Fake Phantom Wallet Scam on iPhone Costs Users $100K

iPhone users have complained about a fake Phantom Wallet scam which has tricked them into losing up to $100k.

A Phantom wallet, which is a phony, has been discovered on Apple’s iOS App Store. The wallet purportedly can drain user funds during account recovery by utilizing a private key. This development is unexpected. Users of the Solana and Phantom wallets have issued an alert concerning the fraudulent application that imitates the genuine Solana Phantom wallet.

Meta Voxify publishes the fraudulent application on the iOS platform and has received inadequate one-star ratings. Intriguingly, this counterfeit Phantom wallet is presented as an advertisement resembling the genuine Phantom Technologies application.

Additionally, sources have recently verified that the application is still in the United Kingdom. Therefore, Phantom Wallet and Solana wallWalletrs must exerWalletaution and confirm the application version they are employing.

A fake application is conspicuously displayed at the top of the search results when searching for “Phantom,” which initially appears legitimate. It is listed under “Education” rather than “Utilities,” where the genuine application is located. Moreover, the phony application is inaccurately identified as having been accessible for “17 years,” implying that it is older than Solana and Bitcoin.

Victims of a Fake Phantom App Report Losses

This fraudulent Phantom application has resulted in losses for numerous users. Mende Matthias, the co-founder of the Dubai Blockchain Center, reported a $100K larceny from his Phantom wallet on June 25, 2024.

Matthias reported that the robbery occurred shortly after receiving the presale tokens, even though he had implemented robust security measures. Additionally, Matthias declared that he had not interacted with any other suspicious connections and had been taken aback by the security breach.

Phantom Wallet users should exercise caution and only obtain applications from verified developers to prevent falling prey to scams. The necessity for the community to share information and remain informed about potential threats is emphasized by this incident, which underscores the persistent challenges and risks in the crypto space.

It also intensifies the debate regarding the allowance of sideloading of applications through third-party stores, as it raises concerns regarding Apple’s App Store security and vetting process. The App Store’s reputation as a secure platform is undercut by the listing and advertisement promotion of a fraudulent clone of a financial app, which is a significant concern for users.