Bitcoin Forum

The exodus wallet steals your money when exchanging!

It happened to me, too. I lost 500usd when exchanging inside the wallet.
Order ID
i5bkh1tn5nqhfuxm
Date
11/11/2024 4:20 PM
0xd94006beb2ed6a0ed01183db86a22cdeeacae8dac2cd3a37f47aff2e492e0b44
Amounts
0.15998883ETH for 3.11607232XMR
Order ID
i5bkh1tn5nqhfuxm
Now
$501.77
Nov 11th
$518.11

They refuse to refund the money. They impose conditions impossible to verify.
Be careful, this is a scam project from Exodus
Your money can be stolen in any exchange. They also have access to your secret phrases.

I am not defending exodus wallet as a closed source wallet, but they are not holding any coins themselves, and they are not a scam.
Exodus is using multiple third party exchanges as partners and they are known for randomly freezing coins of their customers.

Next time you better read terms of use:
https://www.exodus.com/legal/exodus-tos-20240826-v33.pdf

Exodus is a close source wallet, no one can know if they have access to people's private keys or not. That is why it is good to use an open source wallet which are trustworthy to people.

This is true but they have the third parties because of their profit. You said they are close source, how can we know that they are not having their users seed phrases?

You tried swapping eth to xmr. Are you in the usa, then yes, I can see this - Can you please post on the doll, exactly where they hurt you when you sayThey impose conditions impossible to verify. ?

https://i.imgflip.com/e94s3.jpg?a481032

They require video verification. A statement of payment documents. My passport and account information.
But I don't need them! I don't need that kind of exchange. I just asked them to return my ETH and cancel the exchange.

They said they will not return anything and will keep my money.
Exodus support will not help you in any way. They started to ignore the problem.

This is a very dangerous wallet. If you have a chance give it up

Any wallet which is a close source wallet may not be completely safe for us, even if they are non custodial, it has to be an open source wallet, in this regard, exodus is best described as a newbies category kind of wallet, they can make its use and also afford to only deposit little amount of money on them, but if you're complaining on the difficulty in the requirements they are making demand's for under verification, then this has much to do with kyc and the likes, which will still bring us back the where i started from, why making use of a close source wallet.

We don't know, but this is not the issue in this case, and nobody that I know reported stolen seed phrases by using Exodus wallet.
There is a chance OP would get the same issue even without exodus wallet, if same partner exchange was used.
Closed source should be avoided for different reasons.

Many centralized exchanges can ask the same thing when you use them directly.
Only eXch is never asking for anything like that from their customers, or you can use decentralized exchanges instead.
 

exodus is fine as a wallet for small amounts (although i'd not recommend it), the only dangerous thing about it is the swap feature since they use shity third part exchngaes (because they pay them the most) that are know for scamming.
if you had done a bit or reaserch, you would have known not to use their swap feature, i guess you had to learn this the hard way, sorry for your loss @Fedyanov

Well, obviously you need if you want to get your money back. At least you learned your lesson with not crazy high amount of money.


Even open source wallet can be risky to use, if not properly checked by those with sufficient knowledge on the matter to check the code. For example, I (and many many more) don't posses such knowldege and have to trust that others checked it thoroughly and that its safe to use.

By the way, not saying that people shouldn't prefer open source wallets over closed source ones, but you have to be careful either way.

A question from a total newbie,

Could you suggest a solution? Note to use exodus? Who is better? Or to use different exchange providers?

your help is much appreciated.

You can select the provider you want in the Exodus settings. Another tip is to keep your amounts being exchanged small, like under $700. In the case of XMR, probably under $400. If you're in the US, I would also use a VPN and change it to Hong Kong or something.

What about larger amounts? What would be a better choice for the wallet and exchange?

Its not a wallet but as was suggested earlier in this thread, eXch is a good exchanger:

https://exch.cx/

I trust them, have never had any problems with them. You can still use Exodus to send & receive funds to/from the exchanger.

The .cx domain looks a bit concerning. Also, the company is located in Belize. A good recent example is FTX, which was located, I believe, in the Bahamas. How much would you trust them? Let's say $7000 instead of $700. It appears some people trade quite a lot of money. What does it do, multiple trades? I visited some forums and saw that people mentioned numbers like hundreds of thousands, even millions of dollars. What exchanges do they use?

Thanks

They are their own exchange (swap) service. It appears they exchange amounts much greater than $7k all the time. Wouldn't hurt asking them for more info directly in their own thread, as I don't want to say anything that isn't true, and they can expand on it better:

https://bitcointalk.org/index.php?topic=577207.0

Much appreciated!

Same thing happened to me !!! They are holding 42k usd in btc for 4 months now !!! Scammers !!!

https://bitcointalk.org/index.php?topic=5516958.0

I'm glad that I transferred out my funds and deleted this wallet the first I read about this issue. its not an isolated issue; there are more users experiencing the same; they are close sources; there's a possibility that they have access to our private keys, and they do not take responsibility for the action of their chosen exchange when the scam happened on their platform.
Better leave Exodus wallet before it becomes too late for you.

Don't use closed source Exodus wallet for anything, especially not for exchanging coins.
There are plenty of good alternatives like eXch for quick swaps, and decentralized exchange Bisq is also great.
Alternative multi-coin wallets are Cake wallet, Stack wallet, Unstoppable wallet, or hardware wallets like Trezor.

Sorry about that, but I explained before that Exodus is not holding anything.
You agreed to their terms and accepted using their third party partner exchanges.

They are working together on this. Its via their platform. And many people have been complaining about this.

Nobody has ever lost a single coin using Exodus (the backend exchange is another story).

How do you know that?
This wallet is closed source code and you can prove anything.
I would also argue that if they are integrating a bunch of centralized exchanges that are proven to freeze coins of their customers, than exodus is also responsible for this.
I am not saying they are scam, but most people don't understand how this third party exchanges in exodus actually work.

Exodus should take down their external exchange if they don't want their reputation ruined, because even if they have a disclaimer, the fact that it happened on their platform and they are recommending the exchange, we have seen this happen many times, and this should be a big concern for them. The user is unfamiliar with how their third-party exchange works, and they get their funds frozen, so they will think that Exodus is partly to blame on this.
Its their choice between profit or reputation; anyway, their being closed source makes it not the choice of the community.

Because its an extremely trustworthy, dependable wallet. They have proven themselves to be trustworthy over the last decade. Yes, the exchanges in the backend may be another story, but I've used them several times and never had a problem. The main reasons being:

1) I select the exchanger I want to use
2) I keep the amounts small, and
3) I only use them when no other option is available, or I'm too lazy to move coins to an exchange.

Every single aspect of using cryptocurrency requires some trust, whether it be trust in the honesty of the developers, honesty of 3rd parties, or trust that the code does what its supposed to do.