Phantom Pauses Cross-Chain Swaps Due to Lyra Exploit

IconCryptoNewsTerminal Staff16 Jul, 2024

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Phantom Pauses Cross-Chain Swaps Due to Lyra Exploit

Phantom, the popular Solana wallet, has temporarily suspended its cross-chain swap service in response to the recent Lyra exploit. The Lyra exploit resulted in a $9.7 million loss earlier today. Phantom made the announcement via Twitter, stating that the suspension is a precautionary measure to ensure the safety of user funds. The wallet provider added that it is actively monitoring the situation and will provide updates as they become available. The Lyra exploit highlights the ongoing security risks associated with cross-chain swaps. Phantom's decision to suspend this service is a reminder that users should exercise caution when conducting cross-chain transactions. Until Phantom re-enables cross-chain swaps, users will need to explore alternative methods for transferring assets between different blockchains.

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