Phantom Navlet sued after $ 500K Memecoin Exploit

Crypto Nemnik Phantom is facing a lawsuit after alleged insecurities allowed hackers to steal over $ 500,000 a Viener Doge Memecoin tokene value.

Appeal, submit 14. April in New York by Thomas Liam Murphy and 13 others lawyers, accuses the phantom of negligence, fraud and deceptive practice. According to the submission, the hacker approached Murphy’s private key extracting it from Phantom’s browser’s browser, a vulnerability The company allegedly knew about it, but never fixed or discovered.

Once inside, the attacker drained three phantom banknotes without the need to circumvent authenticating with two factors. The attacker was built into the built-in Phantom “Swapper“Function to convert stolen memecoins in Solana (Salt) Using the OBSS-solarT guidance contract.

The incident caused the price of the Wiener Doge, Mema token with the villages created by Murphy, to crash. The coins reached an estimate of over a million dollars before theft, but now is worth less than one cent in the token.

Prosecutors further state that phantom led billions of moments, collected fees and put users in significant risk, function more like an unregistered trading platform than a simple wallet. Due to its alleged involvement in facilitating replacement and its history of money laundering, the OKCS was also appointed as a suefendant in case.

Phantom has not yet been publicly resolved by the charges. As more retailers join the Web3 space, this lawsuit expires serious issues related to marketing, regulation and safety of cryptocurrency wallet with integrated trading opportunities.

In the past year, the phantom has experienced the fastest growth among web banknotes, according to February report by coinmarketcap. The wallet attracted more than 15 million active users, facilitating all the cannons of tokens worth $ 20 billion in 2024. Years.

Phantom raised An additional $ 150 million for $ 3 billion assessment in the Circle C in January. In addition, the wallet recently added support for quickly growing networks like SUI (Sui) and base.