Phishing scammers are attempting to steal private keys from Phantom wallet users by tricking them into approving fraudulent update requests. These fake pop-ups mimic legitimate Phantom updates, putting users’ funds at risk.
Scammers Use Fake Update Requests to Steal Wallet Credentials
On February 6, Web3 scam detection platform Scam Sniffer warned that attackers were connecting to real Phantom wallets and displaying pop-ups asking users to approve a bogus “update extension” signature request.
If victims approve the request, they are then prompted to enter their seed phrase. Once entered, scammers gain full access to the wallet and can drain funds.
This follows a similar warning from Scam Sniffer in late January, where malicious websites mimicked Phantom’s interface to trick users into entering their seed phrase for a fake connection request.
How to Identify and Avoid Phantom Wallet Scams
To help users detect phishing attempts, Scam Sniffer provided the following security tips:
- Check the Right-Click Function – Fake phishing pages often block right-clicking, while legitimate Phantom wallet windows do not.
- Verify the URL – Genuine Phantom pop-ups display “chrome-extension” in the URL, something scam sites cannot replicate.
- Check Window Behavior – Real Phantom pop-ups function like system windows, allowing users to minimize, maximize, and resize them. Fake ones are restricted to the browser tab.
Phantom Wallet Sees Growing Adoption Despite Security Threats
Despite these phishing attacks, Phantom wallet continues to gain traction, driven by the rise of Solana-based memecoins.
- Phantom generated $470,000 in fees in the past 24 hours, surpassing Coinbase Wallet, according to DeFiLlama.
- On January 19, Phantom’s daily revenue peaked at $3.6 million, setting a new all-time high.
- The platform now boasts over 10 million monthly active users and has processed more than 850 million transactions in 2024.
- On February 6, Phantom introduced multicurrency support for 16 different fiat currencies.
Phantom’s Growth and Future Plans
Phantom has seen significant investment interest, securing $150 million in a Series C funding round led by Sequoia Capital and Paradigm on January 17. This funding valued the firm at $3 billion.
While rumors recently circulated about a potential Phantom token airdrop, the company has denied these claims, stating that no such plans are in place.
Phantom users should remain cautious and follow security best practices to protect their wallets from phishing attempts.
