Phantom Wallet Says its Investigation Shows its Systems Were Not Compromised

A week after TheCoinRise reported multiple wallet compromises on the Solana blockchain network, Phantom, one of the most used hot wallets in the ecosystem has come out to recuse itself for being the source of the attack.

Taking to Twitter, the Phantom team said its investigations have not shown that any of its systems were compromised.

“After almost a week of investigation, our team has not found any evidence that Phantom’s systems were compromised during the August 2nd security incident. Work is still ongoing, but given the seriousness of the situation, we want to give an update on what we have done so far,” the wallet said in a Twitter thread.

The Phantom team said in addition to the internal auditing that they have conducted that yielded no insights into the user’s exploit activities, they have also contracted independent security companies including Holborn Security and Osec to also help in the investigations.

The Solana wallet services provider said that while it is aware that some Phantom wallet users were affected, it revealed that its investigations revealed that those impacted actually imported their wallets or keyphrases from non-phantom wallet platforms, hence explaining the attack.

Phantom Wallet and Commitment to Security

The phantom wallet is arguably the most used wallet in the Solana ecosystem, and by virtue of its position, the team behind the platform said they are aware the outfit will constantly be a source of target by cybercriminals.

In a bid to forestall any form of mishap that might arise in the near future, Phantom said it is committed to best security practices as it looks to onboard the next generation of Web3.0 users.

“We do not take it lightly that some of our users were impacted. Our mission is to make crypto safe, easy, and fun. Security has always been our top priority and we will double down to make sure users are even better protected in the future,” the tweet reads, adding that “Given the size of Phantom’s community, we know we are a big target… We are committed to following and innovating on security best practices to help onboard the next generation of web3 users.”

The Solana exploit led to millions of dollars worth of losses, but the loss pales when compared to other renowned hacking events recorded thus far this year.