Phantom, a provider of crypto wallets, has recently issued an urgent notice for iOS users in light of reports concerning unexpected app resets. These resets have left a few users unable to access their wallets unless they recall their recovery phrases. Phantom acknowledged the situation on social media and directed those affected to restore their wallets by utilizing their seed phrases.
In response to the issue, Phantom’s development team has rolled out a new update for iOS to prevent further occurrences. They expressed regret over the disruptions and emphasized the importance of securely storing recovery phrases. The company reassured users that it is working diligently to prevent similar issues in the future.
Users took to social media to voice their frustrations, with some alleging they had incurred financial losses. Several individuals claimed their accounts were automatically logged out or their account balances had disappeared following a recent update. One user reported a loss of 983 SOL, while another described losing a wallet containing approximately $600,000, expressing deep concern regarding their life savings.
The situation escalated as a notable crypto trader cautioned their followers about updating Phantom wallets without first saving their seed phrases, alluding to the disastrous consequences of the latest update. Others chimed in, highlighting the risk of losing significant sums due to inadequate backups of essential keys.
Given the nature of non-custodial wallets, Phantom cannot assist users who have lost their recovery phrases, as the company does not store or have access to this information. However, they encouraged users to reach out to their support team for additional help.
This incident follows previous challenges faced by Phantom, including downtime in October that led to users reporting inaccuracies in their account balances. The company was quick to acknowledge this issue and resolved it within a few hours.
