Phantom Fumbled? 💸

What we’ll cover today:

🔒 Phantom Wallet gets sued after a $500K memecoin drain

💥 KiloEx DEX loses $7.4M to a spicy oracle exploit

🎯 Whales & Price Manipulation — the Mantra crash decoded

Phantom Wallet in Hot Water Over $500K Memecoin Hack

Phantom Wallet just got slapped with a lawsuit after a memecoin trader lost $500K—allegedly thanks to a security loophole.

🚨Breaking News:
A user is suing Phantom, claiming their wallet let an attacker drain $500K worth of memecoins due to dodgy backend code.

⚡Wire Simplified:

• The hack happened during a regular token approval process, but turned into a financial horror movie.

• The attacker used a dodgy “permit” feature to get unlimited access.

• Phantom says it's not their fault—blames the token’s design.

• The lawsuit is the first of its kind against Phantom for user losses.

• Other users are now panicking and double-checking their token approvals.

✔️Straight to the Point:
This lawsuit could set a wild precedent. If wallets start getting blamed for token flaws, the whole DeFi space might panic.

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KiloEx Gets Wrecked — $7.4M Gone in Oracle Exploit

KiloEx, a DEX for perpetuals, just lost $7.4 million after an attacker played their price oracle like a fiddle.

🚨Breaking News:
A price oracle exploit let a hacker manipulate prices and withdraw millions. The dev team is still “investigating” (read: crying internally).

⚡Wire Simplified:

• Hacker pumped fake prices using a sketchy token listing.

• They opened leveraged trades at fake prices and exited with profits.

• Exploit was live for hours before the devs caught on.

• $7.4M drained—mostly stablecoins and ETH.

• KiloEx has paused the platform and is in full damage control mode.

✔️Straight to the Point:
Another DEX bites the dust thanks to an unchecked oracle. Reminder: trust math, not markets you can game in 5 clicks.

Mantra, Story Protocol Crashes Trigger Warning on Price Manipulation

Arthur Cheong (Defiance Capital) just warned everyone: price manipulation is back, and projects like Mantra and Story Protocol are examples.

🚨Breaking News:
After both tokens crashed massively, Arthur claims market makers and whales are gaming the system—manipulating prices for exit liquidity.

⚡Wire Simplified:

• Mantra (OM) and Story Protocol dropped hard after launch hype.

• Huge early inflows were followed by sketchy pump-and-dump patterns.

• Cheong says whales coordinated trades to trap retail buyers.

• He’s asking regulators and platforms to look deeper into manipulation tactics.

• Community reactions are mixed—some call it “just crypto,” others want legal action.

✔️Straight to the Point:
The wild price swings aren’t just market vibes—there might be puppeteers behind the curtain. Retail needs to tread carefully right now.