According to U.Today, a fraudulent application posing as the popular Phantom wallet has been discovered on the Apple App Store, leading to an urgent warning for the crypto community. The fake app, reportedly developed by a company named 'Meta Voxify AI', has been draining users' funds. The authentic Phantom wallet is developed by Phantom Technologies Incorporated.

Users have reported that the fake app bears a striking resemblance to the genuine Phantom wallet, making it challenging to differentiate between the two. However, there are significant differences. The fraudulent app only allows users to import an existing wallet, rather than creating a new one, which is a major warning sign. Users who input their seed phrases, thinking they are accessing their legitimate wallets, are unknowingly giving their keys to scammers.

The App Store reviews are filled with cautionary messages, labeling the app as a 'scam' and warning others that it is not the official Phantom application. Some users have reported substantial financial losses as a result of using this fraudulent Phantom wallet.

In response to this, crypto users are advised to proceed with extreme caution and verify the legitimacy of crypto wallets before downloading them. If they have installed this fake Phantom wallet, it is crucial to remove it immediately and change their wallet credentials to secure their funds. Other safety measures include verifying the wallet's developer; cryptocurrency users should regularly check the developer's name to avoid scams. For example, the genuine Phantom wallet, a multichain wallet that supports Solana, Bitcoin, Ethereum, and Polygon, was developed by Phantom Technologies Incorporated.

Crypto holders are also advised to read reviews carefully, looking for any warnings or negative reviews that mention scams or security issues. They are encouraged to use official links and download crypto wallets only from official websites or verified links provided by developers. Crypto users should also be cautious of import-only apps as legitimate wallets should offer the option to create a new wallet, not just import existing ones.