As a seasoned analyst with years of experience in the crypto market, I’ve seen my fair share of ups and downs, glitches, and technical issues. The recent incident involving Phantom’s iOS app is yet another reminder of the inherent risks associated with decentralized finance (DeFi) platforms.
The Phantom wallet, which operates on the Solana network within the field of Decentralized Finance (DeFi), has advised users to update their iOS application due to a recent issue. It appears that an unforeseen glitch caused certain users to be involuntarily logged out of their accounts.
Due to a technical issue, many iPhone users were unable to access their digital wallets unless they’d previously saved their recovery keys.
Users Locked Out of Their Wallets
On November 13, Phantom clarified that some iOS users are encountering issues with their apps resetting. If this affects you, you can recover your wallet by utilizing the provided recovery phrase.
The developers responsible for the digital wallet have rolled out an updated version for iOS devices, aiming to address the same problem that some users experienced previously. They strongly recommend everyone to safely store their recovery codes and express their regret over this inconvenience.
Earlier today, rumors about a problem started circulating on social media platforms, with iOS users sharing experiences of being kicked out without warning from their accounts following the installation of the app’s most recent update, leading to loss of access to their digital wallets.
One individual asked Phantom why their application had reset itself overnight and had removed all his wallets. Another noted, “Phantom deleting people’s wallets with the most recent update…Lots of tokens are going to get burned from folks that forgot to back up keys.”
It seems that the issue affected users who hadn’t saved their seed phrases, a crucial step for recovering funds in self-managed wallets such as Phantom. Crypto trader ACE advised others not to update their wallets before securing their seed phrases on platform X.
Since the service functions as a non-custodial wallet, it’s unable to recover a user’s funds if they misplace their seed phrase or fail to backup their data. This predicament was emphasized by Tom, the founder of Graphite Protocol, who stated that an update from Phantom had led to significant losses for wallet holders.
Additionally, he raised doubts about whether the accountability is entirely on users who lost their private keys, or if Phantom might need to think about providing some form of reparation for individuals adversely impacted by the update.
More Incidents
Over the last several months, this event joins a collection of technical problems that Phantom’s users have experienced. Back in October, there were reports from customers about issues with incorrect balances being displayed on both the mobile app and browser extension. Phantom admitted to a “downtime incident” regarding these errors.
In that moment, the company suggested users disregard any simulation glitches and carry out necessary transactions via decentralized apps (dApps), should they be urgent. Swiftly following, Phantom rectified the problem, informing users that operations had returned to normal.
Previously this year, on February 3 and again on August 15, our team encountered some issues: delays in updating token balances and a temporary bug that hindered users from seeing correct account balances. Yet, these problems were quickly rectified by our wallet system.
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2024-11-15 01:42