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Analysis & Opinion

Coinomi Cryptocurrency Wallet’s Vulnerability Costs User $70,000 of Assets

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coinomi hacked

Coinomi, the crypto wallet has critical vulnerability a Reddit user has revealed today, claiming that this has, “Made Me Lose My Life Savings”.

In a lengthy post on Reddit, the user u/warith77 said:

“My passphrase was compromised and $60K-$70K worth of crypto-currency were stolen because of Coinomi wallet and how the wallet handled my passphrase.”


In the follow thread to his post on Coinomi’s vulnerability, he pointed out other user’s posts around the issue with some claiming the wallet had been hacked with another asking what he did wrong, whilst maintaining he had also been a victim of a scam.

The user said that they made this issue public after having no response from Coinomi after his issue:

“They did not take the responsibility of my loss, I gave them more than 24 hours before full disclosure, they fixed the issue without notifying their users and they kept procrastinating like scumbags to buy more time…..In fact, Coinomi’s team discreetly deleted their reply to my tweets to hide the evidence regarding their unsigned main executable in which they confirmed the issue and they didn’t respond to my requests”

Coinomi, on their website, calls itself, “YOUR TRUSTED BLOCKCHAIN INTERFACE.”, yet this recent development would suggest there were some serious fallibilities within their network. With millions of users worldwide, this could be a major problem for the company.

Founded back in 2014, the company actually says:

“Coinomi is the oldest multi-asset wallet available, with millions of active users. Most importantly, no Coinomi wallet has ever been hacked or otherwise compromised to date.”

However, this claim could soon become false.

Not only that, this is not the first time Coinomi’s vulnerability has been called into question. In September 2017, Dash News reported that, “A privacy-related vulnerability was discovered in the Coinomi wallet, which provoked a hostile reaction from its developers”.

Overall, whether this is a few isolated incidents or something which could snowball into something much larger remains to be seen. This Reddit user has decided to go to war with Coinomi, by also creating a website called avoid coinomi. We will watch the thread and upcoming posts to see the results. Let’s hope he can get some of his savings back!

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