Phantom Wallet has rolled out an urgent update for its iOS app following reports of a system reset that locked users out of their wallets. The issue, first identified on November 14, caused significant disruption for some, who found themselves unable to access their cryptocurrency holdings.
The company confirmed the problem via a post on X (formerly Twitter), advising affected users to restore their wallets by using their recovery phrases. Phantom also issued an apology for the inconvenience, urging users to secure their seed phrases to prevent future issues. “We’re committed to ensuring this doesn’t happen again,” the company stated.
Despite the update, some users reported losing funds after the app reset. One user claimed to have lost 983 SOL, while another said their wallet containing $600K in assets had disappeared. Several others expressed frustration at the app’s failure to retain their wallet data after the update.
As a non-custodial wallet, Phantom Wallet does not store users’ seed phrases and, as such, is unable to assist those who lose access to their recovery information. However, the company has offered to help affected individuals through its support team.
This incident follows a similar issue from October, when Phantom users experienced inaccurate balance displays due to a temporary service outage. While that issue was swiftly resolved, the latest problem has again raised concerns about the wallet’s reliability.
For Phantom users, it’s essential to regularly back up recovery phrases and exercise caution with app updates to safeguard access to their funds.
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