A recent update proposed by the Phantom Wallet developers involves resetting the app for a portion of its iOS users. As a result, some of them lost access to their wallets and funds.
By failing to write down their recovery phrase, Phantom users lost all their funds
This Wednesday, some Phantom users on iOS devices had the unpleasant surprise of being disconnected from their wallet. Indeed, following an update proposed by the developers of the platform, the application has been resetto the great dismay of some of its users who now no longer have access to their funds.
We're aware that a small number of iOS users are experiencing app resets. If you happen to be among them, you can restore your wallet using your recovery phrase.
We've pushed a new iOS app update to prevent this from affecting any additional users.
Please make sure you always…
— Phantom (@phantom) November 13, 2024
On Phantom tried to alert its userstelling them that they could restore their wallet using their recovery phrase. Also called seed phrase, this series of 12 or 24 words allows the owner of a wallet to have access to it in all circumstances, even in the event of loss of a connected device or reset of the application.
🚨 Everything you need to know about wallets and seed phrases so you don’t lose your crypto funds
This is why it is very important, when creating a portfolio, save this recovery phrase in several secure locations. This type of event is an opportunity to ensure that this phrase is always available, as its disappearance could be costly.
Finally, it is also possible to use a hardware wallet like the Ledger Nano S, which allows to store safely its cryptocurrencies.
At the same time, a fix was also deployed so that the update does not disconnect users from their wallets. However, users who failed to write down or save their recovery phrase simply lost their cryptocurrencies if they only had the Phantom mobile application.
On social networks, many users have complained, including 0xFiyopi, the founder of Solcasino.io, who indicated that he lost ” 1 million US dollars in POPCAT » following the Phantom update.
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Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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