Phantom Wallet Glitch Leads to Widespread Panic Over Missing Crypto Funds
08/15/2024 20:38
Users of Phantom Wallet reported alarming balance discrepancies, sparking fears of a potential security breach.
A recent glitch in Phantom, a widely used non-custodial wallet in the Solana ecosystem, has caused widespread concern among users.
Over the past few hours, several individuals reported noticing discrepancies in their wallet balances.
Phantom Responds: Glitch Fixed, But Cause Remains a Mystery
Some users claimed that their funds appeared to have been drained, triggering fears that the platform had been compromised. The issue gained traction on social media, particularly on X (Twitter) and Reddit.
“I am beyond confused. My whole wallet was drained, besides my Solana. All of my meme coins were drained, which was like half of my portfolio. […] I literally have never interacted with any airdropped tokens, never clicked any shady links, and never connected my Phantom wallet to anything besides Jupiter and Raydium. […] This is crazy!” a Reddit user wrote.
Read more: Phantom Wallet: Everything You Need To Know
The panic intensified as more users voiced similar concerns, leading many to question the security of the Phantom wallet. Despite these alarming reports, on-chain data reviewed by BeInCrypto through Solscan revealed that users’ tokens were, in fact, intact.
Phantom’s team addressed the issue around 11:00 UTC. They assured users that the glitch had been resolved and that no funds were lost.
“We have resolved a temporary issue that prevented users from properly seeing account balances,” the team confirmed.
However, they did not provide specific details regarding the cause of the glitch. BeInCrypto has reached out to Phantom for further clarification but has not received a response as of this writing.
Read more: 13 Best Solana (SOL) Wallets To Consider in August 2024
Phantom, known for its user-friendly interface and secure environment, has become a popular choice for storing and exchanging cryptocurrencies within the Solana network. With over 7 million monthly active users as of April, the wallet’s reliability is crucial.
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Lynn Wang is a seasoned journalist at BeInCrypto, covering a wide range of topics, including tokenized real-world assets (RWA), tokenization, artificial intelligence (AI), regulatory enforcement, and investments in the crypto industry. Previously, she led a team of content creators and journalists for BeInCrypto Indonesia, focusing on the adoption of cryptocurrencies and blockchain technology in the region, as well as regulatory developments. Prior to that, at Value Magazine, she covered...
Lynn Wang is a seasoned journalist at BeInCrypto, covering a wide range of topics, including tokenized real-world assets (RWA), tokenization, artificial intelligence (AI), regulatory enforcement, and investments in the crypto industry. Previously, she led a team of content creators and journalists for BeInCrypto Indonesia, focusing on the adoption of cryptocurrencies and blockchain technology in the region, as well as regulatory developments. Prior to that, at Value Magazine, she covered...
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