Phantom, a leading crypto wallet provider in the Solana ecosystem, recently addressed a bug affecting account balance visibility.

On Aug. 15, several users reported issues with their applications, including missing or incorrect token balances. This led to concerns about potential hacking incidents.

One user wrote:

“I just got on Phantom, and all my coins besides the main coins are gone. It must be a glitch, right??!?!?”

However, Phantom swiftly investigated and corrected the issue, stating:

“We have resolved a temporary issue that prevented users from properly seeing account balances. While this did not impact user funds, we know how serious incidents like this are. Our team is taking steps to make sure it doesn’t happen again.”

Phantom Wallet’s adoption

Launched in 2021, Phantom quickly emerged as a leading wallet for Solana, boasting over 7 million monthly active users as of April 2024.

This growth was primarily driven by the memecoin frenzy within the Solana ecosystem, which catapulted it into the top applications on Apple’s App Store charts, surpassing other major crypto apps like Coinbase. Phantom’s popularity surged further with its integration of Bitcoin in May.

Despite this rapid growth, Phantom faces stiff competition from other crypto wallet applications.

According to CryptoRank, the application ranked third among July’s top 10 crypto wallet applications, behind Bitget Wallet and MetaMask, which saw more than 1 million app downloads, respectively. Phantom Wallet secured 667,000 downloads, placing it among the top 10 wallets by download numbers.

Nevertheless, it remains a popular crypto application used heavily within the Solana ecosystem. This popularity has attracted the attention of malicious players who recently launched a fraudulent app on the App Store mimicking the legitimate Phantom Wallet, resulting in the loss of users’ funds.

 

Mentioned in this article