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- Not to be confused with Phantom Bison.
Phantom (鬼 Yūrei?) is a girl who first appears in Toxicity, a Street Fighter V side story in the Shadaloo Combat Research Institute, that revolves around what happened to F.A.N.G after the events of A Shadow Falls.
After the fall of M. Bison and Shadaloo, F.A.N.G. retreats back to the city of Shanghai and regroups his efforts into reviving Shadaloo once more. After a night of carousing with old associates and reestablishing ties to help fund his efforts during the Chinese New Year, he takes notice of a teenage girl attempting to make ends meet through soliciting herself through prostitution.
Taking note rather of her spirit, and held at blackmail by her brother who had recorded him through his smartphone, he offers the two three options: an offer of money, secretly poisoned to ensure the death of either of them and potential destruction of their clientele; an ornate snake handled dagger, which would have him slice off the hand of the one that would grab it; and neither, allowing both to escape with their lives.
The sister instead takes note of the inscribed words on the dagger's blade and its beauty, desiring to know more about its origins, feeling that they hold some type of power. F.A.N.G says that she is right and offers to reveal their meaning if she comes with him. Without knowing it, she picked the most valuable thing F.A.N.G had offered, as the characters in the dagger were infact the Nguuhao's most coveted possession beholding the secrets to their most powerful poison techniques, passed down through the generations in the organization. The girl accepts F.A.N.G's offer and he takes the girl, who he names "Phantom", under his wing and train her as a successor.