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Phantom issues update after $600K wallet losses reported

Phantom issues update after $600K wallet losses reported

Grafa2024/11/14 12:00
By: Isaac Francis
SOL-2.21%XOLDTOKEN0.00%

Crypto wallet provider Phantom issued an emergency update for its iOS app after users reported being locked out of their wallets due to an unexpected app reset.

The issue has affected users who were unable to access their funds without their recovery phrases.

“We’re aware that a small number of iOS users are experiencing app resets,” Phantom said on X on November 14, while recommending affected users restore their wallets using recovery phrases.

The company deployed a new iOS update to prevent further incidents and expressed regret for the disruption.

“I just lost my wallet holding $600K, this is my life’s worth/savings, when am I getting my reimbursements?” one user posted, highlighting the severity of the issue.

Another user reported losing 983 SOL, valued at over $218, while others mentioned sudden logouts or erased balances.

“We’re committed to making sure this won’t happen again,” Phantom stated, emphasising the importance of securely storing seed phrases.

“I don’t know why they set such a horrible update, but it wipes your wallet on iOS,” crypto trader Ace cautioned their 42,000 followers, advising them to back up their seed phrases before updating.

Another user commented, “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.”

Since Phantom is a non-custodial wallet, it does not store user seed phrases and cannot recover them.

The company urged affected users to contact support for assistance.

This follows an earlier issue in October when users faced inaccurate account balances due to downtime.

“We’re currently experiencing an uptime incident, and some services may be temporarily disrupted,” Phantom noted at the time before resolving the issue in a few hours.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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