Phantom Wallet Glitch Leads to Widespread Panic Over Missing Crypto Funds

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

Reddit User Reports USDT Balance Missing from Phantom Wallet. Source: Reddit/r/Phantom

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.

Source