30s Summary

Crypto wallet Phantom has acknowledged issues with its application for iOS users, leading to the app resetting and possibly causing users to be locked out of their wallets. The company is in the process of rolling out an updated version of the app to prevent further occurrence of the problem. Phantom recommends users to restore their wallets using recovery phrases and to securely store seed phrases. Some users claimed online they lost money or had their balances vanish following a recent update from Phantom. This follows earlier disruptions in October when users reported inaccurate account balances.

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Hey everyone, Phantom, the crypto wallet folks, have noticed some issues for iOS users where their apps are resetting. If you don’t remember your recovery phrase, you might be locked out of your wallet, and that’s not cool at all.

Okay, so Phantom said on Nov. 14 that some iOS users have had their apps reset, and if you’re one of them, they advise you to restore your wallets using recovery phrases. And guess what? They’re rushing out an app update for iOS users to keep everybody else from facing the same problem—talk about timely action!

The team, who’s behind this DeFi wallet based on Solana, apologised for the hiccup and suggested you should always safely store your seed phrases—they’re your key to recovering your wallet. And they promise to do all they can to ensure history doesn’t repeat itself.

Now, some users have claimed online that they lost money, got logged out or saw their balances vanish after installing a recent update from Phantom. One user even said they’d lost a whopping 983 SOL and another cried foul claiming to have lost a wallet containing $600K!

One concerned user asked Phantom why his app reset itself and removed all his wallets overnight! And a certain crypto trader called ‘Ace’ advised their 42,000 followers on the platform – hold your horses, don’t update your Phantom wallets unless you’ve saved your seed phrases.

Some user even claimed that the latest update from Phantom was deleting people’s wallets, causing a potential burn of tokens if the users hadn’t backed up their keys. And since Phantom is a non-custodial wallet (in layman’s terms, they don’t hold your private keys), it can’t do much to help out if you’ve misplaced or forgotten your seed phrases. But if you’re in hot water, get in touch with their support team – who knows, they might be able to offer some extra help!

This isn’t the first time Phantom’s had such issues, though. Back in October, some users had trouble with inaccurate account balances during a time when the wallet was down. Phantom admitted there were disruptions, but they sorted it out within hours.