Dogecoin Advocate Issues Security Warning Amid Price Surge

The Dogecoin (DOGE) community, currently celebrating a significant price increase, received an urgent security advisory from “Mishaboar,” a well-known figure in the Dogecoin space. DOGE has spiked by over 145% in the past 10 days, reaching $0.40 per coin and pushing its market cap to $59.19 billion. However, Mishaboar’s warning comes at a critical moment, urging not only DOGE holders but also the wider cryptocurrency community to remain vigilant about digital wallet security.

Phantom Wallet Update Sparks Concern

Mishaboar’s advisory centers on security concerns with the Phantom wallet. Initially developed for Solana, Phantom now also supports Bitcoin (BTC) and Ethereum (ETH), making it a go-to choice for many cryptocurrency enthusiasts, including those trading meme coins.

Yet, the wallet’s latest update has introduced a troubling issue—users risk losing access to their assets if they do not properly back up their seed phrases. Since the update, reports have surfaced about users losing access to their assets.

A coworker of mine just lost 360k USD worth of some crazy monkey money and "stable"coins
— Mishaboar (@mishaboar) November 13, 2024

Mishaboar emphasized the risk, pointing to one incident where a project founder reportedly lost $1 million in POPCAT tokens. The problem arises because the update can delete an unsaved seed phrase, permanently locking users out of their wallets.

Urgent Advice to Secure Assets

Mishaboar advises Phantom wallet users to immediately back up their seed phrases to prevent losing access. Additionally, he recommends limiting large crypto holdings in smartphone wallets, which can be more vulnerable. Instead, users should consider moving assets to cold wallets or other forms of offline storage.

This guidance, while aimed at Phantom wallet users, applies to anyone using smartphone wallets for digital assets. Mishaboar’s warning reminds the growing cryptocurrency community of the need for strong security practices. With the recent DOGE price surge attracting new investors, the importance of securing digital assets remains paramount.

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His statement underscores the urgency for all crypto holders to take proactive steps to protect their assets, highlighting the risks tied to emerging technologies in digital finance.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.