Phantom Wallet experienced a sudden service outage, as the wallet started displaying wrong token prices and in-app balances. The glitch brought mass panic, with many users reporting that their balances had vanished or that token prices had dropped dramatically inside the app.
Phantom quickly took to its official channels and in-app notices to put down the panic, stating, We are having trouble updating your token prices. Your funds are safe.
Phantom glitch brings panic across X
Just after the glitch appeared on user screens, X was flooded with reports from panic-stricken traders. The outage impacted users on Solana and Ethereum, preventing them from selling or trading during a period of high market volatility.
One user, LetitBurn79, claimed the downtime cost $450 after being unable to trade for over an hour and a half. The incident wasn’t just a visual error for some; it resulted in missed opportunities and locked-in losses as users watched helplessly while they were blocked from the sell button. Security firms like PeckShield even warned that phishing scammers were already circling, looking to exploit the confusion.
Unlike past wallet nightmares involving drained funds or exploits, this wasn’t a security breach or on-chain problem
A glitch caused by API integration
The problem was a front-end or data-integration error, not a compromise of the blockchain itself. Industry consensus points to issues with the CoinGecko API, a third-party data dependency that Phantom has struggled with in the past. Essentially, while the bridge showing the data was broken, the assets remained untouched on the blockchain.
Phantom’s team worked through the night, and by approximately 10:55 p.m. EDT, Phantom announced the problem had been resolved. However, the event highlighted a major fragility in DeFi infrastructure: a single point of failure in a data feed can cause as much emotional and financial havoc as a real hack.
The timing of the outage worsened the situation. It was a rough week for Solana (SOL), already in a 12.7% decline. Then came the display error, which acted as a trigger.
Users who still see weird numbers are encouraged to reach out to Phantom support directly. The team has promised clearer communication going forward.
