I don't like Tangem wallet and I would never recommend it to anyone.
This one is a review, I am considering ups and downs of this solution. I am not recommending it, but I think it has an higher degree of security of the standard hit wallet everyone has on their phone. I am not recommending Tangem as a primary backup solution. I hope this is clear in my OP.
First of all Tangem code is closed source, and they had serious security incident in the past when private keys got leaked from their Tangem app.
I might add it to the OP.
Do you think this is a good explaination of what happened?
You are referring to a bug discovered December 2024 in Tangem’s mobile app: when users created a wallet using a seed phrase, the app mistakenly recorded the private key in plain text in its log files. These logs were optionally sent when users contacted support through the app—meaning that, in those cases, private keys could be emailed to Tangem staff.
Tangem stated, "no private keys were compromised, no user funds were lost, and no accounts were accessed.”.
The issue only affected users who:
- Created a seed‑phrase wallet; and
- Contacted support through the app within 7 days of creation.
That was fewer than 0.1 % of users.
Seedless wallet users were never affected, as their private keys are never handled by the app.
Tangem patched the bug immediately in app releases, disabling any logging of private keys. They erased all suspect logs and emailed attachments from their systems And Notified affected users directly, encouraging them to take precautions. Last but not least, they reinforced security practices, including inviting independent researchers via their ongoing bug bounty program.
The bug has been fully resolved in current app versions, and logging of private keys is no longer possible. The issue did not affect seedless setups, which remain Tangem’s recommended option. Tangem continues to undergo independent firmware audits (most recently by Riscure in 2023), and the private key always stays inside the chip.
Another reason I don't like Tangem is that you can only use it with their app, so there is no way to use any third party wallets.
In case Tangem company goes bankrupt there is good chance coins will be lost.
This is not a risk.
Tangem as a firm is never involved in the store of your coins, no Tangem server is needed to move your assets, and in case you need to recover your fund, you will always be able to do so following
this guide.
There are good alternative devices in similar card format liek Satochip and Keycard, that are both open source.
They provide much better alternative for backup with encrypted cards like Seedkeeper.
If ii have some time, I can add a paragraph on those solution, doing a quick comparison.
Thanks for pointing out