Topic: Coinomi wallet issues??? (Read 542 times)

It's just matter of time when they will shut down their servers. It's time to migrate!

Unfortunately these bad tools always offer something appealing to attract users. I remember Coinomi gained popularity when people were creating bitcoin copies every week, it was super easy to claim your airdrops in this terrible wallet.

Just want to add that being open source is not enough, they have to be reviewed and the source has to actually be related to the binaries user downloads! Otherwise the same risks could still apply.
For example take Electrum, it is open source, it is popular so the code is reviewed and most importantly it has deterministic builds so if you build it from source code you should get the same exact binaries as the ones they release.

After all what happened in the past, I wouldn't advise to use Coinomi. Having bugs is "normal" but it's how you react that counts. Their team completely failed at that...
The only use case I had for it was when claiming my BTG from my empty BTC addresses. The process was easy and worked correct.

Greets.

I think Coinomi's biggest "appeal" (lets call it that) is their multi-coin support, which is also true for all other multi-currency wallets. People who only have Bitcoin are unlikely to use a multi-currency wallet. However, most popular altcoins have their own wallets, either full-node, light clients, or both. No reason to use Coinomi if the alts you are holding can be stored in official open-source wallets (if they in fact are open-source).

You don't lose money until it happens. The same is true for those who lost money on exchange hacks or exit scams. They didn't think it would happen to them until that day came. What we can do is try to minimize our exposure to risks. Not using Coinomi when there are better alternatives lowers the possibility of problems occurring in the future.

There's a lot more to consider than "Has this wallet made anyone lose money through no fault of their own" when picking a wallet. But when the answer to that question is "Yes", then that's already a very bad wallet to choose. Perhaps lots more people lost money via Coinomi wallet but were unable to prove it. Who knows, because it is closed source.

But let's consider the other aspects too. For example, Coinomi were not encrypting any of the data their app was sending out, meaning everything you did on it was being sent in plain text to their servers and therefore posing a massive privacy risk. A reputable wallet would have quickly addressed such a problem and thanked the person who pointed it out, right? Coinomi instead denied the problem, deleted the GitHub issues, and attacked the user in question on Twitter. They behaved like a bunch of children, and certainly not the attitude of people I would be trusting to hold my coins. Read the full story here: https://imnotdead.co.uk/blog/coinomi

In addition to that, you are entirely dependent on their servers and their security for your privacy, and you have no way of knowing if your seed phrase is truly random or truly private because again, it is closed source.

So to sum up. Secure? No. Private? No. Open source? No. Verifiable? No. Trustworthy developers? No.

It doesn't matter if something bad (not just losing money) has happened or not¹, what matters is that don't know what the software you are running on your computer is doing because it's closed source.

¹ Something bad has been happening, they were sending user's seed phrases to a remote server for a long time before it was caught. They may still be doing it covertly.

I have observed you are against this wallet every time it's mentioned, except the desktop wallet case, has anybody lost money?

There simply is no justification for using such tools if you have other better options even with small amounts.
For example if you are storing bitcoin, you must stop right away and move to a better option such as Electrum. If you are using it for altcoins then you should look for alternatives even if it means buying a hardware wallet and if and only if you exhausted all other options you could use such a terrible tool as Coinomi.

I have been using it since when it was launched (~2014), have always worked fine, their support on TG is great too however as mentioned it is closed source now and if they were to put malicious code you wouldn't know until you are wiped out.

I would suggest, use it for small amounts because it's handy.

I used once this Coinomi wallet and never thought that there is a "custom" option, when I was using this, I used the "Low" transaction option and "High" button option if you want it faster transaction which is I thought there was no other option of lowering the fees.  Thanks for enlightening me with this.

No doubt overall free app open-source wallet, the Electrum wallet is good so far for a single wallet that's intended for storing Bitcoin only.  For multi-chain or multi-coin supported, go for the hardware wallet instead.

Coinomi allow you the set the transaction fee manually.
To do so, go to "Setting". Tap on "Advanced Setting" under "Wallet" and then select "Transaction fees". After that, you can set the fee rate.

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As already mentioned in previous posts, Coinomi had a vulnerability sending users seed phrase to google servers.
Anyone who wants to know more about the vulnerability can visit the following topic and see how it caused a user to lose all his coins.

WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings

Doesn't it allow you to manually adjust the fees and pay whatever you want?

There is a difference. If you can code or read a program's code, you will be able to see what happens with your keys if the software is open-source. If it's closed-source, you can't verify anything, and you are stuck with trusting that the developers are and/or will remain honest. We are talking about the same developers who sent seed phrases to Google servers for spellchecking.   

Op didn't come back after posting this and I want to hear about OP's opinion regarding those suggestions and comments above which are right and wise advice.

I didn't aginst here with the Coinomi wallet regarding the security, it can be trusted even though it's a closed source multi-coin wallet (it's better than other web wallets).  The thing that I don't like about this wallet is that has high fees and sometimes it takes more time before it will be synced into the node.  But for a single wallet like storing Bitcoin, I would rather choose Electrum over Coinomi.

I think open source and close source don't matter to me IMO, as long as you know how to keep your private key safe you'll be fine.
For cold wallets, it's fair enough to use hardware wallets or airgap wallets, they're surely safe and never hold a big amount on any hot wallets.

Actually with any decent packet sniffer or logger you do know what is going back to their servers.

There are open source wallets like Mycelium that will leak more info then Coinomi.
With Mycelium you can't change the server it connects to without recompiling and with their ads that keep popping up they phone home about it if you click on them instead of dismissing them.

As others have said if you want a multicoin wallet they are all for the most part closed source.
If you want to vet a dozen different wallets so you can have an open source wallet for each coin you hold then feel free.

Standard you should not hold more coin in a hot wallet on your phone (or any other device) then your phone is worth....

-Dave

I've used it a couple of times and on both occasions, I faced different issues:

• When I tried to redeem a coin ^{[not BTCitcoin]}, for some reason it didn't show up, even though I could see on an explorer that it successfully transferred ^[sweep] everything!
  ^{- I refreshed + resynchronized it multiple times, but nothing worked at the time... Having said that, it showed up on the next day, so it had a bug (not sure if that issue still exists)!}
• While I was trying to claim forked coins, I ended up losing one of them due to splitting issues ^{[I do know I was partially at fault, but still there should've been a warning]}!

Go with a hardware wallet that ticks all/most of the boxes:

• Open Source Hardware Wallets
• Secure Element in Hardware Wallets
• Reproducible

Its a not popular coin back then. I think I just won the coins here in forum as well, and coinomi supported them thats why Ive used them. Nope there is no outgoing transactions, its just literally become 0, at first when I send there its there, then the next time its not. Trying to figure out what happened until, I just let it go. I know how to use blockchain wallets and even different chains so I didnt know what happened on that. Maybe Im thinking its a glitch on their network or coinomi technical issue.

What does your transaction history say? Is there an outgoing transaction from your wallet or something else out of the ordinary? What about when you check your address that you sent the coins to on a block explorer, are they still there or are the funds missing? You should share your story with the support.

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Coinomi is a decent multi-currency wallet. I say decent, not good, nor bad. All multi-currency wallets are closed-source and Coinomi is no exception. If you want to use those types of wallets, you have to get over the fact that they are closed-source. I personally never had any issues with this brand in the past, but I have never stored Bitcoin or something of value in it. Coinomi claimed that the problem with the seeds being sent to Google for spellchecking was only a feature/vulnerability present in their desktop client. But since the app is closed-source, there is no way to verify those claims.

I don't have data obviously, but I would wager that an incredibly small number of Coinomi users do this though. If you are involved enough in bitcoin to be running your own node then you are very unlikely to pick a closed source wallet with significant vulnerabilities such Coinomi as your wallet to connect to your node. And even if you do, given that Coinomi is closed source you still don't know what other information or data it is leaking on the side or phoning home with.

These are the worst wallets out there. They are closed source and as said above, Coinomi, specifically has had a bad reputation incident. Don't rely on third parties, that's the purpose of Bitcoin after all.

Consider switching to Electrum and for better privacy, run your own full node which will connect to it.

Don't get me wrong, I am not defending the Coinomi wallet, nor do I find closed source wallets physically attractive, but you don't have to rely on Coinomi servers when transacting in [bitcoin]. I just checked the advanced options of this wallet, and it turns out you can connect to your own node. Particularly in the settings, you can specify which ElectrumX server you want to connect to receive the information about transactions.

As for other coins that this wallet supports, you're absolutely right -- there is no way to escape being surveilled by Coinomi developers except for using a different wallet with more options.

Given that the wallet is closed source, you cannot say that with any certainty. We know from previous vulnerabilities that Coinomi was sending any seed phrase you entered across the internet to a third party, and there is no way to know that the seed phrases it generates are generated securely or are truly random.

This is not accurate either. To use Coinomi, you are connecting exclusively to their servers. They will therefore be able to trivially log all your addresses, all your transactions, all your activity, your IP address, and your device characteristics, at a minimum. What they do with all that information and who they share it with is anybody's guess. When you use a wallet which depends on a third party, then you are at the complete mercy of that third party.

Ive used this wallet before, I have a coin with a different blockchain,  and to my surprise, the coin that Ive stored there from a bounty gone. Im not sure what kind of error happened but eversince that incident, I quit using it since Im scared that there is something wrong with it. Never got error or mistake on receivimg that coin, and it even reflected on the wallet but when Im gonna send it to the exchange the coin gone. Not posting negative on this wallet just sharing my experience with it.

Coinomi team has had some very shady behavior in the past such as sending your seed to a remote server! But even if they didn't have any issues it still wouldn't matter, you must never use a closed source wallet simply because you have no way of truly knowing what it is doing under the hood.

I myself am not an active user on Coinomi, but if you look at the existing developments where currently Coinomi can be used on cellphones and computers with Android, IOS, Windows, Max and even Linux devices, and with a display that is no different from each other.
Coinomi maintains user privacy with measures;
No need KYC
No IP association
No identity link
No transaction tracking
Coinomi allows you to set custom fees for your transactions. Or, you can use dynamically calculated fees to get the best value for money every time.

as long as the op doesn't have a problem and doesn't experience any harm there doesn't seem to be a need to switch unless there are others with better capacities.
What is really needed as a user is a responsive support service and that is done by  Coinomi, this is never forgotten and is the best jargon so that everyone feels safe and doesn't feel afraid because it can be resolved properly.

I’ve used Coinomi on apple and android over the years without any issues. It’s actually one of the more comprehensive wallets out there, and it’s a great wallet for sweeping paper wallets and splitting forks. One of the few who does this and quite well. That said it’s a hot wallet and should not be used as a primary storage device. Only keep a little btc for on the go in hot wallets. Id recommended and Trezor or Cold Cards hardware wallet for long term storage.

This topic might need to be moved to wallet software. (This can be done at the bottom of the page)

One of the main issue against Coinomi is that it's not open source anymore. While it's true that you hold your keys/seed phrase, users like you are in the dark with what the developers are really doing with the codes. Who knows if and when they suddenly insert a malicious code that would steal your funds? They said that it's to prevent other devs from cloning their wallet but some people argue that the reason is kinda shallow when you think of the risk. Exodus is also the same (closed source).

Maybe use separate storage for your BTC (Electrum) and altcoins or use hardware wallet like Trezor.

I am Coinomi user as well and had no issues facing since then , where did you get that Wallet problems? you should share those here so we can clearly check if those problem is legit or they are just breaking coinomi's name .

but for me like what the first poster says? coinomi has no issue at all and still installed in my device for how many years now.

I am using Coinomi for a very long time, Coinomi is my first multi-chain cryptocurrency wallet, even now it is still installed on my devices, I already tried their desktop wallet and mobile too. And it is not a centralized wallet where you own your keys here, you are the one who owns your funds here.
So far I didn't hear some serious issues with Coinomi recently.

Hi there I been using the wallet Coinomi for a long time now. Is it true this wallet has had problems? should i be looking at another wallet ?
security of the funds an issue with Coinomi? or what are the negatives you have heard?

If you think I should i change wallets? what wallets you recommend? I use Exodus at moment?
thanks