quickly,  specially when it come to btc forks. In 2017 2018 I used it a lot to recover them.

Correct, this is the main reason I used Coinomi, to get forked coins.
They do seem to be very proactive in listing new coins.

I did make a few other transactions through Coinomi without incident.

can you get bitcoin sv with it?  People said bitcoin gold you can.

Yes, BitcoinSV is one of the supported forks by Coinomi.
You can check this article for info on all forks that they support:
https://coinomi.freshdesk.com/support/solutions/articles/29000018129-all-about-forks

Bitcoin Gold is also on the list so you can store them both if needed.

I have been using it since last few years, it's working fine, claimed several airdrops, was fast & smooth. So far it's been ok. It's closed source tho and some have lost their funds. So exercise caution, for security nothing is secure as hardware wallets.

Hi Libert19, The only reason any user has ever 'lost' funds is because they failed to correctly backup their wallets or shared phrases with a scammer. As long as you backup correctly and never share your phrase with anyone then you have nothing to worry about. You can read about Coinomi's security features here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248

Thank you, I didn't expect this response. This certainly helps with trustworthiness.

As stated earlier, in the Coinomi Wallet Review 2020, we will learn everything about Coinomi. Let’s start with what makes it different from the rest in this Coinomi Review.

As a multi-chain and security-first wallet ideal for both mobiles and desktops, Coinomi supports over 125 blockchains. And, this is by far the highest number in terms of cryptocurrency.

Also, it is ideal for thousands of tokens, unlike others that are limited to specific tokens. Apart from this, Coinomi offers over 160 fiat currency and is readable in 25 languages. Now, let’s learn how to download Coinomi Wallet APK.

Source and details on the review: https://coinswitch.co/news/coinomi-multi-cryptocurrency-wallet-complete-beginners-guide

Coinomi Wallet announced integration with OKEx exchange, the announcement is on Twitter https://twitter.com/CoinomiWallet/status/1277909776513601536?s=20

https://pbs.twimg.com/media/EbwLxdrWoAIGORv?format=jpg&name=small

Coinomi is one of the most popular wallets, maybe due to its features and strong reputation. I like using the app because of built-in exchange, no KYC, no IP association, no identity linking and supporting Segwit. Coinomi is a good choice.
p.s. Coinomi is closed-source, but who is really going to review their code?

anybody who cares a tiny bit about their security and privacy.
any of the open source and semi-popular to popular wallets that you check have gotten active contributions from at least a couple of dozen developers and have been reviewed by a lot more whether a complete review or partial.
for example i myself have one through the code of bitcoin core and electrum both of which i have used and trust.
meanwhile nobody has any clue what Coinomi does and that is a serious danger to your security and privacy both.

You make a very valid point. Without knowing the code it makes it a matter of proceeding with caution. I would find it very hard to trust Coinomi or any other platform right now unless they were open with their code.

Additionally,
1. You can choose to trust other people (who's more likely being honest/neutral) who have reviewed the source code if you can't do it yourself
2. Anyone can hire professional to audit source code of the wallet. Monero community often do this and the result is available publicly even though they usually audit their cryptocurrency protocol / implementation rather than wallet source code.


Serious danger? Your privacy is pretty much nonexistent when you closed-source wallet, since you're connected to their server and it's likely they log everything (where there's no way to prove it's true or false).

But Coinomi does allow you to change the server it talks to (on the mobile version). Don't trust them for privacy, use your own server.
You can actually install a sniffer on your Wi-Fi and see that yes, once you change it it never talks back to them. On mine it has not pinged back for months except for update checks.

With others, like mycelium, their servers are hard coded in. Can't be changed without recompiling it yourself.

And it also goes back to something I posted last year in this thread and in many other places:
If you have life changing amounts of BTC (or any coin) in a mobile hot wallet or any hot wallet you're an idiot.
PHONES ARE NOT SECURE. PCs are not secure, Macs are not secure.

Treat any crypto on a phone (or any hot wallet) the same as cash in your wallet in your pocket. It can be gone at any moment. Due to theft, bad luck, or a host of other reasons.
Cold storage, yeah different world. I used to say my phone was worth more then the crypto on it. Now, I have a bit more stored on it then I should and well my phone is older and worth less, but that's on me. Not you, not coinomi or anyone else.

Goes back to this: https://bitcointalk.org/index.php?topic=5209842

-Dave

So keeping all that in mind, the general consensus about Coinomi Wallet is..... "yes, I advise you to use it" or "no, I advise you to not use it"

Yes, by default you connect to their servers. All wallets do that.
But with some open source wallets you can't change easily, or at all.
With mycelium, you have to change the source and recompile and with green you can change SPV only do it on android.
Some like electrum are quick and easy to change. Others, not so much.


I will say for me I consider any amount in a hot wallet on a phone to be funds I do not think are safe and could loose at any moment, no matter what wallet it is.
So, I would say if you want a multicoin / multitoken wallet on your phone (or desktop) holding hot funds that are not going to make a difference in your life if you loose them then yes I advise you to use it.

If you want to store your life savings on BTC I would tell you to use a hardware wallet with at least 2 of 3 multisig.

Somewhere between those two amounts is your comfort factor.

We are anonymous here, I don't know who you are. You could be Bill Gates so your comfort amount in a hot wallet could be 15000BTC because that is your petty cash.
Or you could be living paycheck to paycheck in a very poor area and loosing anything over $20.00 is going to mean you don't eat tomorrow.

So, although it is a bit of a circle I say yes use it, but no don't use it. Depends on the use.

-Dave

Use it with caution for small percentage of your coins.


I have multiple

core wallets
hardware wallets
online wallets.

Frankly most of my cryptocoins are not coins but gear instead of coin.

It is hard to play the cryptogame if you just buy and hold or buy and trade coins.

I juggle

coins,gear,cash,debt,infrastructure .

No great amounts of anything.
Multiple locations for gear coins cash.

invasion of your privacy doesn't have to happen on every communication. with HD wallets sending the master key (hopefully public not private!!) to their servers would do the trick since they will have all your future addresses and transactions.
and assuming that communication to their servers is encrypted (which it should, using SSL) then you can't "sniff" it anymore. you may just see it communicated which may be to check for updates or may have been sending your information to their servers...

Which is why you should NEVER EVER INSTALL A WALLET ON A PC / LAPTOP / PHONE THAT YOU DO NOT OWN and control.

https://www.trustwave.com/en-us/resources/blogs/spiderlabs-blog/intercepting-ssl-and-https-traffic-with-mitmproxy-and-sslsplit/

Don't think the company you work for did this? Think again.

There are dozens of other ways to do it too.
So yeah, for the tablet that is in my place that I have funds on I know every call it has made since Christmas.
Never spoke to a node except mine.

But, with that being said since we don't have the source and we don't know what else it's doing, while I am at work today it could send my seed someplace and by the time I get home it's too late.

But, also as I have said if we don't know the way they send updates to the Play / iTunes store it's all moot, more or less:

Code review vs compiled is great but if you don't have auto-update turned off its pointless. The best wallet with the best intentions is worthless if everyone on the team has the ability to push up the files or there is not a good process to do it.

Look a new version, but look the compiled version on github does not match the version in the stores don't update.

How may people auto-updated to the version that EvilDave pushed out Friday afternoon when everyone was leaving for the weekend. Look EvilDave now has 10% of all the BTC stored in everyone's wallet that he took while hopping a flight to a country that has no extradition. How did this happen? Oh, the wallet with all the code reviews and all the proper things done pushes the code to the App / Play store from a PC that is not properly secured.

I have been saying it for a while [and will keep saying it], until all developers give up an audit trail of how their update is secured then offline / hardware for big amounts and be prepared to loose everything from all other wallets at any time.

-Dave

Is there any risk of downloaded coinomi on your iphone if there is a chance your iphone might be not secure?

ANY wallet on a phone that you do not think is secure IS NOT SECURE
There is no security you can use other then a separate hardware device to make it secure if the phone has been compromised.
If you do not think your phone is safe do not store any more crypto on it then can afford to loose.

-Dave

Even if there is the slightest chance or probability that your phone could have downloaded any malware or malicious software then you have your answer.

As a rule many people only use their phone for holding a small amount of Bitcoin or altcoins or only those coins that are so obscure that they cannot find a decent wallet to keep them on.

Either way many people only hold those coins on their phones that they are willing to lose in the event of a hack and not be too sad about them.

Don't you use a Ledger hardware wallet? I remember your name jerry0 from numerous posts you made in the past where you asked different things about Ledger and whatnot. I see no advantage of using Coinomi if you have a hardware wallet.

And to answer your question, none of your apps on your phone are secure if you believe your phone isn't. And you phone isn't designed to be a permanent crypto bank. 

The advantage is convenience.
I have the majority of my BTC in cold storage x of y multisig with a password.
I have some "warm" in a hardware wallet.
I have my day to day spending in a multicoin wallet on my phone. I know the risk.

Same way. I have most of my fiat sitting in a bank.
I have some of it locked away in a fireproof safe @ home
I have my day to day spending in the wallet I carrry with me.

YMMV on what the amounts are for each type of storage are good for you. But if you want to send someone $20 in crypto, do you really want to deal with a hardware wallet that you have to carry with you, or do you want to whip out your phone, scan a QR code, and go.

-Dave

Hard to argue with that view. Simply do not keep crypto on your phone unless it is absolutely necessary and only what you are prepared to lose.

I agree with thiose both statements.

I like to use this "metric" when using mobile wallets:

Never put more money in a mobile wallet than the value of your smartphone.

I ask about coinomi because i still yet to claim my bitcoin gold...

I bought some USDC and sent them to my Coinomi wallet, but they have never appear on the wallet. I have no way to use them, despite I can still see them on the Etherscan.

Are you using the mobile wallet or desktop wallet?
Is your wallet fully sncyed?
From the information I can see, the support USDC. If the problem persists, try contacting their support - https://coinomi.freshdesk.com/support/home

Coinomi has quite a few problems. And one of them is the fact that the developers are pretty incompetent.

I hope you can fix your issue somehow. It might be just a connection error, can you confirm that you actually have an active connection and the up-to-date version?
After you gained access, you might want to user a proper open-source wallet, and not a wallet whose developer think its not a severe vulnerability to spell-check your mnemonic code with the use of google.

I'd definitely suggest you to not use coinomi after fixing your issue.

Even with the mentions of Coinomi developers incompetence it is a widely used wallet. For some reason or other I never used it, I think I might have downloaded it around the time I started this thread but I was never very comfortable with it but I could never put my finger on it, I would cite it as a gut feeling.

I do think that with other options out there your advice about not using Coinomi after his issue is resolved is correct, if someone had a bad experience with a wallet then better to move on but only with caution and after carrying out lots of research.

Hi, We're having a refresh problem with ETH, so new transactions aren't appearing at the moment. Once resolved, every transaction will appear automatically in the app and balances will update. Apologies for the inconvenience. If you must send your coins immediately, you can link your address to MyEtherWallet and make the transaction from there. Instructions can be found here: https://coinomi.freshdesk.com/support/solutions/articles/29000016910-linking-to-myetherwallet-mew-


To elaborate on your reply above, we now have solid evidence that AW money being referred to was stolen by a group of hackers who were active before we even published the first version of the desktop software with the problematic code you mentioned. The detailed report can be found here: https://medium.com/@cipherblade/how-not-to-react-when-your-cryptocurrency-is-stolen-92f7c72616af. Further to that, and unlike what was written on media, nothing was transmitted in plain text and no user ever lost money by this bug or by using Coinomi since its inception back in 2014. We strongly advise you to double-check the facts behind a story before reproducing it because all we've ever done all these years was to support the crypto community and help spread the message around the globe and now we need your support. To contribute to your original reply, there are several "proper open-source wallets" that were hacked or had serious bugs that resulted in permanent loss of funds, something that never happened with Coinomi.

Hi @Brenny_Coinomi, since you are Coinomi's rep who's active here. I have a question about your wallet upgrade. I updated the coinomi android wallet after a long time of not updating it but as I was trying to log in with my fingerprint. A window pops up asking me to upgrade my wallet.

It says

"Your wallet needs to be upgraded to support new cryptographic functionality

(Optional) BIP39 passphrase

________________________________"

My question is
1. Which new cryptographic functionality are we talking about?
2. Why is there need to enter the BIP39 passphrase?

The new functions are new cryptographic curves used by some coins. If your wallet doesn't have a BIP39 passphrase, you should leave the field empty. The BIP39 is needed because to create the required keys for these new curves, it needs the root master key of your wallet. For security, the BIP39 isn't saved anywhere in your device's memory, so it needs to be provided again.

I never claimed it was transmitted in plain text.

But you seem to miss the point here.


You (@Coinomi) made a statement regarding the vulnerability:


I don't understand how you can expect people to believe you are competent when there are such statements, justifying themselves by saying ".. oh hey at least it was encrypted".
You obviously did not understand how severe that vulnerability was and that google is not the only actor who can abuse that vulnerability to steal funds.


The arrogance and incompetence paired with the fact that the wallet is closed source is a huge red flag.

Coinomi and OWNR are two closed-source wallets I trust. I like that Coinomi is user-friendly and supports a lot of altcoins.