Phantom defends its wallet security amid accusations of 'bug endangering user funds'

PANews January 22 news, according to Cryptoslate, under criticism from security researcher @CloakdDev, Solana on-chain encryption wallet Phantom responded that a recently exposed vulnerability does not threaten the security of user funds. Phantom expressed its apology for the delay in communication in a public statement and reiterated its commitment to security, saying: "We are confident that this vulnerability will not compromise user funds in any way." However, Phantom did not provide more technical details or Timetable of potential responses. Likewise, Cloakd did not disclose specific technical information about the vulnerability.

The controversy broke out on social media on January 21, with Cloakd expressing dissatisfaction with Phantom's response, saying: "As of now, this is a joke and I can't even get any updates from their security team." Cloakd believes that for the For a large platform like Phantom, this kind of delay is very worrying. Faced with Phantom's response, Cloakd countered that the vulnerability "directly threatens the security of user funds." They advise Phantom users to take precautions such as backing up their mnemonic phrases and considering changing wallets.

The incident sparked widespread concern among users, with many questioning how wallet providers balance transparency and security. Some community members have turned to Cloakd for advice on understanding the level of risk and how to protect assets. Cloakd recommends users consider migrating to other wallets.