Trying to keep life savings more secured

[Greatchu]

This is about coinomi wallet, I came across few posts on this forum saying they lose coins in coinomi wallet, some said coinomi wallet team insert a backdoor in the wallet to steal people's fund, how true is this?

Second question is, can you get me the list of open source wallet since coinomi wallet is closed source? What about trust wallet is it truly an open source wallet? Thanks

[mocacinno]

This is about coinomi wallet, I came across few posts on this forum saying they lose coins in coinomi wallet, some said coinomi wallet team insert a backdoor in the wallet to steal people's fund, how true is this?

Second question is, can you get me the list of open source wallet since coinomi wallet is closed source? What about trust wallet is it truly an open source wallet? Thanks

You can read all about the vulnerability here: https://bitcointalk.org/index.php?topic=5114708.0

If that's TL;DR; here's the short version:
It's not a backdoor, they used a library and didn't configure it properly, because of this the seed phrase was sent to google for spell-checking.
Eventough it was sent over SSL, somebody in google's HQ with access to the logs could easily parse them and find the unencrypted version of the seed.

There was a big discussion between coinomi and their victim, and in my opinion, coinomi took the low road... They defenately didn't handle the situation as they should have.

I would never touch coinomi with a  foot pole. Making mistakes is human, bugs happen, but the way they reacted made me have an instant dislike for their company.

If you're holding a lot of different altcoins, you might aswell go for a ledger or a trezor instead of meddeling with closed source wallets stored on your smartphone (do look at the list of altcoins they support out of the box... )

[Ken_terrance]

Trust wallet is better if you ask me, yes coinomi wallet had many issues in the past but backdoor by the team ain't one of them, and yes coinomi wallet is closed source which I really don't like, you can use Google to find lists of open source wallets

[Ken_terrance]

This is about coinomi wallet, I came across few posts on this forum saying they lose coins in coinomi wallet, some said coinomi wallet team insert a backdoor in the wallet to steal people's fund, how true is this?

Second question is, can you get me the list of open source wallet since coinomi wallet is closed source? What about trust wallet is it truly an open source wallet? Thanks

I did the research for you, myether wallet is open source, copay wallet is open source too, I think trust wallet is not a full open source wallet but better than coinomi wallet, good luck

[Furryball]

This is the first time I'm hearing such claim about coinomi wallet, you should try using mycelium or myether wallet from now on, I might later try out other wallets myself, I don't want to end up losing my funds   though I have been using coinomi for long and no problem so far

[ahyadinnn]

if indeed it often happens to users, it's better to choose another wallet, why don't you try to buy wallet hardware like ledger nano, or trezor, in my opinion it's safer to save your funds for a long time, and so far I have used coinomi wallet but not for the purpose of storing assets but only for transactions, but until now it is safe

[Mpamaegbu]

This is about coinomi wallet, I came across few posts on this forum saying they lose coins in coinomi wallet, some said coinomi wallet team insert a backdoor in the wallet to steal people's fund, how true is this?

Frankly writing, I was also taken aback when I read all the negative reviews on Coinomi here. I have used the wallet consistently for over two years now and I haven't had any issues with it. Could it be because I don't hodl much coins there or what? I have also been recommending it to people to hodl coins in. Just like I won't touch an Electrum wallet with a pole, like some won't touch Coinomi. Well, may be I should look into the alleged loopholes now.

[Python Master]

You should have 1 wallet for each coin/blockchain network. There is none decentralized wallet can hold multi-coins, only decentralized wallet can do that but decentralized wallet is unsafe.

[pgbit]

Your life savings mean good of money in different altcoins, right? Then mate, don't go for any application based wallet, it's your savings, so store it in a securest wallet like Ledger or Trezor! Hardware wallet cost not greater than 100$ and it is easy to use and safest also. But If you don't want a hardware wallet, then go for Trust Wallet, Coinomi is good but Trust wallet is better. Good luck.

[Malam90]

I have never used coinomi wallet although some of my friends used and they have faced many problems. In forum, i have read post on coinomi wallet's problem that's why i don't use coinomi wallet. I use Automic wallet and Trust wallet for various purposes. I haven't faced any problems ever but i suggest you not to use coinomi wallet.

[Pffrt]

Second question is, can you get me the list of open source wallet since coinomi wallet is closed source? What about trust wallet is it truly an open source wallet? Thanks

Open source wallet for altcoins? I don't have any idea about that, I can't remembee if I have seen any. Trust wallet is said to be an open source wallet and you can try that. If you are not holding a lot of coins, you can use the respective wallet for each coins. That's the best.

[memed97]

You should have 1 wallet for each coin/blockchain network. There is none decentralized wallet can hold multi-coins, only decentralized wallet can do that but decentralized wallet is unsafe.

Why are decentralized wallets not safe? can you explain about that here, because I'm a little confused at your statement at the beginning of the sentence by saying there is no decentralized wallet that can hold multi-coins.

[bayudndy]

I have never used a coinomi wallet, but I've also heard some complaints about this wallet. There have been many cases of losing money without any reason, no transaction history .... So I think you should choose another wallet to use. Myetherwallet or Trustwallet seems to be a better option

[Clark05]

I did not use coinomi wallet since before so I do not know if it's true if the user of this wallet losing their funds.
But if it's really true we recommended for them to transfer all the funds they have to the other safe wallet.
They have more wallet that they keep save their wallet because it started last few years ago and until now they still trusted without any issues.

[poodle63]

If there's a lingering doubt in your mind about certain wallet it's better to stay away. To risk your money with such wallet is not worth the time. there's plenty of wallet that are safe and already confirmed legit by the masses on top of that the offline ones like MEW. this vulnerability that has been explained by mocacinno is a deal breaker for me.

[bgaf]

Thats why I will never going to use again this app. I dont know if theres a bug on their system or simply there is something that youve mentioned OP. There's possibly a good reason why their app has a lot of negative feedback. I did even give bad review on Playstore for the things that happened to me.

Imagine you have a coin stored then suddenly gone? Ive asked their support but they say that they will follow up my case until they didnt respond at all. Too bad many have been victimized by them.

[blockman]

I'm not a security expert but just read this article.
(https://www.ccn.com/investor-lost-70k-life-savings-critical-crypto-wallet-vulnerability-coinomi/)

Second question is, can you get me the list of open source wallet since coinomi wallet is closed source? What about trust wallet is it truly an open source wallet? Thanks

I have never used Trust wallet but I've seen altcoin folks that are recommending this. To avoid any further problem for your life savings, get a hardware wallet.

[InwardContour]

Basically I keep all my BTC and ETH on blockchain wallet, however I use trust wallet and atomic wallet for multi coins except there is a recommended wallet for a specific coin (usually for staking purpose). I don't know about the claims for coinomi vulnerability issues, it's been a while I used that but I had no issues with it. What I run far away from is new wallets claiming to give reward for storing coins in them. The big question is, how safe are the wallets we think are safe? We just have to be careful always.

[tsaroz]

If you are keeping your life savings and are holding it for long term, it would be wise not to take a risk with any third party wallet.
If you can afford, a hardware wallet comes with a guide how to securely keep your coins on the hardware wallet and if not, go for official wallet and print your private key.

[Davian144]

This is the first time I'm hearing such claim about coinomi wallet, you should try using mycelium or myether wallet from now on, I might later try out other wallets myself, I don't want to end up losing my funds   though I have been using coinomi for long and no problem so far

I have never used the mycelium wallet that you have used, and if I may know its function and usage is it the same as other wallet things like coinomi or others? I will wait for your explanation about this, because I just heard about the mycelium wallet.