Phantom iOS Update Caused App Resets: Is Users Fund Safe?

Phantom Wallet Update: Users Report Losses and Demand Reimbursements

Crypto wallet provider Phantom has issued an emergency update for iOS users following reports that some users experienced app resets, locking them out of their wallets unless they remembered their recovery phrases. On November 14, Phantom alerted users on X about the issue and advised affected users to restore their wallets using their recovery phrases.

Source: X

Phantom Wallet Update Sparks User Outrage

The team behind the Solana-based DeFi wallet pushed a new iOS app update to prevent further resets and apologized for the inconvenience. They emphasized the importance of securely storing seed phrases and assured users, "We’re committed to making sure this won’t happen again."

Several users responded to Phantom's alert, reporting significant losses. One user claimed, "I lost my 983 SOL, please send it back," while another stated, "I just lost my wallet holding $600K, this is my life’s worth/savings, when am I getting my reimbursements?" Another user questioned why their app reset and removed all their wallets overnight.

Crypto trader ‘Ace’ warned their 42,000 followers on X not to update their Phantom wallets without saving their seed phrases. “I don’t know why they set such a horrible update, but it wipes your wallet on iOS,” they added. Another user noted, “Phantom deleting people’s crypto wallets with the most recent update, lots of tokens are going to get burned from folks that forgot to back up keys.”

Non-Custodial Nature Limits Assistance

Phantom, being a non-custodial wallet, cannot assist users who have lost their seed phrases as it does not store or have access to them. However, the company advised contacting their support team for additional assistance.

This incident is not the first problem for the Solana wallet. In October, Phantom experienced downtime, with some users seeing inaccurate account balances. At the time, Phantom stated, “We’re currently experiencing an uptime incident, and some services may be temporarily disrupted,” before resolving the issue a few hours later.

The recent Phantom wallet update has caused a significant stir in the crypto community. Users are advised to back up their seed phrases to avoid potential loss. For the latest Phantom wallet news and updates, users should stay vigilant and follow the official Phantom news channels.

Phantom's commitment to addressing these issues highlights the importance of continuous improvement in the crypto space, especially for Solana-based DeFi wallets. The recent events underscore the critical need for users to take personal responsibility for their crypto security by backing up their recovery phrases and staying informed about updates and potential issues.