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A prominent voice in the Dogecoin (DOGE) community, known by the nickname "Mishaboar," has recently issued an important security advisory. While DOGE has seen a huge spike of over 145% in the last 10 days, reaching $0.40 per coin with a market cap of $59.19 billion, the timing of this warning could not be more critical. His advice was not just for Dogecoin holders but for the broader cryptocurrency community as well, as he pointed out some security issues with the popular Phantom wallet.
As it turns out, 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.
A coworker of mine just lost 360k USD worth of some crazy monkey money and "stable"coins
— Mishaboar (@mishaboar) November 13, 2024
According to some reports, the update can delete a user's seed phrase if it is not saved, which can lead to a loss of access. In one notable case, the founder of a Solana-based project reportedly lost $1 million in POPCAT tokens due to this issue.
Secure your bags yourself
Mishaboar advised users of the Phantom wallet to take immediate action, starting with backing up their seed phrases to ensure future access.
Instead of keeping large crypto holdings in a smartphone wallet, users should turn to cold wallets or offline storage, which is much more secure, the DOGE influencer said, as this warning is not just for Phantom users and applies to anyone who uses a smartphone wallet.
The advice was aimed at Phantom wallet users, but it is a good reminder for the entire digital asset community. As prices rise and more people become interested in the market, such a statement underscores the need for better security practices by encouraging crypto owners to take active steps to protect their assets.