Fake Phantom Wallet on iOS Drains $100K in User Funds, Apple Security Fails?

| Updated
by Bhushan Akolkar · 2 min read
Fake Phantom Wallet on iOS Drains $100K in User Funds, Apple Security Fails?
Photo: Freepik

Several users have reported losses due to this scam in the fake Phantom app. Co-founder of Dubai Blockchain Center, Mende Matthias, reported a $100K theft from his Phantom wallet on June 25, 2024.

In a surprising development, a fake Phantom wallet has been featured on Apple’s iOS App Store reportedly draining user funds on account recovery using a private key. Solana and Phantom wallet users have raised an alert regarding the fraudulent application that mimics the original Solana Phantom wallet.

Published by Meta Voxify, the fake app features on the iOS platform with poor 1-star reviews. Interestingly this fake Phantom wallet appears as an ad resembling the authentic application from Phantom Technologies.

Sources also recently confirmed that the app is still in the UK. Thus, Solana and Phantom wallet users should be cautious and verify which version of the app they are using.

While searching for “Phantom”, a fake app appears prominently at the top of the results, seeming legitimate at first glance. It appears under “Education” instead of “Utilities”, where the authentic app is listed. Additionally, the fake app is misleadingly noted as being available for “17 years”, making it appear older than Solana and even Bitcoin itself.

Fake Phantom App Victims Report Losses

Several users have reported losses due to this scam in the fake Phantom app. Co-founder of Dubai Blockchain Center, Mende Matthias, reported a $100K theft from his Phantom wallet on June 25, 2024.

Matthias mentioned that the theft occurred soon after he received the presale tokens despite having strong security measures in place. Besides, Matthias also stated that he didn’t engage with any other suspicious links and was completely surprised about the security breach.

Phantom Wallet users should remain cautious and only download apps from verified developers to avoid falling victim to scams. This incident underscores the persistent challenges and risks in the crypto space, emphasizing the need for the community to share information and stay informed about potential threats.

It also raises concerns about Apple’s App Store security and vetting process, intensifying the debate over allowing sideloading of apps through third-party stores. The fact that the App Store has permitted the listing and ad promotion of a fraudulent clone of a financial app is a serious concern for users, undermining its reputation as a secure platform.

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