Moreover, Coinomi claims that Maawali would not co-operate unless he was compensated: “[He] refused to disclose his findings and kept [sic] threatened to take (the matter) public” unless payment of 17 BTC was made to compensate him for the allegedly stolen funds. According to Maawali, the exploit was due to a poor security implementation on Coinomi’s part. Order the Ledger Nano x and save 30%. when I store eth on my metamask wallet I definitely don't reveal 12 special characters! About us Coinomi is the oldest multi-chain, defi-ready, cross-platform wallet for bitcoin, altcoins & tokens - never hacked, with millions of users. Coinomi Wallet Allegedly Hacked, Over $60,000 Worth of Cryptocurrencies Missing Warith Al Maawali is unhappy about losing $60,000 to $70,000 worth of cryptocurrencies while storing it in a wallet that appeared to be safe. Coinomi is a security-first, SegWit-enabled, multi-asset wallet that provides native support and true ownership for 119 blockchains and 382 tokens for a total of 501 assets, available in 168 fiat currency representations and 25 languages. Bitcoin, the world’s biggest cryptocurrency by market cap, broke the $60,000 level today driven by futures and spot trading activity. More technically, he details how passphrases are stored in plain-text, or in other words are unencrypted, before they are sent to Coinomi’s servers to perform a “spelling check function,” a feature that supposedly makes it easier for users to catch typos when entering their 12-word seed phrases. According to Coinomi, the company’s engineers had confirmed that the spell check function was indeed enabled for desktop wallets but claimed that not all seed phrases were transmitted without encryption. Most importantly, no Coinomi wallet has ever been hacked or otherwise compromised to date. Maawali also recognized that the security vulnerability could theoretically have been exploited by someone who has access to the requests sent to the server, such as an employee. The phrase on being typed in the text box was sent to the API without the user’s knowledge. Please do your own due diligence before taking any action related to content within this article. Al Maawali, a “cryptocurrency strategist and security consultant” based out of Oman, claims to have found a vulnerability in the Coinomi desktop wallet. Terms | Privacy, Join 10m+ users trading 100+ cryptocurrencies at true cost, Suspicions raised as Alameda Research denies affiliation with Reef Finance, Bitcoin DeFi project Badger DAO diversifies its $21 million treasury, Ethereum 2.0 staking service launches token with $1.4b fully diluted valuation, Ethereum will become more scarce: why this ETH upgrade is a game-changer, Hackers steal 3000 ETH from Roll, causing social token price dumps of nearly -100%, Cardano’s addition to Bloomberg Terminal could be bullish despite investor scrutiny, Bitcoin breaks $60,000 a year after ‘flash crash’ to under $4k. Warith Al Maawali is unhappy about losing $60,000 to $70,000 worth of cryptocurrencies while storing it in a wallet that appeared to be safe. Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. Allegedly, the service would send wallet seed phrases, the backup information needed to recover a crypto wallet, to servers unencrypted—allowing hackers to potentially intercept the data and steal a user’s funds. 3 min read Cryptocurrency wallet Coinomi has once again become involved in a security scandal, with a security consultant claiming to have found a vulnerability in the service. You have heard of exchanges getting hacked and hackers running off with millions of dollars (like how Bitfinex got hacked for 119,756 BTC …) When you buy off a P2P exchange, you keep the cryptocurrency in your private wallet. As explained to you previously, you restored an insecure recovery phrase in the app and apparently ignored the warning from the app telling you this. Peer 2 … 7 min read. US authorities recovered 28 bitcoins, worth over $120,000, which were stolen from cryptocurrency exchange Bitfinex in 2016. I keep it very carefully! Nothing was hacked. In his own, own words: Please note that this security issue cannot be exploited by anyone except by the people who created it or have control over the backend. Someone working at the database center that Coinomi was using could have identified the seed phrase and used it to access his crypto wallet to steal his funds, according to Maawali. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. The latter version was signed both on the setup file and application. Here is the Coinomi Wallet Review 2020, which is also a complete beginner’s guide to understanding the Coinomi Multi Cryptocurrency Wallet. Aave Mobile App Enables Users to Pay Utility Bills Using Cryptocurrency, Bitcoin Lightning Torch Bypasses Iran Due to U.S. Sanctions, The game of buying the dip is being played by the crypto-big guys: institutions are accumulating Bitcoin with full speed. At the time, the Coinomi Wallet team had already provided a few answers to Maawali’s accusations after he demanded compensation for his losses. In the past 24 hours alone, the strategist’s data revealed that investors were now seThe post What key milestones will Bitcoin face after hitting…, Bitcoin’s price is currently $54000 based on data from coinmarketcap.com; as Bitcoin rallies towards its previous ATH of $58330, the price recovered over 8% in less than 24 hours and this is a bullishThe post 100k Bitcoin options set to…, A Massive BTC Buying Spree is Imitating Bitcoin’s Bull Run From 2017. Coinomi provides improved privacy/anonymity with no monitoring, no KYC verification, and no IP or identity connection to crypto wallets. It is important because even if the Coinomi network gets hacked, the funds will be in full control of the users and hackers won't be able to access money. Of course, keeping your own private keys is a benefit that comes with higher responsibility. Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. In 2017, two users claimed that Coinomi’s Android App was powered by servers without encryption. Trust Wallet. Please do your own diligence before making any investment decisions. The character of the wallet proprietor is kept hidden, as Coinomi's workers anonymize their IP addresses. Besides, he recalls that there was an unsigned version which he believes had a backdoor. He documented the bug via video. My passphrase was compromised and $60K-$70K worth of crypto-currency were stolen because of Coinomi wallet and how the wallet handled my passphrase. 2 Coinomi Wallet … Today, Coinomi supports thousands of cryptocurrencies and 125+ blockchains, making it the ideal wallet for anyone holding any type of cryptocurrency. A few hours after Maawali’s public accusations, London-based Coinomi released an official statement to address the claims. But it is vital to note that somebody loses his money (over $60,000). Both users also went public with the privacy flaw. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. This relationship between usability (ease of use) and security (difficulty to hack) is what defines the whole crypto wallet landscape. Warith Al Maawali, a wallet user who allegedly lost his life savings after restoring his wallet with an approximate 60 – 70 k in cryptocurrencies, disclosed the information. That said, the company also claims that if it’s incorrect about its assessment of the incident then it will it will remedy the situation for those affected. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies. He had trusted the Genuity of the wallet because it was recommended by reputable websites. Buying and trading cryptocurrencies should be considered a high-risk activity. Coinomi gradually began to fill in the digital money local area because of its expanded safety efforts and novel highlights. Given that he knows when it comes to hardware manipulation, the programmer decided to make findings to ascertain how the hack may have occurred. Meaning, in case it is hacked, the hacker cannot get hold of the funds as Coinomi does not store the private keys. When I have received eth from another wallet to my metamask wallet then I repeat my metamask wallet to another while I still use wallet for less than 1 minute! The client experience for Coinomi is solid and straightforward. Founded back in 2014, Coinomi is the oldest multi-asset wallet available, with millions of active users. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. Since launching in 2014, no Coinomi wallet has ever been hacked or compromised. The minimum currently considered safe is 12 words. By using Coinomi, even without the Internet, it is possible to exchange cryptocurrencies. Coinomi: 0; Trust: 1 4 - Safety. This made his wallet vulnerable to attack and subsequently led to its hack. Warning: Coinomi is like Trust Wallet, it's a non-custodial wallet (hard to hack because not online). 1 What is Coinomi Wallet? Posted by 1 year ago. Most importantly, no Coinomi wallet has ever been hacked or otherwise compromised to date. Coinomi is a security-first, multi-asset wallet for both mobile & desktop that provides native support and true ownership for as many as 125 blockchains & 382 tokens — a total of 507 assets. The user reported that Coinomi sends plain text seed phrase to Google remote spell checker API when you enter it. Coinomi is considered one of the safest mobile wallets currently as it offers advanced security boasting with its never been hacked history. He went ahead to contact Coinomi about the discovery, and the platform quietly replaced the app with a newer version. Recovery phrases generated by Coinomi have 24 words. Coinomi is Seg-Wit enabled and offers 168 … All rights reserved. I made an entire review about it and I have included it in the list of best mobile multi-currency wallets.. Also 72 zen, 599 zcl … 85 talking about this. Coinomi is a security-first, multi-asset wallet for both mobile & desktop that provides native support and true ownership for as many as 125 blockchains (the largest number … There is still no proof of the Coinomi wallet being hacked. I think the hacker is in your smartphone so if he can access to your Trust Wallet easily, he can do same with Coinomi. My Coinomi wallet got hacked. Coinomi is a cryptocurrency wallet that has never been hacked. None of the information you read on CryptoSlate should be taken as investment advice. Allegedly, the data was sent with encryption and was only sent to the cloud servers Coinomi was utilizing for its service. Nonetheless, there was no third party trace of logins into the account by a different IP, device, or location. Buying and trading cryptocurrencies should be considered a high-risk activity. Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. On the other hand, Al Maawali said he had only disclosed the details of the event after giving Coinomi over 24 hours to take responsibility for his losses. Please take that into consideration when evaluating the content within this article. My metamask wallet is hacked! Consequently, crypto users must remain diligent and choose which services they trust with their coins carefully. Users can exchange all supported assets instantly from within the app via the built-in instant exchanges ShapeShift and Changelly. Considering launch in 2014, no Coinomi pocket has been compromised or hacked. Meanwhile, the company responded that it does not “negotiate with blackmailers” after Maawali demanded for compensation for his losses. The entire conversation between Maawali and Coinomi was posted by the company on their Twitter page after the dispute escalated. On February 27, a Reddit user also blamed Google for the loss of his EGEM cryptocurrency. Hi BeliZg2576, sorry to hear about your issue. Al Maawali is also suspicious that the hack may have been carried out by an insider; someone who has access to the developer’s code. Yet, Coinomi also emphasized that seed phrases were only transmitted when users chose to restore their wallet using the seed. The principle outline screen shows the different coins empowered by the wallet's settings, remembering adjusts for crypto just as fiat, an As of now Coinomi is just on Android, leaving work area or iPhone clients to look elsewhere. I figured it out but couldn't find it! According to him, the only thing he recently did was to install the app. For the most part, usability and security are inversely related. However, he noticed that after entering his passphrase, only the setup file of the app was signed, but the application itself was not digitally signed. In February 2019, Firo announced its integration into the official Binance wallet, Trust … Despite dropping…, Senior Commodity Strategist at Bloomberg, Mike McGlone has been painting a bullish narrative for Bitcoin lately. The issue was only with the desktop wallet and none of the mobile wallets were affected by this. Coinomi Wallet Review : Best Crypto Wallet, 4 Pros Cons. The user claimed that his Google drive account was hacked and as such, the private keys which were stored in a text file were accessed. If you are still using a mobile wallet or a desktop/web wallet for storing your Bitcoin or any of the cryptocurrencies listed above, don’t think twice and placing an order for the Ledger Nano S. Once you shift your cryptocurrencies to a hardware wallet, you never have to worry about getting hacked. Cryptocurrency / By Crypto FIRE / February 27, 2021 February 27, 2021. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Al Maawali stated that days later, he discovered that his funds had been transferred to other wallets. However, “they fixed the issue without notifying their users, and they kept procrastinating like scumbags to buy more time,” he said. Ask ten crypto proponents about the prices of Bitcoin a year from now and you’re likely to hear ten widely different answers. My coinomi wallet got cleaned out 5 minutes after I deposited 0.5 BTC. Coinomi multi-asset wallet poor implementation leads to sharing your plain-text passphrase with a third-party server. As always, theft and hacking appear to be a recurring problem in the cryptocurrency industry. My Coinomi wallet got hacked. Coinomi is a security-first, multi-asset wallet for both mobile & desktop that provides native support and true ownership for as many as 125 blockchains (the largest number … Bitcoin, Blockchain, and Cryptocurrency News. Despite the changes that were made, it seems the harm had already been done. One Ethereum address spent $450,000 in gas to send less than 0.15 ETH. While recounting on the event that led to the loss, Al Maawali said he had downloaded the app from the official Coinomi’s website on February 14. Access more crypto insights in every article as a paid member of CryptoSlate Edge. Like many other software wallets, it uses a 12-word seed-phrase to restore a wallet in cases where a user loses or damages their computer, or in some cases where a user forgets their pin or needs to transfer funds to a new device. Table of Contents. Coinomi has experienced a similar incident in the past. Last update. © 2021 CryptoSlate. Let the message be clear, we do not negotiate with blackmailers. Quinomi wallet May 2020. Now, Coinomi supports tens of thousands of cryptocurrencies and 125 blockchains, which makes it the most perfect pocket for … What key milestones will Bitcoin face after hitting $80,000? Spell check ur crypto-currency wallet's passphrase remotely with #Coinomi https://t.co/xuQnLf0vOyhttps://t.co/nasw8FfmpQ#btc $btc $ltc $xmr $trx $xrp $zcoin $dash $zcash $gno $eth $ark $bch, — Warith Al Maawali (@warith2020) February 26, 2019. Here is the full Helpdesk correspondance with @warith2020 (a blackmail gone wrong): — coinomi (@CoinomiWallet) February 27, 2019, The company further emphasized that no other reports of compromised desktop wallets were brought to the attention of the company. On-chain data for funding rates shows traders are once again piling into Bitcoin, the world’s largest cryptocurrency by market cap. 100k Bitcoin options set to expire: here's what to expect from the market. Cryptocurrencies are money, and it should be treated like one. As a result, 90 percent of his funds (Bitcoin, Ethereum, Litecoin, and Bitcoin cash) which were held in the wallet was stolen. It also incorporates seamlessly both Shapeshift and Changelly. Again, this meant that Bitcoin addresses that were broadcasted over the network without encryption, exposing them to theft. According to the Oman-based programmer, Coinomi wallet sent the passphrase of his account to a third-party server. In a report published by Warith Al Maawali, Coinomi’s wallet purportedly sent the 12 worded passphrase of his account to a spell checker on Google’s API. The country is one of the biggest markets for crypto in the world and is known for its ‘Kimchi Premium.’ The month it went ballistic South Korean crypto exchanges are now processing more volumes each day compared to traditional stock exchanges, a report on local publication Hankyung said Monday. I have never shared my master seed, nor held any copy anywhere. Gensler inches closer to SEC Chair, will he withdraw the Ripple lawsuit? The cause of the hack, according to the company, was a “bad configuration”: “Our engineers immediately tracked down the cause of this issue, which wasn’t a bug in our source code but instead was a bad configuration option in a plug-in used in Desktop wallets only… All Desktop versions were patched immediately after we received the full disclosure, and we then started further exploring the implications by this issue in order to provide our users with the proper guidance and inform them on the course of action that needed to be taken, if any.”. See more at: https://coinomi.com South Korean crypto exchange volumes surpass those of its entire stock market, Data shows funding rates for Bitcoin are “warming up again”, What the new ‘Statemint’ proposal means for governance on Polkadot, Data shows Bitcoin is ‘replacing’ gold as a store of value. Close. This is why you need to secure your crypto asset on a functional wallet. Following the sudden death of the 30-year-old founder Gerald Cotten, one of Canada’s largest cryptocurrency exchanges was granted an order for creditor protection in the Nova Scotia Supreme Court while the company looks to recover $190 million in investor funds. As a result, the company is “investigating the authenticity of Maawali’s claims,” going as far as to say that the hack was “more likely… an infected host rather than Google [the server service] stealing these funds.”. We have already stated that this wallet has a very high level of security, and so far no Coinomi wallet has been hacked and its security has not been threatened. The most versatile global app. Note: Because safety is a priority (and it's very important when it stores money). Cryptocurrency wallet Coinomi has once again become involved in a security scandal, with a security consultant claiming to have found a vulnerability in the service. It offers unmatched interoperability and support between SegWit enabled blockchains. Founded in 2014 Coinomi is the oldest multi-asset wallet with millions of active users while at the same time no Coinomi wallet has ever been hacked or otherwise compromised. A vulnerability in the code of Coinomi’s desktop wallet sent the users’ passphrases to google for a spell check, potentially affecting all of those who decide to restore their wallets. Coinomi was hacked in February 2019, but I learned that they had fixed the loophole. Maawali created a website explaining the exploit in detail after allegedly losing $60,000 to $70,000 in cryptocurrency from the exploit. 1.1 Who founded the Coinomi Wallet? Archived. Coinomi: Never hacked. The oldest Coinomi wallet was launched in 2014 and has millions of active users. Brian Armstrong, the CEO and co-founder of Coinbase, made a public statement speculating that QuadrigaCX—the exchange that lost $135 million in customer funds—may have used its CEO’s death as cover for earlier mismanagement. As such, the passphrase of the exodus wallet he had been using was inputted into it. Prior to the $40k price dip, the market recorded the arrival of institutional investors buying stacks of Bitcoin. Users have to set a password that is used for encrypting wallet "file" (so if an attacker finds it, he can do nothing with it). Lastly, the company claimed that the data sent to the servers was not “processed, cached, or stored,” suggesting that it would be impossible for a server employee to intercept or locate the seeds. Three years ago, any crypto project could gain a lot of users and attract investments with ease. If you have read other articles from this website, you probably already know that I like Coinomi wallet. Coinomi instead asserts that the spell check was actually implemented correctly. Coinomi is the oldest multi-chain, cross-platform wallet for bitcoin, altcoins & tokens - never hacked, with millions of users. Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Trust: Users also can use a password. 1.2 Who are the investors into the Coinomi Wallet? Read: Bi ggest Bitcoin hacks ever. Access more crypto insights and context in every article as a paid member of CryptoSlate Edge. Spread the love. Contents hide. On February 2019; a user reported that their wallet has been hacked due to a security vulnerability found in the Coinomi wallet. Coinomi is a cryptocurrency wallet which has not ever been hacked. 8. Most importantly, no Coinomi wallet has ever been hacked or otherwise compromised to date. According to the Oman-based programmer, Coinomi wallet sent the passphrase of his account to a third-party server. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site. A new form of cryptocurrency-stealing malware has been identified in the Google Play store.