Phantom is a non-custodial multichain cryptocurrency and NFT wallet, providing users with complete control over their transactions and security. Available as both a browser extension and a mobile app, Phantom, operated by the US company Phantom Technologies, Inc., boasts three millions users. Cyberfinance rating agency PayRate42 announced that it rated Phantom with Orange Compliance and Orange Risk.
Phantom Key Features
- Multichain Support: Phantom supports various cryptocurrencies and NFTs, including popular memecoins like Shiba Inu (SHIB), wrapped DogeCoin (wDOGE), and Samoyedcoin (SAMO).
- Cross-chain Swap: The wallet features a cross-chain swap capability, allowing for token conversions with improved speed and lower fees.
- Security Audits: The platform has been independently audited for security by Kudelski Security.
- Fraud Detection: Phantom employs real-time fraud detection and offers a $50,000 bug bounty program to enhance security.
Go to the Phantom App profile page at PayRate42.
Security and Issues
Despite its robust security measures, Phantom experienced a DDoS attack in February 2024, which caused temporary service disruptions. User reviews on Trustpilot have raised concerns regarding transaction issues, including the lack of explicit verification for tokens and recent security vulnerabilities. Users are advised to exercise caution and conduct thorough research before engaging in token swaps.
Phantom users have reported difficulties with sending and receiving funds, mainly due to network congestion on the Solana blockchain. This congestion is attributed to a surge in users trading meme coins like BOME.
Compliance and Regulation
Phantom operates without regulatory oversight, focusing solely on software development rather than monitoring user transactions. PayRate42 has rated Phantom “Orange” for compliance and customer satisfaction, signaling caution due to unresolved security and reliability issues.
Overall PayRate42 Rating
From a compliance perspective, Phantom has been rated Orange by PayRate42. While the platform provides necessary information, it supports coins that have not undergone audits. From a customer standpoint, it also receives an Orange rating due to issues such as DDoS attacks and poor reviews on Trustpilot, raising concerns about the platform’s security and reliability.
