Phantom acquires Blowfish to boost wallet security

Phantom, the Solana non-custodial crypto wallet for decentralized finance and non-fungible tokens, announced the acquisition of web3 security platform Blowfish.

Solana (SOL)-based cryptocurrency wallet announced the transaction on November 19, stating in a blog post that the move is aimed at improving security for wallet users. He will be joining Phantom, Blowfish’s team known for protecting users and assets by alerting against scams and scams.

According to Phantom, acquiring Blowfish is an important step in the fight against harmful decentralized applications and bugs. The wallet recently faced an outage and a buggy update that affected user experience and security.

Commenting on Blowfish’s role in improving user security, Phantom CEO Brandon Millman said:

“With their help, we will deliver the most secure and user-friendly platform to access and interact with apps, tokens and collectibles across all devices.”

Blowfish has reportedly prevented more than 2.8 million frauds and secured over $18 billion in assets by screening more than 1.3 billion transactions. This capability will now be integrated into the Phantom, ending Blowfish’s current service.

In June this year, a fake Phantom wallet was posted on the Apple App Store, causing unsuspecting users to lose their assets.

On November 13, a faulty update caused the accounts of some iOS users to be locked. The glitch introduced a bug that reset wallets and added a warning prompting users to log in again with recovery phrases. Many users reported losing money, including one who claimed $600,000 in losses.

It is important to note that Phantom is a non-custodial wallet and does not access user funds or store recovery phrases.

Separately, digital asset custody and wallet infrastructure platform Fireblocks recently launched a non-custodial wallet-as-a-service solution aimed at improving security for user assets in the industry.

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