Topic: Trying to keep life savings more secured (Read 895 times)

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.

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.

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

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.

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

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?

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.

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.

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.

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... )
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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.

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.

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.

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

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.

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

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.

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.

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.     

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.

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

It's just like any other crypto wallet that also supported altcoins in the market and kyc is not needed to their built in exchange. Maybe their not as good in market promotion that's why few people are not using their wallet. I advise not to change your current wallet to this coinomi wallet if your using trust wallet or MEW wallet. Always go for crypto wallet that always have backup and add more security in your wallet.

No matter how secured a wallet might be... We are actually talking about a crypto wallet here, that is a NO because keeping your life saving as even crypto that is volatile is not a good decision if I may say.
You can keep some in Fiat if yu so is or invest in other less risky ventures.
Crypto can truly bring profit, but also have to be conscious of its volatility.

I've never used an coinomi wallet like that. and I prefer the wallet that is available as usual. maybe because the project that I followed does not require to use this wallet. so I don't really know this wallet very well...

Why you don’t go for a hardware wallet? You know there is nothing better than a hardware wallet! You want to secure your life savings, then spend some bucks from your savings and buy a Ledger or Trezor hardware wallet! For mobile wallet, I did not use Coinomi to store my coins, so, I don’t know well about it, but Trust Wallet is the best mobile wallet I can ensure you!

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.

I don't think using bitcoin or altcoins to store life savings is not a good idea, it's much better to store it on your bank account or invest it instead so you can earn passive income, cryptocurrency is extremely volatile it can lose value easily unlike fiat.

Hi CuriousGeorge, you can read the detailed forensic report about the entire case here: https://twitter.com/kimionis/status/1131945228506738688. Coinomi was never hacked and no one ever lost funds due to the "vulnerability. The entire disclosure was just the user attempting to extort money from the Coinomi team.

Hi isaac, what that article fails to inform is that the entire "vulnerability" report was an extortion attempt and the user never really lost funds. You can read the detailed forensic report and conclusions here: https://twitter.com/kimionis/status/1131945228506738688

It must be some people were getting hacked caused by various things just like vulnerability but it doesn't mean all of the holders or users were getting impact caused by that. You must understand about if that's a few percents from the total users or it may less than 1% who are facing the hacked case.

I think that you cannot be sure that the exchange is good. any exchange can be attackable and any exchange can turn out to be a scam in someday, and therefore you need to hold on the exchange only the money that you trade in a regular mode and no more

The best way to keep your life savings safe is using a hardware wallet. This wallet is not costly some are below $100. Ensure you only access the wallet directly through the hardware, do not access it through the phrase on any third party wallet. Hardware wallets are secured and cannot be hacked u less the owner exposes the key.

As I always tell people ensure you keep your savings in a wallet or exchange you are atleast a bit sure of than anywhere or anyhow exchange. I have seen and witnessed many exchanges funds and run with users funds so securing your assets us every relevant. Anyway I do not know about this issue if the exchange and users funds there but my always concern is for everyone to becareful where and what they do with their funds to avoid had I know.

Now you're telling me about secured, but google tells me a lot of people's wallet were hacked.
One of the news I had read was here
I don't know what Coinomi wallet is, but it seems to use a third-party server which is kinda not good because it would look like they're kinda depending on other platforms to do what was requested.

Not that I have anything against coinomi or whatever that wallet is but I think blue is right, I mean we are talking about your life savings and doesn't matter how safe and secure you think a wallet is, it will never be enough, hell I do not trust BANKS with all of my life savings and spread it around, how the hell am I suppose to trust something that is literally one million times smaller (probably even more)?

If you want to have "some" money in some wallet you want to use, you can totally do that, but if you put in all of your money that would be quite wrong. And if you want to research more about the wallet itself, go check out reddit but only google "reddit coinomi" and you will see results that are not based neither, so you will see the truth there eventually.

Hi Kong, Our team respond to every issue which is brought to our attention. If you are aware of something we have missed or if you have an issue yourself which you would like us to address then please, open a ticket at support.coinomi.com explaining those in detail so we can take a look and help with any concerns. Thank you

There are really some issues in the past about using coinomi wallet because most of the time the team members are not responding if there are any problems, that is why i avoid putting a huge amount of funds in my coinomi wallet that most of my funds are in my ledger nano x wallet because it is much safer to use.

Hi irixo10, Coinomi is in fact even safer, as we continue to add new features and tools to protect users. One recent addition is what almost amounts to "3 factor authentication", where you can set a PIN to initialize the app, then require both a password AND biometric authentication to decrypt your keys and sign transactions. There's a lot more that helps protect your security even in case the device is infected with malware, you can read more here. You are more than welcome to check out all the new features

I don't think putting your life saving into crypto wallet is a smart move. Come on, it is your life-saving mate! Put it where you can see it, feel it and touch it. Now, if you can afford, put a some extra spare part to crypto. Use the hardware wallet like Ledger and none of that closed source, mobile app bullshit and you will be good.

I have used coinomi wallet and during that time there was no problems at all, in as much as your security Information are stored correctly. Also, i have not come across any accusations or proof that there is a backdoor in the wallet hence I won't say anything about it, but one thing I know is, it was safe till I left it to try a new wallet. It is your funds, it is your decision so go for the wallet you think is safe and better for you.

Hi Seleme, to protect your wallets Coinomi uses the same type of encryption the internet runs on. If you think this can be bruteforced, you should not be using internet at all. Coinomi has never been hacked, you can read about Coinomi's security here https://coinomi.freshdesk.com/support/solutions/articles/29000016248-how-safe-are-my-funds-how-are-my-private-keys-stored-

Hi Samayuki, Thank you for replying here. As with all wallets, there will be some negative reviews or reports of lost funds. Coinomi is the largest and oldest multicoin wallet and has an enormous userbase. It will expectedly have its share of reports, as much as we try to educate our users about their security. You can read about the ways we protect users funds here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248-how-safe-are-my-funds-how-are-my-private-keys-stored-. Regarding the "vulnerability" posted by mocacinno, Which affected the desktop wallet only, you can read the in-depth report about the entire disclosure and events here: https://twitter.com/kimionis/status/1131945228506738688 

It is more vulnerable to store the life savings in desktop or in online wallets, mobile wallets are not secure too. The used metadata is enough for brute-force and the thieves can found the password of the main wallet.

Coinomi wallet is not that bad like many are saying, I still use the wallet even after thinking of going for other wallets after reading about many flaws and hacks, but the fact is I never seen a bad review or hack news about it's mobile wallet, the only one I heard bad reviews about is desktop wallet

Yup, I do have the Trust wallet app and it works perfectly for me. Mobile wallets have been the main thing I make use of, and that's because I am fond of my mobile device and hardly make use of my desktop.

I started making use of Blockchain, one thing I like about their wallet is that every single minute I want to receive payment I am able to generate a new address and I can also backup my funds using the twelve phrase backup. Next is the interface, it's very simple, unlike the wallets that are crowded and ugly.

I installed Coinomi and Mycelium wallets, but u never used them because I never liked them. I chose Trust Wallet, it's very much better than other open wallets. I saved Bitcoin in it and backed it with the 12 word backup phrase and uninstalled the wallet for some months, and when I installed it back and entered my backup phrase, the same amount of BTC I stored showed up.

Unfortunately users still make mistakes when storing or backing up their seeds, which is the cause of such reports of lost coins. They can be found for any wallet. Coinomi is the largest and oldest multicoin wallet and has an enormous userbase. It will expectedly have its share of reports, as much as we try to educate our users about their security. You can read about the ways we protect users funds here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248-how-safe-are-my-funds-how-are-my-private-keys-stored-. Since you mentioned privacy, you may also want to check out our privacy features: https://coinomi.freshdesk.com/support/solutions/articles/29000030207-what-are-coinomi-s-privacy-features-. Regarding the "vulnerability" posted by mocacinno, you can read the in-depth report about the entire disclosure and events here: https://twitter.com/kimionis/status/1131945228506738688

Holding your bitcoin for a long period takes a very firm privacy wallet. Many issues has been raised due to coinomi wallet, many are complaining because they are loosing coins at coinomi. With regards to using coin wallets there are many trusted bitcoin wallet aside from coinomi, you may research and have surveys about the trusted coin wallet so that you can make sure that your coins are in good hand. You may be cool enough in making your coins in hugher value through the trusted coins wallet that you will choose.

Hi Zero, There was no 'issue' with NRG, We (Coinomi and the NRG team) could not reach an agreement to continue our partnership, although we did try, so we could not support the GEN3 migration. Coinomi did not try 'cheatin' the NRG team. You can read our reasons for not supporting NRG gen3 here: https://twitter.com/kimionis/status/1235657505361063937?s=20

Since they have lot of accusation and according to the first post over here, they handled the situation badly, then don't use it. Don't risk anything! You have many other options left. Yeah, closed sources wallets are actually more riskier to use. You don't know what happening inside the wallet. They will have to blindly trust the developers with your financial aspects, which you never should.
Also be careful when using wallets suggested over here. Do your own research and get to know about those wallets before you even download them.

Hi Mocacinno, The 'vulnerability' only affected desktops for a short time and was only for those restoring their wallet. We addressed this in detail and fixed the issue as soon as it was fully disclosed to us. Coinomi is not an 'unreliable' wallet at all. We have a large, happy userbase. You can read more about the 'google spellcheck' issue here (although it already sounds like you have): https://twitter.com/kimionis/status/1131945228506738688?s=19

Trust wallet is one trusted for me. One time I am using coinomi but at this time not. I hear about what you talking about even I am also know about the fact they had little issue about energy (NRG). Little debate in twitter about Gen 3 migration and Coinomi team try to cheating NRG team.

Hi Rathaha10, this is very incorrect. Coinomi being closed source does NOT mean we have access to our users' wallets, Coinomi is a non-custodial wallet with ZERO access to your funds at any time. You can read more about our security features here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248

Hi FurryBall, The only way any Coinomi user has ever lost funds is due to not keeping their recovery phrase secure or if a user does not save their recovery phrase. You can read about how Coinomi secures your private keys in this article: https://coinomi.freshdesk.com/support/solutions/articles/29000016248

As you said, you have already been using Coinomi and have had no problems.

If you ever encounter an issue and require support feel free to reach out at support.coinomi.com 


Hi EthereumHunter, There is no 'vulnerability' in Coinomi. You can read more about the previous issue which others seem to be speaking of here: https://twitter.com/kimionis/status/1131945228506738688?s=19


Hi Chuky92, There is no backdoor in Coinomi, We take user security very seriously, You can read about Coinomi's security here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248


Hi Rodskee, The only way user's have ever lost funds when being user's of Coinomi is by (1) not saving their recovery phrase or (2) not keeping their phrase secure/sharing it with others. Coinomi has established a good reputation for over 6 years and has a large loyal user-base. You can read about Coinomi's security here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248


Hi Fireballex, The only way any user loses funds when using Coinomi is if they either (1) Do not save there recovery phrase or (2) someone else has access to their phrase due to saving it insecurely or sharing it with someone. Please read about Coinomi's security here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248

Hi Ken, Thank you for your support in refuting the claims of a 'backdoor' by us.

I am not really a fan of coinomi thus I don't know if the said issues is true since I rarely use it but if you are in doubt, want to try a new thing and/or want to be at peace with yourself and savings then maybe you can checkout trust wallet. Based on many reviews from users, it all points to a good fact and that is, trust wallet can be used without worries and till date no issues or security challenges have been recorded which is good and motivating.

In terms of the best secure smartphone wallet, I think I will give it to TrustWallet. So far there has not been any negative experience concerning security of assets held on the app. If you can get a hardware wallet, I will say get one and keep your mind at rest forever.

I often change my wallet to safeguard my assets, I often use wallet blockchain, trust wallet, Imtoken but there are no obstacles to my assets.  I recommend Trustwallet to protect your assets.  But some level of our carelessness that causes our assets to change hands because they often open sites that are not safe so that computers are often infected with dangerous viruses

   My crypto-holding is my saving, and I am sure that it's more secure than my money in the bank! I relay
more on crypto-future and my holdings, than on my fiat-savings. Time will tell, but I have more in crypto-
currencies, which is normal as I believe more in crypto-currencies.
   Keep your wallet offline, store your keys on several places, safe ones and you are secured. There is better
but more complicated security, but for me this is enough I believe.

Your Post topic says life savings. Hence i would suggest that it is totally wrong and naive to keep your life savings on coinomi, Why because it has been reported severally that the best place to store huge funds is your ledger or trezor cold storage wallets.

I have little experience regarding how coinomi works, because my favorite is imtoken; perhaps that issue get resolved.
Lets continue to be safe and store our private keys adequately, avoid scam links and fake browsers extension.

reconsider before you do that. if you want to save all the money you have with real collateral then I recommend keeping it in a real BANK. but regarding Crypto Wallet, so I recommend using a Trust wallet, I'm not saying it's safe forever, but at least you can keep your assets in a real and responsible company.

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.

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.

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.

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/)

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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

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 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

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

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... )

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