As a seasoned researcher with extensive experience in the cryptocurrency world, I can’t help but feel a pang of empathy for the users affected by the recent Phantom wallet issue. Losing digital assets can be a gut-wrenching experience, especially when it involves life savings or significant financial investments, as some unfortunate victims have shared.
In simpler terms, the digital wallet service Phantom has released an urgent software update for its iOS users following incidents where certain users found their app reverted to factory settings, leaving them unable to access their crypto wallets unless they could recall their recovery phrase.
As an analyst, I acknowledge that some iOS users have encountered issues with their apps resetting, which I addressed publicly on X on November 14th. To those impacted, I recommend restoring your wallets by utilizing your recovery phrases as a precautionary measure.
The developers of the Solana-based DeFi wallet have released an updated iOS app in order to prevent further issues. They express their apologies for any inconvenience caused, remind users to securely save their seed phrases, and assure everyone that they are dedicated to preventing such incidents from occurring in the future.
Multiple users reported various issues following the latest Phantom update, such as losing funds, unexpected logouts, and zeroed balances.
1 User’s statement: “I misplaced 983 SOL; could you kindly return it to me.
A different user inquired whether Phantom had any explanation as to why their application suddenly restarted and wiped out all the wallets during the night.
Cryptocurrency trader ‘Ace’ advised his 42,000 followers to keep their seed phrases handy before updating their Phantom wallets, stating that the recent update erases wallet data for iOS users. In other words, he cautioned against updating without ensuring your seed phrase is securely stored first, as the new version appears to delete wallet information on Apple devices.
Another user mentioned that the latest update seems to be mysteriously wiping out users’ digital wallets, which will result in a significant number of tokens being destroyed because people failed to save their backup keys.
Since a non-custodial wallet doesn’t save or manage your seed phrases, the company won’t be able to help you much if you lose them. But they do recommend reaching out to their support team for further guidance.
As a researcher, I’ve observed that the Solana wallet isn’t new to encountering issues. Back in October, the wallet went offline for some users, resulting in incorrect account balance displays for many.
Initially, Phantom announced that we were encountering an issue where some of our services might be briefly interrupted, as they were experiencing an outage. They managed to resolve it a few hours afterwards.
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2024-11-14 07:23