When using Phantom Wallet, you may notice that some tokens are marked as verified, while others appear unverified. Understanding the difference is crucial for avoiding scams, managing risk, and ensuring safe transactions. Just because a token shows up in your wallet doesn’t mean it’s safe to interact with—so let’s break it down.
What Are Verified Tokens?
Verified tokens have been reviewed and approved by a trusted third party. These tokens are included in strictly curated lists to help users identify legitimate assets and reduce the risk of scams.
How to Identify Verified Tokens in Phantom
- They appear first in the token search list in Phantom Wallet.
- They are listed on trusted sources like CoinGecko, CoinMarketCap, or official blockchain explorers.
- They have established liquidity and active trading volume on major decentralized exchanges (DEXs).
Why Choose Verified Tokens?
- Lower Risk – They have been reviewed by trusted sources.
- More Transparency – Their contract addresses and details are publicly available.
- Less Likely to Be Scams – They are widely recognized and traded.
What Are Unverified Tokens?
Unverified tokens aren’t necessarily scams, but they haven’t been vetted by trusted sources. They could be legitimate new projects, but they also come with higher risks. In Phantom, these tokens will be labeled under the “Unverified” section to warn users.
Potential Risks of Unverified Tokens
- Scam or Malicious Tokens – Some unverified tokens are honeypots, meaning you can buy them but can’t sell or transfer them.
- Low Liquidity – Many unverified tokens have unstable liquidity, making them prone to price manipulation.
- Fake or Impersonation Tokens – Scammers often create fake versions of popular tokens to trick users.
How to Handle Unverified Tokens in Phantom
If you come across an unverified token, don’t just assume it’s safe. Here’s how to protect yourself:
- Verify the Contract Address – Always check multiple sources (CoinGecko, Etherscan, Solscan, ETC) before interacting.
- Be Cautious of Airdropped Tokens – If you randomly receive a token you didn’t buy, do not interact with it.
- Use Trusted Sources for Research – Legitimate tokens will have official project pages and be listed on trusted platforms.
- Visit our Common NFT Scams and Common Token Scams articles for a deeper dive and to learn more!
Scenario: Airdrop Mystery – What Should You Do? 🧐
Let’s say @CryptoSloth42 is scrolling through their Phantom Wallet, checking out some random NFTs they received from airdrops. Among them, they spot a token called “SuperMegaMoon 9000”, which they’ve never seen before. It’s unverified, has no trading volume, and wasn’t something they purchased.
At this moment, @CryptoSloth42 has a choice:
- Option 1: Click on it out of curiosity, interact with the smart contract, and risk exposing their wallet to a scam.
- Option 2: Ignore it, leave it alone, and move on with their day.
Thankfully, CryptoSloth42 knows better. They remember that scammers often send random tokens as bait, hoping users will click on them and unknowingly approve malicious transactions. Instead of interacting, they simply ignore the token and keep their wallet safe.
Smart move, CryptoSloth42.
Stay Safe: The Golden Rule of Crypto Security
When it comes to tokens in your Phantom Wallet, trust but verify. If a token is unverified, assume it’s risky until proven otherwise. Scams often prey on curiosity and FOMO, but your best defense is skepticism and smart wallet habits.
- Always stick to verified tokens whenever possible.
- Never interact with random airdropped tokens or NFTs.
- Always check official sources before making a transaction.
At the end of the day, your security is in your hands. Play it safe, and keep your Phantom Wallet protected.