Phantom, a widely used cryptocurrency wallet provider, has issued an emergency update for its iOS app after reports of wallet resets that locked users out of their accounts. The issue, which surfaced earlier this week, raised concerns about the potential loss of funds, particularly for those who hadn’t backed up their recovery phrases.
Phantom confirmed that a small number of iOS users were affected by the bug and advised them to restore their wallets using their recovery phrases. To prevent further incidents, the company quickly released an updated version of its app.
The issue sparked widespread alarm, with several users reporting lost balances and locked accounts. One user claimed to have lost 983 SOL, while another alleged they lost $600K worth of assets. As Phantom is a non-custodial wallet, the company reminded users that it cannot recover lost funds or seed phrases.
Phantom expressed regret over the disruption, emphasized the importance of securely storing recovery phrases, and reassured users that it was committed to preventing similar issues in the future. This follows an October downtime incident that caused some users’ account balances to be inaccurate, which Phantom resolved within hours.
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