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Crypto Holders Beware: Shocking Fake Phantom Wallet Alert Issued

Fri, 28/06/2024 – 13:00

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In an alarming development for the crypto community, an urgent warning has been issued regarding a fake Phantom wallet on Apple App Store draining users’ funds.

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This fraudulent app, masquerading as the popular Phantom wallet, was reportedly developed by a company named “Meta Voxify AI.” It is important to note that the genuine Phantom wallet is developed by Phantom Technologies Incorporated.

Users have reported that the fake app looks nearly identical to the real Phantom wallet, making it difficult to distinguish at first glance. However, there are critical differences. Once downloaded, the app only allows users to import an existing wallet rather than creating a new one, which is a major red flag.

When users input their seed phrases, believing they are accessing their legitimate wallets, they unintentionally hand their keys to scammers.

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App Store reviews are flooded with cautionary messages, labeling the app as a “scam” and warning others that it is not the official Phantom application. Some users have reported major financial losses as a result of using this fraudulent Phantom wallet.

Safety precautions

In light of this, crypto users must proceed with extreme caution and verify the legitimacy of crypto wallets before downloading them. If perhaps they have installed this fake Phantom wallet, it is crucial to remove it immediately and change their wallet credentials to secure their funds.

Other steps include verifying the wallet’s developer; cryptocurrency users should constantly check the developer’s name to avoid scams. For instance, Phantom, a multichain wallet that supports Solana, Bitcoin, Ethereum and Polygon, was developed by Phantom Technologies Incorporated.

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Also, crypto holders would do well to read reviews carefully. They should look for any warnings or negative reviews that mention scams or security issues.  They are also encouraged to use official links and download crypto wallets from only official websites or verified links provided by developers.

Crypto 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.

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