Fake Phantom wallet promoted in iOS AppStore drains users funds

  cryptoslate.com 28 June 2024 09:37, UTC

A fake Phantom wallet app in the Apple Store is reported to drain assets upon account recovery with a private key. Phantom Wallet and Solana users have been alerted to the fraudulent app mimicking the legitimate Phantom Wallet.

The fake app, published by Meta Voxify and with poor 1-star reviews, appears as an ad and deceptively resembles the authentic application developed by Phantom Technologies.

CryptoSlate can confirm that the app is still live in the UK and could be available in other territories. When searching for ‘Phantom,’ the fake app appears prominently at the top of the screen, appearing legitimate without deeper inspection. It is listed in the ‘Education’ category as opposed to ‘Utilities’, where the original app exists. The fake app has also apparently been in the store for ’17 years’ and is thus unrealistically older than Solana and even Bitcoin itself.

Swissborg co-founder Alex Fazel warned users,

“There is a fake Phantom wallet app in the Apple Store that looks real but will drain all your assets as soon as you use you recover your account with a private key.”

Reports have surfaced about significant financial losses due to this scam. Mende Matthias, co-founder of the Dubai Blockchain Center, reported a theft exceeding $100,000 from his Phantom wallet on June 25, 2025. He mentioned that the theft occurred shortly after he received presale tokens despite having robust security measures in place. Matthias emphasized that he did not engage with suspicious links, raising concerns about how the security breach happened.

Phantom Wallet users should be vigilant and only download apps from verified developers to avoid such scams. The incident highlights the ongoing challenges and risks within the crypto space, urging the community to share information and stay informed about potential threats.

It further raises questions about Apple’s AppStore security and vetting process, worsening arguments against allowing the sideloading of apps through third-party stores. Once seemingly a pillar of security, the AppStore allowing the listing and ad promotion of a scam clone of a financial app is a serious concern for users.

Source