Hackers Take Advantage Of Phantom Wallet’s Fake Update To Steal Cryptocurrency

Unknown hackers have been airdropping nonfungible tokens (NFTs) to Solana cryptocurrency users for the past two weeks under the guise of a new Phantom wallet security upgrade. Instead of an update, it’s spyware meant to take their cryptocurrency.

According to BleepingComputer, the hackers are posing as members of the Phantom team and are employing NFTS dubbed PHANTOMUPDATE.COM or UPDATEPHANTOM.COM.

After opening the NFT, customers are informed that a new security update for the Phantom wallet has been published and may be downloaded by using the enclosed link or the mentioned URL.

“Phantom requires all users to update their wallets. This must be done as soon as possible,” reads the warning in the fake Phantom update NFT.

Or a fake warning like this:

“Failing to do so, may result in loss of funds due to hackers exploiting the Solana network. Visit www.updatePhantom.com to get the latest security update.”

To emphasize the need of downloading the false security update, the notification says that failure to do so may result in a loss of cash owing to hackers abusing the Solana network.

The sense of urgency is most likely tied to the Solana-based wallet heist, which saw around $8 million stolen from 8,000 wallets, including those of Phantom wallet users, in August. The security flaw was eventually connected to flaws in the Solana-based Web3 wallet service Slope.

If a victim follows the bogus Phantom update instructions, malware from GitHub is downloaded, attempting to steal the user’s browser information, history, cookies, passwords, SSH keys, and other information.

Users who have fallen victim to this fraud should take security steps such as checking their computer with antivirus software, protecting crypto assets, and changing passwords on important platforms such as bank accounts and crypto trading sites.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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