Where does this rice myth come from? Is it true?

The premise is that the rice draws out the moisture. It is more complicated than that and would depend on the type of liquid.

The best thing to do is as follows

  • Power off the device
  • Do not put it on charge or try to dry the phone
  • Take it to your local repair shop as soon as possible.

This gives you your best chance of repairing the device.