As a seasoned analyst with years of experience in the tumultuous world of cryptocurrencies, I find Phantom’s acquisition of Blowfish a strategic move to bolster their security credentials. Having witnessed numerous hacks and scams in this space, I can appreciate the need for enhanced protection, especially for non-custodial wallets like Phantom.
In simpler terms, Phantom, a digital wallet for decentralized finance and non-fungible tokens on the Solana network, has revealed that it has bought Blowfish – a platform focused on web3 security.
On November 19th, the cryptocurrency wallet that operates on the Solana network publicly announced a transaction, explaining in a blog post that this action is aimed at enhancing security for wallet users. The team behind Blowfish, recognized for safeguarding users and assets by warning against scams and fraud, will be collaborating with Phantom moving forward.
As per Phantom, obtaining Blowfish plays a crucial role in tackling problematic decentralized apps and glitches. However, the wallet has experienced some issues lately, including downtime and faulty updates, which have negatively impacted user convenience and security.
Regarding Blowfish’s contribution to improving user security, Phantom CEO Brandon Millman expressed his thoughts: “Blowfish plays a crucial part in strengthening the security for our users.
Together, we’ll provide a highly secure and intuitive service for users to easily navigate, engage, and utilize apps, digital assets, and collectibles on any device.
As a researcher delving into the realm of digital security, I’ve been astounded by the impressive track record of Blowfish. It has thwarted an estimated 2.8 million scams and scrutinized over 1.3 billion transactions, safeguarding assets valued at approximately $18 billion. In an exciting development, this robust capability is now being integrated into Phantom, marking the phasing out of Blowfish’s current service.
This June, a counterfeit Phantom wallet, disguised as legitimate software, was made available on the Apple App Store. Unwitting users ended up losing their digital assets as a result.
On the 13th of November, an issue with an update led some iPhone users to be unable to access their accounts. This problem introduced a glitch that reset digital wallets and asked users to log in again using their recovery phrases. Many users reported losing money as a result, with one individual claiming a loss of $600,000.
It’s worth mentioning that Phantom functions as a wallet without custody over users’ funds. This means it doesn’t interact with or keep users’ funds, nor does it possess the recovery phrases.
Independently, the digital asset custody and wallet infrastructure platform Fireblocks has unveiled a non-custodial service designed as a wallet, which they aim to roll out to enhance asset security throughout the sector.
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2024-11-19 20:58