Phantom Wallet Funds Disappear : Community Panicked!

The post Phantom Wallet Funds Disappear : Community Panicked! appeared first on Coinpedia Fintech News

Phantom wallet suffered a severe glitch today. Funds from users’ wallets disappeared for no apparent reason. It caused a huge panic in the crypto community and there were speculations of wallets being hacked. Let’s explore the case and try to understand what actually happened.

Funds Vanished from Phantom wallet

A large number of Phantom wallet users started reporting missing funds on X and Reddit. This caused a huge panic and people started to say the Phantom platform has been hacked. Many users even shared screenshots of their wallets. Several people posted on social media that their wallets have been drained. Some thought it was due to they recently bought some memecoin while others were saying the whole platform is compromised.

Source : Solana Sub-Reddit

However when users checked their wallet addresses on Solscan, they understood the case. The funds never left their wallets but merely were not shown there. It was a similar case like you have BNB on smart chain on your Metamask but smart chain network is not added. Even though funds are in your wallet, you can not see them.

Response from Phantom Wallet Team

Shortly after this case caught the attention of the Phantom team, they started working to fix this issue. After some time, in an X post, the team announced that the temporary issue has been fixed and everything is fine now. Users confirmed that they can now see their funds in wallets.

Source : X(formerly Twitter)

So What Happened?

There is no accurate information available for this question as of now. Even the Phantom team has not provided details of this glitch. However, we believe there was some coding error. Some wallet engineer removed “show funds” during Maintenance. Or it might be a similar problem that happened late 2021. During that time, Phantom wallet started to treat wrapped tokens as NFTs and hence unable to show the balance on the Solana chain. It is quite possible that the wallet faced a similar kind of issue again. However, we can not say for sure if this is true. It would be wise to wait for an official statement from the Phantom team.

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