A prominent figure in the Dogecoin (DOGE) community, nicknamed “Mishaboar,” recently issued a major security warning. The timing of this warning is crucial despite Dogecoin surging more than 145% in the past 10 days to $0.40 per coin and a market cap of $59.19 billion. His advice is not only for Dogecoin holders, but also for the wider cryptocurrency community as he points out some security issues with the popular Phantom wallet.
It turns out that the latest update to the Phantom wallet has caused some users to lose access to their digital assets. The software, which was originally designed for Solana but now also supports Bitcoin (BTC) and Ethereum (ETH), is popular among meme traders. However, the latest update has caused some major setbacks for users.
According to some reports, if users don’t have their seed phrase saved, the update could delete it, rendering access inaccessible. In one notable case, the founder of a Solana-based project reportedly lost $1 million in POPCAT tokens due to this issue. Secure Your Baggage Mishaboar advises Phantom wallet users to take immediate action by first backing up their seed phrase to ensure future access. DOGE influencer says users should not store large amounts of cryptocurrency on smartphone wallets, but rather use more secure cold wallets or offline storage, as this warning applies not only to Phantom users, but anyone using a smartphone wallet.
