Phantom , a leading crypto wallet provider in the Solana ecosystem, recently addressed a bug affecting account balance visibility.

On August 15, numerous users reported encountering problems with their applications, including missing or incorrect token balances. These issues sparked concerns regarding possible hacking incidents.

One user shared :

“I recently switched to Phantom, and all my coins, except for the main ones, have vanished. It must be a temporary glitch, right??!?!?”

However, Phantom quickly investigated and rectified the issue, stating :

“We have addressed a temporary issue that prevented users from seeing their account balances correctly. While this did not impact user funds, we understand the seriousness of such incidents. Our team is taking steps to ensure this doesn't happen again.”

Phantom Wallet’s adoption

Launched in 2021, Phantom quickly became a leading wallet for Solana, boasting over 7 million monthly active users as of April 2024.

This growth was mainly driven by the hype surrounding memecoins within the Solana ecosystem, which propelled it to the top applications on Apple’s App Store charts, surpassing other major crypto apps like Coinbase . Phantom’s popularity increased further with its integration of Bitcoin in May.

Despite its rapid growth, Phantom faces strong competition from other cryptocurrency wallet applications.

Based on data from CryptoRank , the application secured the third position among the top 10 crypto wallet applications in July, trailing only Bitget Wallet and MetaMask . Both Bitget Wallet and MetaMask achieved over 1 million app downloads. Phantom Wallet, with 667,000 downloads, earned a place among the top 10 wallets by download numbers.

Despite this, it remains a popular crypto application heavily used within the Solana ecosystem. This popularity has drawn the attention of malicious actors who recently released a fraudulent app on the App Store mimicking the genuine Phantom Wallet, leading to users losing funds.