The popular Solana wallet Phantom has been criticized for its response to a potential vulnerability in its application. In a post on X, security researcher Cloakd accused Phantom of ignoring his vulnerability report regarding the wallet.
According to Cloakd, he has been waiting for a response from Phantom's security team about whether they have fixed the vulnerability for over 28 days, but no updates have been received.
He said: "I have been waiting for over 28 days for a major vulnerability in one of the largest applications on SOL to be fixed. At this point, it is becoming a joke — I can't even get a response from their security team regarding an update."
After Cloakd's post, the official Phantom account responded on X, stating that security is its priority and conducted an investigation into the vulnerability report. The team stated that the vulnerability did not affect user funds and that there is no cause for concern.
He wrote: "We have reviewed your report and have a different perspective on its severity. We believe it does NOT make user funds vulnerable in any way."
The community is not impressed with the vague response.
However, Cloakd disagreed with this assertion, noting that the vulnerability directly jeopardizes user funds. In response to questions from some users about what they should do, he advised them to securely store their private key and transfer funds to another wallet, as Phantom clearly does not care about security.
Other members of the crypto community also criticized the response, noting that the wallet provider did not provide any clarity regarding what steps it has taken to address the vulnerability and whether the issue has been resolved at all.
Although Cloakd did not specify the vulnerability, a security expert noted that it lies within the Phantom application itself, and secure key storage should be sufficient to protect assets in the wallet.
Meanwhile, another security expert, Andy from Taptrade of Solana, joined in refuting Phantom's claims about its security. He stated that his team had also reported several bugs to the wallet provider's team in the past, yet the wallet provider did not respond to any reports of potential vulnerabilities in its application.
Phantom is soaring as TRUMP focuses attention on Solana.
Concerns about the security of the Phantom wallet have arisen at an inopportune time for the crypto wallet, considering it has gained some increased adoption due to the launch of the TRUMP token. Currently, Phantom ranks 2nd in the utility app rankings in the UK and the US App Store. It ranks higher than Coinbase in the US App Store rankings.
Phantom's historical run was fueled by meme coins associated with Trump that attracted millions of retail users to the Solana network and wallet installations. Within 24 hours of the TRUMP launch, Phantom reported processing 10 million transactions with a trading volume of $1.25 billion.
Meanwhile, the wallet recently completed a Series C funding round, raising $150 million, which allowed it to boost its valuation to $3 billion. This is a 150% increase from its last valuation in 2022, when it was worth $1.2 billion, highlighting its substantial growth alongside the Solana ecosystem. $BTC $SOL #gantttzeu
