Trying to keep life savings more secured

TrevorS

sr. member

Activity: 1050

Merit: 377

Quote from: kaneki007 on April 16, 2020, 09:36:04 AM

I don't know if trust wallet is an open source wallet or not but what is clear is better and safer in my opinion compared to coinomi. I also used coinomi but it didn't last long and I only used it when I wanted to join the airdrop while for trust wallet I always use it to store asset.

I recommend that you do not increase your risk by looking for a third party to hold your assets. Get your own wallet, namely a cold wallet. Which you will use to hold your coins.
These costs more than pay off. You will sleep peacefully understanding that your coins are reliably protected and the only one who depends on their security is you.

Crypto_lion

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Activity: 630

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Wow that's really bad on coinomi part. They definitely should have handled the issue well and should have fixed the issue before it boomed into public. Sad for the poor guy though.

nreal

full member

Activity: 932

Merit: 100

arcs-chain.com

I think we should not put too much money on mobile wallets and online wallets, using a hardware wallet will ensure the security of your assets, although it will cost a fee, but not significantly. compared to the safety it brings

fortunecrypto

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Activity: 2450

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Quote from: Greatchu on April 16, 2020, 02:23:06 AM

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

Even if they rectified it I doubt if they are going to get back the confidence of investors, they are closed source no way to check if there are bugs in their wallet,anyway there are a lot of wallets to choose from that are more safer and more trusted and open sourced than Coinomi, wallets is very important to investors, so be sure you have the most secured wallet to store your coins.

thesmallgod

full member

Activity: 1498

Merit: 129

probably some that says the team insert a backdoor to steal coin must have downloaded the wallet from untrusted platforms. It is always important to download wallet from official website of the developer to avoid losing your coin to hackers. For the trust wallet, it is partly open source and partly closed source. For iOS version, it is open source while for the android version, it closed source. MEW and Etherwall are few of many open source wallet i can recommend

r32godzilla

hero member

Activity: 1361

Merit: 506

I have seen the incident about Coinomi that someone lost all of his tokens and coins saved on the Coinomi wallet due to issue with a passphrase, but the question is if he didn't write the passphrase with a mistake, then it wouldn't be a problem of the wallet right?

michellee

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Activity: 2604

Merit: 816

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Quote from: ife2020 on May 12, 2020, 06:34:51 AM

I use coinomi, as ny bitcoin, etherum, erc-20, trx, eos, and stellar wallet addresses, and over the months i have never had a cause to doubt their efficiency.

Considering life savings, i believe it is wrong to keep life savings on coinomi, we have cold storages, we have gold that can serve such purposes

Besides of coinomi, you can try the other wallet which supports altcoin too. You can try atomic, but I suggest you buy Ledger Nano to save all of your coins in that wallet. You can manage your coin without worry from the other people who can steal your coin because you have control over the wallet. As long as you can keep the private keys, and not tell other people that you have crypto, you will be safe.

milandres0207

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Activity: 363

Merit: 100

Quote from: Greatchu on April 16, 2020, 02:23:06 AM

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

In the first place, I don't know about the issue does coinomi has before. But just I remembered before that there are some of the community saying that this coinomi is not good but some said it is good I don't between them is telling the truth. But of course, we can make our own research about their accusation about this wallet.

CuriousGeorge

sr. member

Activity: 1498

Merit: 251

KUWA.ai

Quote from: ife2020 on May 12, 2020, 06:34:51 AM

I use coinomi, as ny bitcoin, etherum, erc-20, trx, eos, and stellar wallet addresses, and over the months i have never had a cause to doubt their efficiency.

Considering life savings, i believe it is wrong to keep life savings on coinomi, we have cold storages, we have gold that can serve such purposes

Tthat's good enough but coinomi is not so good as a hardwallet that offers a better security for our money rather than coinomi. It's better choose hardware wallet rather than try to use mobile wallet as OP wanna try to use this to keep his life savings. The wallet must be very secure.

smyslov

sr. member

Activity: 2030

Merit: 269

Quote from: mocacinno on April 16, 2020, 02:30:35 AM

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://bitcointalksearch.org/topic/warning-coinomi-wallet-critical-vulnerability-made-me-lose-my-life-savings-5114708

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... )
[/quote]

I stopped using Coinomi after reading this, it's really very important to check every issues that comes involving about the wallet you are using so you can transfer all your coins at the right time, just one report is enough to take action we are talking of your portfolio here where all your wealth are stored.

danielchris

jr. member

Activity: 574

Merit: 1

I think there is see flood ,new platform is launched with wallet.but we can't say which one of the wallets is useful to others platform wallets. If the Centralsed any coin,& used in this nation.

@baoli

jr. member

Activity: 1162

Merit: 1

Base.protocol

Trezor wallet I think has stayed without any drama. But sure no any wallet is 100% because they were built by humans. There will always be a back door when someone somewhere decide to go rogue. All the protection of seed phrase and private key can still be broken by a team member. A friend of mine lost $45k from such wallet.

ife2020

member

Activity: 579

Merit: 13

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I use coinomi, as ny bitcoin, etherum, erc-20, trx, eos, and stellar wallet addresses, and over the months i have never had a cause to doubt their efficiency.

Considering life savings, i believe it is wrong to keep life savings on coinomi, we have cold storages, we have gold that can serve such purposes

wozzek23

sr. member

Activity: 1593

Merit: 284

Quote from: Greatchu on April 16, 2020, 02:23:06 AM

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 don't know about this, there are lots of people I see that usually hype that Coinomi wallet in this forum and other places online, but when I checked the wallet I had to uninstall it the same minute because I am a type of person that doesn't like wallets that seem to be kind of complicated, I always prefer the wallets that are simple and that's why I have gone with Trust Wallet.

There aren't such records as far as I know when it comes to the Trust wallet. Although that's not the only wallet I have been using; I have also been using other wallets, even the ones that are kind of centralized like the Xapo, Coinbase and Blockchain wallets and I have never had a problem with them too.

Byakuga

member

Activity: 518

Merit: 28

I've came across same claims but even after going to trust wallet I still find myself going back for coinomi wallet, I just like how the wallet works, I've been using coinomi since 2017 and till date I don't have any issue with missing fund or such

Wildwest

sr. member

Activity: 1701

Merit: 308

I have not been interested in using Koinomi wallets because I'm not sure about the security of the wallet because there was also a complaint from the user of Coinomi whose assets are lost suddenly, this happens whether the user negligence or because Koinomi is indeed an internal problem in the security of the wallet.

fer_coinomi

jr. member

Activity: 55

Merit: 10

Quote from: mdzahed134 on April 20, 2020, 12:34:53 AM

Quote from: Inosend on April 19, 2020, 12:59:26 PM

Firstly you should know that keeping your life saving in bitcoin/alts is risky, secondly this is the first time am hearing about lost fund on coinomi wallet and have been using coinomi for quite some times and have not had any problem with my fund.

You are correct, a lot of risks to deposited cryptocurrency as a long term life saving or insurance instead of fiat currency. I think not much allegations against coinomi wallet, one of these complaint someone lost around 60k$-70k$ in these wallet. For long term hold suddenly disappeared all of assets, so that i think these wallet aren’t not safe.

Hi mdzahed134, you can read the in-depth report here about the complaint you mention: https://twitter.com/kimionis/status/1131945228506738688. It turned out to be nothing but an attempt to extort Coinomi. No user ever lost coins in Coinomi due to hacking or security issues in the app.

mdzahed134

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Quote from: Inosend on April 19, 2020, 12:59:26 PM

Firstly you should know that keeping your life saving in bitcoin/alts is risky, secondly this is the first time am hearing about lost fund on coinomi wallet and have been using coinomi for quite some times and have not had any problem with my fund.

You are correct, a lot of risks to deposited cryptocurrency as a long term life saving or insurance instead of fiat currency. I think not much allegations against coinomi wallet, one of these complaint someone lost around 60k$-70k$ in these wallet. For long term hold suddenly disappeared all of assets, so that i think these wallet aren’t not safe.

Synaesthesia

sr. member

Activity: 546

Merit: 253

Quote from: Inosend on April 19, 2020, 12:59:26 PM

Firstly you should know that keeping your life saving in bitcoin/alts is risky, secondly this is the first time am hearing about lost fund on coinomi wallet and have been using coinomi for quite some times and have not had any problem with my fund.

Keeping assets I think it is best to use banks because each country has large banks and makes their people feel more secure. In addition, if you want to keep altcoins or coins stable, you should use Ledger Nano S because this is a hardware wallet with very high security and has not had any problems. I don't have much money to save because my daily life is only enough for one family.

fer_coinomi

jr. member

Activity: 55

Merit: 10

Quote from: Inosend on April 19, 2020, 12:59:26 PM

Firstly you should know that keeping your life saving in bitcoin/alts is risky, secondly this is the first time am hearing about lost fund on coinomi wallet and have been using coinomi for quite some times and have not had any problem with my fund.

Hi Inosend, keep it up, millions of other users are also satisfied with Coinomi and have their keys stored safely offline.

Topic: Trying to keep life savings more secured (Read 915 times)