Popular Solana Wallet Has Thwarted Many Malicious Attacks
Phantom is here to protect
As the world of cryptocurrency continues to evolve and expand, so too do the threats and dangers facing users. Phishing and scam attacks have become all too common in the crypto space, with hackers and fraudsters looking to exploit vulnerabilities and steal digital assets from unsuspecting victims. However, one wallet for the popular Solana blockchain claims to have thwarted over 18,000 such attacks.
Phantom Wallet is a browser and mobile app that enables users to purchase, hold and send their favorite NFT collections. The company has made protecting its users from malicious attacks a top priority and has implemented various measures to ensure the safety and security of its digital assets.
In a blog post on Wednesday, Phantom addressed the issue of phishing and scams, stating that the wallet has scanned over 85 million transactions and blocked over 18,000 wallet-draining transactions. The company uses a combination of manual and automated systems to keep its website blocklist up-to-date and proactively blocks any sites it finds to have suspicious characteristics.
Francesco Agosti, Phantom co-founder and CTO, commented on the situation, stating, “We’ve always done certain forms of blocking—initially manually through an open source blocklist, and then getting more automated and sophisticated over time. You need to keep up with scammers, who are coming up with new strategies all the time, to be effective.”
One of the latest high-profile victims of a phishing attack in the crypto space was tech entrepreneur Kevin Rose, who lost over 40 NFTs, including one worth almost $500,000, to a scammer who had leveraged permissions that he had previously granted to his MetaMask wallet on the OpenSea marketplace.
However, Phantom was quick to respond, warning its users of the malicious website and blocking it, with the company stating, “We got your back.” This highlights the importance of self-custody wallets, which allow users to have full control and access to their digital assets, rather than relying on third-party platforms.
Phantom is aware that the issue that hit Rose was that he signed a message, not a transaction. The company currently doesn’t scan messages, but Agosti stated that the company is working on scanning them in a future release. He also added, “You don’t have to change any settings; it’s all on by default. You probably won’t notice it when using safe dApps, but it activates when you visit a website or try to submit a transaction we think is malicious.”
Here to save the day
Phishing is one of the most common forms of online attacks, and while any device connected to the internet is a potential target, Phantom Wallet comes ready to protect its users. Agosti stated, “Phishing is pretty constant— perhaps growing overall as more users enter the space and the opportunity becomes more attractive. In terms of actual scams—that fluctuates. Usually, what happens is that things are fairly stable for a while, and then scammers discover a new strategy that works really well, and then the number of scams spikes as the ecosystem adapts to that new strategy. Kind of like an immune system.”
Phantom Wallet is a powerful tool for Solana blockchain users, offering advanced security features and protection against phishing and scam attacks. As the crypto space continues to grow and evolve, it is important for users to be vigilant and take steps to protect their digital assets. Phantom Wallet provides the peace of mind needed to navigate the ever-changing landscape of cryptocurrency.