Funds Disappearance in Phantom Wallet Caused Panic in the Community

by Giorgi Kostiuk

2 years ago

Made with AI

Funds Vanished from Phantom Wallet
Response from Phantom Wallet Team
So What Happened?

Phantom wallet suffered a severe glitch today. Funds from users’ wallets disappeared for no apparent reason. It caused a huge panic in the crypto community and there were speculations of wallets being hacked.

Funds Vanished from Phantom Wallet

A large number of Phantom wallet users started reporting missing funds on X and Reddit. This caused a huge panic and people started to say the Phantom platform has been hacked. Many users even shared screenshots of their wallets. However, when users checked their wallet addresses on Solscan, they understood the case. The funds never left their wallets but merely were not shown there. It was similar to having BNB on the smart chain in Metamask without the smart chain network added: the funds are in the wallet but not visible.

Response from Phantom Wallet Team

Shortly after this case caught the attention of the Phantom team, they started working to fix this issue. After some time, in an X post, the team announced that the temporary issue has been fixed, and everything is fine now. Users confirmed that they can now see their funds in wallets.

The issue was temporary and has been fixed. All funds are in place.Official Phantom X account

So What Happened?

There is no accurate information available for this question as of now. Even the Phantom team has not provided details of this glitch. It might have been a coding error or a similar problem that occurred in late 2021, when Phantom wallet started to treat wrapped tokens as NFTs and hence couldn't show the balance on the Solana chain. While it is not certain, it would be wise to wait for an official statement from the Phantom team.

Although user funds were safe, the glitch in Phantom Wallet caused significant panic, underscoring the importance of swift and effective communication from the platform.

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