Phantom, the popular non-custodial wallet for Solana, issued an urgent iOS update on November 14 after users reported being locked out of their wallets. The issue, which stemmed from a recent app reset, left affected users unable to access their accounts unless they remembered their recovery phrases.
The Issue and Phantom’s Response
The reset glitch, first noted by Phantom on X, caused certain iOS wallets to wipe user accounts from the app. This forced users to restore their wallets manually. Phantom stated, “We are aware that a small group of iOS users is experiencing app resets.” The company quickly released an update to stop further resets and advised users to restore accounts using seed phrases. Phantom also reminded users to securely store recovery phrases, assuring them that the issue is being addressed and future incidents will be prevented.
Despite these efforts, the incident sparked concerns within the community. Numerous users responded to Phantom’s post, sharing their experiences. After updating the app, some reported lost funds, unexpected logouts, or zeroed account balances. One user claimed to have lost 983 SOL (over $200,000) and pleaded for help recovering funds. Another user reported a loss of over $600,000. Others expressed frustration at the lack of warning before the update.
Warnings from the Community and Impact on Users
Crypto trader Ace warned his 42,000 followers on X to back up their seed phrases before updating their Phantom wallets. Ace and others cautioned that the update could wipe wallets if users hadn’t saved their keys.
Phantom advised users to reach out to their support team for help. However, as a non-custodial wallet provider, Phantom does not have access to users’ recovery phrases and cannot help users who have lost their keys.
Previous Incidents
This isn’t the first issue Phantom has faced. Last month, a temporary outage led to some users viewing incorrect balances.. Although Phantom quickly resolved that issue, recent incidents have led some users to question the app’s reliability.
As Phantom works on stability and security improvements, it urges users to exercise caution, back up seed phrases, and double-check updates before installing them. This latest event highlights the importance of securely managing recovery phrases for non-custodial wallets.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
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