Phantom Addresses Security Vulnerability But Vague on Details

Phantom, a prominent crypto wallet on the Solana blockchain, has addressed recent security concerns raised by security researcher and developer @CloakdDev, asserting that the reported vulnerability does not threaten user funds.

In a public statement, Phantom acknowledged delays in communication and reaffirmed its commitment to security.

It added:

“We believe it does NOT make user funds vulnerable in any way.”

However, neither Phantom nor Cloakd have disclosed technical specifics or outlined a timeline for potential actions, leaving users seeking further clarity.

Accusations of Security Lapses and Lack of Concern Plague Phantom

The controversy surfaced on social media on 21 January, when @CloakdDev voiced frustration over Phantom’s handling of the reported vulnerability.

The research stated in a social media post:

“At this point, it’s becoming a joke – I can’t even get a response from their security team in terms of an update.”

Cloakd criticised the platform’s delayed response, calling it alarming for a wallet of Phantom’s scale and influence.

In response to Phantom’s assurances, Cloakd disputed the claims, insisting that the vulnerability “directly puts user funds at risk” and urged users to take precautions, such as securing their seed phrases and exploring alternative wallets.

The researcher advised:

“Move to a different wallet as they clearly don’t take user security seriously – painfully obvious from this exercise.”

The situation has fuelled widespread concern, prompting discussions about the delicate balance between transparency and security in the crypto space.

As uncertainty lingers, Cloakd’s recommendation to migrate to other wallets underscores growing user dissatisfaction with Phantom’s approach.

One user expressed that they will be jumping to Solflare wallet instead.