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Phantom, a well-known cryptocurrency wallet provider, has issued an urgent update for its iOS application following reports of app resets that prevented users from accessing their wallets unless they possessed their recovery phrases.
This problem, which emerged earlier this week, raised concerns among users who feared they might lose funds due to inaccessible accounts.
“We’re aware that a small number of iOS users are experiencing app resets,” Phantom stated in a message on X.
Phantom Releases Updated Version of iOS App
The company urged those affected to restore their wallets using their recovery phrases.
To avert further occurrences, Phantom promptly launched an updated version of its iOS app.
The team expressed regret for the inconvenience, highlighted the necessity of securely storing seed phrases, and reassured users of their dedication to preventing similar issues in the future.
The announcement prompted a flurry of responses from users reporting substantial losses.
Many indicated they were automatically logged out, experienced wallet resets, or noticed their balances erased after a recent update.
“I lost my 983 SOL; please send it back,” one user commented.
Another user claimed, “I just lost my wallet holding $600K. This is my life savings—when will I get reimbursed?”
Notable crypto trader Ace cautioned their 42,000 followers on X against updating their Phantom wallet without ensuring their recovery phrases were secure.
“The update wipes your wallet on iOS,” they warned.
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Phantom deleting people’s wallets with the most recent update.
Lots of tokens are going to get burned from folks that forgot to back up keys.
Higher. pic.twitter.com/zduekOfd8O— ROCKΞT
(@RocketGPT) November 13, 2024
Other users pointed out the risk of permanent token loss for those who did not back up their keys.
As a non-custodial wallet, Phantom is unable to recover wallets or funds for users who have lost their seed phrases, as the company does not retain this information.
Nonetheless, Phantom recommended that affected individuals reach out to its support team for further assistance.
This is not the first technical issue Phantom has encountered. In October, the wallet experienced downtime, resulting in some users having inaccurate account balances.
The company attributed the disruption to an “uptime incident” and resolved the matter within hours.
Phantom Experiences Technical Difficulties During GRASS Airdrop
Last month, Phantom faced downtime, leading some users to see incorrect account balances.
The outage coincided with users of the Solana-based decentralized app Grass claiming tokens from a recently announced airdrop.
Notably, there have been multiple instances of Phantom experiencing downtime this year.
On Feb. 3, it encountered “delays with how token balances are being updated.”
On Aug. 15, the wallet startup reported experiencing “a temporary issue that prevented users from properly seeing account balances.” Days later, the Phantom website reported temporary issues.
Despite these wallet challenges, Solana has shown strong activity, even exceeding Ethereum in daily network fee generation.
The post Phantom Issues Emergency Update for iOS Users Amid Wallet Reset Concerns appeared first on Cryptonews.
