According to U.Today, a significant figure in the Dogecoin (DOGE) community, known as "Mishaboar," has recently issued a crucial security warning. This advisory comes at a time when Dogecoin has experienced a remarkable increase of over 145% in the past ten days, reaching a value of $0.40 per coin and a market capitalization of $59.19 billion. Mishaboar's warning is not limited to Dogecoin holders but extends to the broader cryptocurrency community, highlighting security concerns with the widely used Phantom wallet.
The recent update to the Phantom wallet has reportedly led to some users losing access to their digital assets. Originally designed for Solana, the wallet now also supports Bitcoin (BTC) and Ethereum (ETH) and is popular among meme traders. However, the latest update has introduced significant issues, causing setbacks for users. Reports indicate that the update can delete a user's seed phrase if it is not saved, potentially resulting in a loss of access to their assets. In one notable incident, the founder of a Solana-based project reportedly lost $1 million in POPCAT tokens due to this problem.
Mishaboar advises Phantom wallet users to take immediate action by backing up their seed phrases to ensure future access. He emphasizes the importance of not storing large cryptocurrency holdings in smartphone wallets. Instead, he recommends using cold wallets or offline storage, which offer greater security. This advice is not only pertinent to Phantom users but also serves as a reminder to anyone using smartphone wallets to adopt better security practices. As the cryptocurrency market continues to attract more interest and prices rise, Mishaboar's statement underscores the necessity for crypto owners to actively protect their assets.
