Phantom
Key Data
- Trading Name: Phantom
- Legal Entity: Phantom Technologies, Inc
- Activities: Cryptocurrency and NFT wallet
- Location: United States
- Regulations: unregulated
- Key People: Brandon Millman/Francesco Agosti/Chris Kalani/Jisi Guo/David Lutterkort
Phantom is a non-custodial multichain Web3 wallet with support for Solana, Ethereum and Polygon networks. With self-custody, users can use DApps without any third-party interference. This also means users will be responsible for their transactions and security. Phantom works as a browser extension, similar to MetaMask. For those looking to use it on the go, the company also has apps for Android and iOS devices.
It has over 3,000,000 users on Chrome, 1,000+ ratings on the App Store, and 1,000,000+ downloads via Google Play.
Phantom has gained popularity thanks to its non-custodial nature, robust security features, and history of satisfied users.
Supported Coins
Phantom supports a variety of cryptocurrencies across multiple blockchains, making it a versatile wallet for managing digital assets. It supports Solana (SOL), including SOL and SPL tokens, Ethereum (ETH) with ETH and a wide range of ERC-20 tokens such as USDC and USDT, and Polygon (MATIC) with MATIC and ERC-20 tokens. Additionally, Phantom supports NFTs on Solana, Ethereum, and Polygon, allowing users to manage, trade, and showcase their collections. Phantom’s cross-chain swap feature enables users to convert tokens between blockchains, such as swapping USDC between Ethereum and Solana. This comprehensive support makes Phantom suitable for various cryptocurrencies, including Memecoins like Shiba Inu (SHIB), wrapped DogeCoin (wDOGE), and Samoyedcoin (SAMO), ensuring a broad utility for its users across popular blockchain networks.
Phantom has expanded its token swapping capabilities, enabling users to swap more tokens across Solana, Ethereum, and Polygon within the wallet. This update offers faster, low-fee transactions, improving user flexibility and convenience. However, critical issues include the lack of explicit verification for these tokens and recent user concerns about scams and security vulnerabilities on the platform. Users should exercise caution and conduct their own research before engaging in token swaps.
Phantom Wallet Security
The bedrock of any crypto wallet is its emphasis on security. Cryptocurrencies operate on the principles of trustless transactions and immutable ledgers, which mandate rigorous security protocols.
Phantom Wallet’s code has been independently audited by Kudelski Security. In addition, its scam detection flags malicious transactions instantly. There’s also a bounty program that pays white hat hackers up to $50,000 if you find a vulnerability that may cause users to lose their money.
Hackers Attack Phantom Wallet, But No Funds Lost
In February 2024 Phantom reported a DDoS attack that temporarily limited some wallet functionalities. The attackers overwhelmed the systems with requests, causing access issues. However, Phantom assured users that their assets remain secure and is working on restoring services. This incident highlights the need for robust security measures in digital financial services.
Customer Reviews
- Trustpilot: 2,1 Stars with 14 Reviews as of June 28, 2024 with a Poor trust level
- Google Play: 4,4 Stars with 26.000+ Reviews
Troubles with Transactions in the Phantom Digital Wallet
Users of the Phantom digital wallet are experiencing difficulties with sending and receiving funds, primarily due to network congestion on the Solana blockchain caused by a surge in users trading meme coins like BOME. Additionally, there are rising concerns about scams within the community, including fraudulent schemes that have led to significant financial losses, such as a recent scam where over $2.6 million in Solana tokens were stolen.
Regulation
Phantom develops software but is not a broker, dealer, or digital asset exchange operator. It doesn’t oversee transactions made with its software, which are executed directly between users through smart contracts on networks like Solana. Users must comply with relevant laws, including those from the CFTC and SEC. Phantom and its software are not regulated or approved by financial authorities.
Key People
Phantom is led by a team of professionals in the tech and crypto industry.
The key people include:
- Brandon Millman – CEO: He leads the overall vision and strategy of Phantom.
- Francesco Agosti – CTO: He oversees the technological developments and engineering efforts.
- Chris Kalani – CPO: Responsible for product management and design, ensuring Phantom’s user experience is top-notch.
- Jisi Guo – Head of Design: Focuses on the design and user interface aspects of Phantom.
- David Lutterkort – Head of Growth: Manages strategies for user acquisition and growth.
Conclusion
From a compliance perspective, we rate Phantom as Orange. While they provide all necessary information, they support coins that have not undergone any audits. Additionally, from a customer standpoint, we also rate them as Orange due to the DDoS attacks and their poor reviews on Trustpilot. These issues raise concerns about the platform’s security and reliability.
