Recently, Phantom, a popular cryptocurrency wallet for Solana, encountered a significant issue with its iOS app. This issue resulted in app resets for some users, preventing them from accessing their wallet. Users started reporting that following the unexpected reset of the app, they could notPhantom responded promptly, sending an emergency update to resolve the issue and advising affected users to use their recovery words to restore their wallets.o restore their wallets.
Phantom said on November 14 that, although there was a reset problem, the latest version would stop such future disruptions. The business said it was sorry for the situation and underlined the need to safely keep seed phrases since they are required to restore access to non-custodial wallets, such as Phantom.
Some people turned to social media to voice annoyance and worry over lost money, even with the quick response. One user reported losing over 983 SOL, while another claimed that the reset erased their wallet, which was worth approximately $600,000. The reset incident caused considerable concern among the Phantom community since users urged one another to have their recovery words ready before implementing app updates.
With a sizable following, crypto trader Ace cautioned consumers against updating the Phantom app on iOS without first supporting their recovery phrases. Phantom, being a non-custodial wallet, cannot retrieve lost seed phrases or provide account access without them, thereby leaving users entirely responsible for ensuring their recovery data.
Phantom has seen challenges before this one. Just last month, the wallet encountered an error displaying erroneous balances due to a service interruption. Phantom fixed the problem in a few hours, but the latest defect emphasizes how important it is for consumers to routinely backup recovery data to guard against asset access loss.
Aiming to avoid such problems going forward, Phantom’s team reaffirmed their dedication to improving app security and user experience.
