In an alarming development for the crypto community, an urgent warning has been issued about a fake Phantom wallet on the Apple App Store draining users’ funds.
In an alarming development for the crypto community, an urgent warning has been issued about a fake Phantom wallet on the Apple App Store draining users’ funds.
This fraudulent app, which impersonates the popular Phantom wallet, was reportedly developed by a company called “Meta Voxify AI.” It is important to note that the genuine Phantom wallet was developed by Phantom Technologies Incorporated.
Users have reported that the fake app looks almost identical to the real Phantom wallet, making it difficult to distinguish it at first glance. However, there are critical differences. Once downloaded, the app only allows users to import an existing wallet instead of creating a new one, which is a big red flag.
When users enter their seed phrases, believing they are accessing their legitimate wallets, they unwittingly hand over their keys to scammers.
Tomiwabold OlajideApp Store reviews are flooded with warning messages, labeling the app as a “scam” and warning others that it is not the official Phantom app. Some users have reported significant financial losses as a result of using this fraudulent Phantom wallet.
Safety precautions
In light of this, cryptocurrency users should proceed with extreme caution and verify the legitimacy of cryptocurrency wallets before downloading them. If they have installed this fake Phantom wallet, it is essential to remove it immediately and change your wallet credentials to protect your funds.
Other steps include verifying the wallet developer; Cryptocurrency users should constantly check the name of the developer to avoid scams. For example, Phantom Technologies Incorporated developed Phantom, a multi-chain wallet that supports Solana, Bitcoin, Ethereum, and Polygon.
Tomiwabold OlajideAdditionally, cryptocurrency holders would do well to read reviews carefully. They should look out for warnings or negative reviews that mention scams or security issues. They are also encouraged to use official links and download crypto wallets only from official websites or verified links provided by the developers.
Cryptocurrency users should also be wary of import-only apps, as legitimate wallets should offer the option to create a new wallet, not just import existing ones.
