Phantom, a popular cryptocurrency wallet provider, has released an urgent update for its iOS app following reports of app resets that locked users out of their wallets unless they had their recovery phrases.
The issue, which surfaced earlier this week, caused alarm among users who feared the loss of funds due to inaccessible accounts.
“We’re aware that a small number of iOS users are experiencing app resets,” Phantom said in a post on X.
Phantom Releases Updated Version of iOS App
The company asked those impacted to restore their wallets using their recovery phrases.
To prevent further incidents, Phantom swiftly released an updated version of its iOS app.
The team apologized for the disruption, emphasized the importance of securely storing seed phrases, and reassured users of their commitment to avoiding similar issues in the future.
The announcement sparked a wave of responses from users claiming significant losses.
Several reported being automatically logged out, having wallets reset, or seeing their balances wiped after a recent update.
“I lost my 983 SOL; please send it back,” one user wrote.
Another user alleged, “I just lost my wallet holding $600K. This is my life savings—when will I get reimbursed?”
Prominent crypto trader Ace warned 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 cautioned.
Phantom deleting peoples 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 highlighted the risk of permanent token loss for those who failed to back up their keys.
As a non-custodial wallet, Phantom cannot recover wallets or funds for users who have lost their seed phrases, as the company does not store this information.
However, Phantom advised affected individuals to contact its support team for additional guidance.
This is not Phantom’s first technical hiccup. In October, the wallet faced downtime, leaving some users with inaccurate account balances.
The company attributed the disruption to an “uptime incident” and resolved the issue within hours.
Phantom Experiences Technical Difficulties During GRASS Airdrop
Last month, Phantom experienced downtime, causing some users to see inaccurate account balances.
The outage happened as users of the Solana-based decentralized app Grass claimed tokens from a recently announced airdrop.
Notably, there have been more instances of Phantom experiencing downtime this year.
On Feb. 3, it experienced “delays with how token balances are being updated.”
On Aug. 15, the wallet startup reported it experienced “a temporary issue that prevented users from properly seeing account balances.” Days later, the Phantom website reported temporary issues.
Despite these wallet difficulties, Solana has displayed robust activity, even surpassing Ethereum in daily network fee generation.
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