Topic: Trying to keep life savings more secured - page 4. (Read 915 times)

Once you come across facts like this, that is, about Coinomi having a backdoor through which users funds can be stolen, I think the first thing to be done is, sending the assets to another wallet first then making enquiries, this is you taking measures to protect yourself. However, I don't use Coinomi so can't really say if there is security breaches or not but on the other hand, Trust wallet is my now favourite wallet because it accepts various coins and also, so far there have been no issues whatsoever from those using it; you can give it a trial.

Hi Greatchu, We have seen many people here referring to the incident last year. Please take a look at our response to this here - https://twitter.com/kimionis/status/1131945228506738688?s=19

Coinomi went closed source a few years ago due to many clone wallets being created and scamming our users out of their funds.

You can read more about how your private keys are secured when using Coinomi here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248

Feel free to open a ticket at support.coinomi.com should you have any further questions or concerns.

Though by doing this precautions and account securities it's also needs to consider the amount of assets that you'll going to store inside any wallets, if you are not storing huge amount which is not attracting hackers attentions, but if you are planning to bring huge amount of money for your investment it's best to consider having a hardware wallet, it can be more secure and gives you higher chances to keep your money safe.

I think that now if we talk about hot wallets, then the trust wallet will be more reliable (but I'm not sure). It seems to me that the Binance exchange supports this wallet for a reason. but in general, I believe that you should keep your money in cold wallets such as Trezor.

I used Coinomi before, and I don't have any problem with that. But then I moved all of the coins inside the wallet to hardware wallet because I already buy one ledger, so I don't know if Coinomi now has a vulnerability. Although my coin amount is not much but thank GOD, I already leave that wallet because I have a new wallet, and I don't have to worry now. You should buy one ledger to store all of your coins, so you don't have to worry too.

Coinomi is still used by many crypto holders who is holding less amount of different cryptos because it offers multi crypto wallet supports.But if you are going to store more amount of cryptos and in long term then it is better to go for ledger Nano s.

I've been using coinomi for year and I've never had any bad experience of asset loss, to be honest this is the first time I'm seeing them being accused of scam. However, the fact that they are close source means the team can access the wallet from the back end. By the way, if I'm to suggest a free multicurrency wallet for you, my first pick will be trust wallet, it offers one of the best functionalities and it is the most trusted one reason being that it is owned by binance exchange. My second pick will be atomic wallet, I've been using it for years and it has been serving me well. Atomic Wallet is the most complete cryptocurrency wallet woth a one-stop solution ecosystem. Search more about these two wallets to know more

I'm using a Coinomi wallet before, I'm glad that I never experience that kind of glitches before, it is a very unfortunate incident to happen that some users are lost their crypto holdings without knowing it and because it's not their fault I believe that it should be compensated by the Coinomi wallet developer. since those incidents happened beyond their control. as of the moment, more online wallets out there were still vulnerable without knowing it.

I'm using coinomi wallet and I would like to know how people lose their funds using this wallet, I thought coinomi is the best mobile wallet? I have over 2k worth of Bitcoin in my coinomi wallet 🤔🤔🤔🤔 now I'm not so sure anymore

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 think it is better that sometimes we read the whole Topic and not the Title because it seems that you are lost in this thread mate.
OP is talking about Coinomi and the victims of Losing their Money from the wallet.
anyway i have never used this wallet and for sure will never use it now reading the claims of losses?this must be avoided though they are running for years now yet they did not established a good reputation being a must be trusted wallet.

No need to wait from him, you just need to download the wallet to your phone. And experience it myself, I believe this is also a good wallet that you should use. Surely it will ensure satisfaction for everyone to use

I am using Blockchain.info for storing my coins and for the past 3-4 years, I never had any issues with them. Obviously, it is an online wallet and some of the users may claim that I should go for a hardware wallet. But in my opinion, an online wallet is good enough if you follow all the basic precautions such as email confirmation, 2 Factor Authentication and mobile authentication.

Actually don't have to worry if you always keep your private key well and don't give it to anyone, because coinomi wallet is a good wallet to use for anyone and whenever we want, so don't worry about it.

This is not true. Coinomi is secured wallet. I use the wallet. But if you are still not comfortable using Coinomi, you can use Atomic wallet. It is secured!

I also use it.

To be honest, i am getting very worried, from the post and others that i have read about coinomi,
I have used coinomi since i started crypto currency and bounty, and i have not had any problem whatsoever.

Is it that even paper wallets on mobile apps are not safe enough?

Never trust any third party software, Hard is good but not the ultimate security. I could remember when I just started in the space, most of the wallet I used was online and I end up losing most of my tokens, Ethereum, Dash and the ones that pain me most.

For now, hard wallet are the best we have in the space, just get one because you might think that tokens won't amount to anything. I was scrathing my head when Dash hit over $1k last time

I have something i have to get off my chest after re-reading some of the comments in this topic.

It's not because YOU have used an unreliable wallet for years and didn't have a single problem, that it's a good idea to recommend said unreliable wallet to others.

For example, coinomi only sent the seed to google's online spellchecker when restoring a wallet from seed (IIRC). It's perfectly possible YOU created a new wallet and your seed wasn't sent to google... Or maybe it was sent to google, but nobody malicious parsed the logs and they were truncated after a while. But the bloke you recommend this wallet to restores his wallet from seed aaaaaand poooof => a couple days later he's robbed blind.

Same goes for about any online wallet. Sure, loads of people use blockchain.info, but it's still an online wallet. They store your private key in THEIR database. Sure they claim it's encrypted, but it's still stored with them... I've seen dozens of people lose their lifesavings because they used blockchain.info. They fall victim to phising, they fall victim to plugins, they lose their access code,... But the major problem is: they're not the only one in controll of their own private keys, so they're not the only ones in controll of their funds.

Same goes for new wallets that aren't community vetted

Always use your own due diligence... Airgapped wallets using latest version of community vetted binaries are usually safest; properly generated paper wallets and popular (community vetted) hardware wallets are secure aswell.
From that point on, you really have to be carefull. Stay away from online wallets, and before using a desktop wallet: read and learn (even "good" community vetted, open source wallets can have vulnerabilitys... For example: electrum had a major one a couple years ago). Don't take any post on any forum at face value, there are lots of people that use some kind of unsafe wallet but by sheer luck never got robbed, and they'll recommend the wallet of their choice to anybody and their mother's... I've seen newbies, juniors, members, full members, seniors, hero's and even legendary's push unreliable wallets. They do so because they believe they provide a service and guidance to new members, but in reality they make those new members make unsafe choices.

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.

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.