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Published on February 28, 2019
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A person lost their life savings from the COINOMI crypto currency wallet. Today we talk about how that hack happened exactly, how COINOMI let this happen and what the likely chain of events was. Another important aspect is how COINOMI responded to this issue and communicated this to the public. We will also discuss the fact that many miners mine empty blocks and why they do it.




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DISCLAIMER: This is NOT financial advice. This is just my opinions. I am not responsible for any investment decisions that you choose to make.

Ivan on Tech is all about cryptocurrencies and the technology behind Bitcoin, Ethereum, Litecoin, Ripple, IOTA. We also cover Bitcoin price, altcoin price, investing, analytics, different altcoins.

Ivan on Tech by Ivan Liljeqvist


Ledger Nano S - The secure hardware wallet
  1. Formal Verification should be required in any blockchain software unless you do not mind the software occasionally doing something you do not want it to do.

  2. If he has crapware on his computer there's no telling how the passcode was sniffed

  3. I think everything eventually can be hacked. I own a Nano Ledger and a Trezor and stored most of my coins there. But who will guarantee me they cannot be hacked there. Nobody can. So what can you do. Storing on an exchange is not safe, storing on your own wallets also not. Sometimes I think it's best to cash out and invest in something else.

  4. Memo

    Bad news for coinomi ! they will lose people

  5. I use different passphrase for everything, so I certainly wouldn't reuse seed words in Coinomi from Exodus!

  6. I've only used Coinomi to store a little bit of Dogecoin. I'm surprised about the loss of funds, but just as surprised someone would put so much money into pocket wallet! A mobile wallet is only supposed to be for short term spending money. Like, if you're going to a restaurant, then put enough money for that transaction into the wallet just before you go.

  7. Great insight. Not many other youtubers really understand and can go into why coinomi talks shit. Love it when you break down things. Bra jobbat!

  8. C H

    Ivan , what can you say about Edge wallet? @ivanontech

  9. Also, if it was someone at Google, that intercepted the seed phrase, there should have been far more 'hacked' victims than just that person! no?

  10. Another interesting point about this case is that the hack being discovered needs decent coding skills… Can't expect a normal layman to read the code and figure out this issue of using plug in which sends data to Google… So may be not hack happened is a very probable case

  11. Very good point about bad request not being cached on google server… Just wondering has anyone reached out to Google for their view… Their official statement on this matter will be interesting

  12. Hey Ivan , you're laughing and the guy that had his crypto stolen is crying.

  13. Coinomi is a joke!!! What they say is a joke and unprofessional!!! Don't add your money to them!!!!

  14. 70K on a desktop app? lol… A fool and his cryptos are soon departed.. People! I don't care what kind of wallet you have, if it's not a Ledger or Trezor, you are an idiot!!!

  15. I guess there was a reason I only sent 3 bucks worth of ltc to the wallet – it's still there though :/

  16. Ivan, Can't the source and destination IP address be tracked from where the funds were moved from address to address? For example – if I move funds from one of my wallets to another wallet that is transmitted over IP –correct?

  17. Somehow I do not believe this effect mobile apps, but I might be wrong.
    it is not a bad idea to load the seeds when the internet is off.

  18. You are one of my favorites! I will spread your word and your knowledge on my new site .. Crypto1university dot com. Keep up the good work!

  19. Text hacker Anton his very real because the V8.6 PayPal softwares adder 2019 he sold for me really worked and generated 5btc in 4hours and some minutes text him on WhatsApp +13375029795

  20. they should never allow a spellcheck by google specially on secret passwords. deleted the app from my phone

  21. Moral of the story is don't keep 17BTC in a hot wallet. It's not the first or last hot wallet bug we will see.

  22. cheung is the best hacker I have ever met for a long time he just took my PayPal account enabling me to pay my bills thanks for being my backbone [email protected],com

  23. I cant believe my eyes I got a legit bitcoin hack generator from [email protected],com contact him and thrilled or via WhatsApp +18452933085

  24. I highly recommend you text cheung in WhatsApp +1 845-293-3085 for bitcoin hack 2019 software. I got a legit 11BTC into my coinbase wallet . This is real without no survey contact [email protected],com if you are also interested in his service

  25. I have done this countless times now and they haven’t disappointed me. I just got bitcoin hack generating 5BTC from [email protected],com

  26. He used windows. Mistake number 1

  27. وشراه يخلط ذا ؟

  28. My Exodus Wallet created an invalid bitcoin address. Has anyone experienced the same problem???
    To be more precise : After each time you receice a bitcoin transaction into Exodus you can chose to use a new address. So by now I must have more than 20 bitcoin addresses. But the last address that my Exodus wallet generated is apparently invalid. That's a bit frightening. Luckily the application from wich I tried to send bitcoin to my invalid address recognised that the address is not valid and did not allow me to send any bitcoin to it.
    I may be going to contact the Exodus support about this..

  29. spell checking seed on google server. Good job, coinomi

  30. It is called fomo, get rich quick give me now. How many in that space of yours do you think actually knows how to code? A good coder can easily take advantage of someone who does not code. It is obvious this is going on, cryptocurrency created by hackers for hackers.

  31. Is it me, or is Ivan turning into an American?

  32. They are not bugs, Bitcoin was created by hackers for hackers it is malware implanted in all wallets.

  33. Artem S

    I advise to avoid JAXX wallet as well. It shows balance that one can not use..Coinomi must be uninstalled in any case..

  34. Apparently Coinomi asked Raith to provide at least the transactions of the $$ going out of his wallet, and he would not provide this…

  35. One more reason I use MONARCH WALLET!

  36. This happened to me. I use coinomi as a spending account. I sent btc on 2/9 and again on 2/13. Just checked my wallet while watching this video, and coinomi now has those two transactions as withdrawals, with no record of the deposits. Coinomi showed the deposits when i made them, but now the deposits are not in my transactions, and instead show as withdrawals.

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