As a seasoned researcher and cryptocurrency enthusiast with a few battle scars from the volatile world of digital assets, I can’t stress enough the importance of heeding warnings like the one issued by Mishaboar regarding the Phantom wallet. Having seen my fair share of crypto holdings vanish into thin air due to carelessness and unforeseen circumstances, I find myself nodding in agreement with his advice.
A prominent voice in the Dogecoin (DOGE) community, known by the nickname “Mishaboar,” has recently issued an important security advisory. While DOGE has seen a huge spike of over 145% in the last 10 days, reaching $0.40 per coin with a market cap of $59.19 billion, the timing of this warning could not be more critical. His advice was not just for Dogecoin holders but for the broader cryptocurrency community as well, as he pointed out some security issues with the popular Phantom wallet.
It appears that the most recent version of the Phantom wallet has resulted in some users being unable to access their digital possessions. This software, initially developed for Solana but now accommodating Bitcoin (BTC) and Ethereum (ETH), is well-liked by meme traders. Unfortunately, this update has brought about significant issues for its users.
A coworker of mine just lost 360k USD worth of some crazy monkey money and “stable”coins
— Mishaboar (@mishaboar) November 13, 2024
Some sources indicate that an update might erase a user’s recovery key, or seed phrase, if it hasn’t been safely stored. This could potentially result in users losing access to their accounts. A notable instance of this happened with the founder of a Solana-based project who reportedly lost $1 million worth of POPCAT tokens due to this very issue.
Secure your bags yourself
Mishaboar recommended that users of the Phantom wallet should swiftly act first by securing copies of their recovery phrases to maintain access in the future.
Rather than storing substantial cryptocurrency holdings on mobile wallets, it’s advisable for users to opt for cold wallets or offline storage instead, as these options offer enhanced security. This recommendation isn’t solely for Phantom wallet users; in fact, anyone who uses a smartphone wallet should heed this advice.
The advice was aimed at Phantom wallet users, but it is a good reminder for the entire digital asset community. As prices rise and more people become interested in the market, such a statement underscores the need for better security practices by encouraging crypto owners to take active steps to protect their assets.
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2024-11-14 17:16