Phantom App's iOS Update Sparks Outrage as Users Lose Access to Wallets
Many events can spiral out of control, especially when circumstances start to depend on factors beyond our control. One of the most painful experiences is losing your assets due to a mistake outside your control. In such situations, helplessness and frustration arise, especially if a technical failure or oversight causes the loss. In today's article, Coinmooner aims to highlight an incident on Web3 world. We believe it is essential to share this experience with our readers to warn them about potential risks in the future.
Recently, one of the largest platforms in the industry, Phantom, known for its non-custodial wallet service based on Solana, found itself at the center of a scandal after issues arose with an app update for iOS devices. After the new version of the app was released, users faced significant difficulties accessing their wallets. The problem was that after the update, all app settings were reset, and users were automatically logged out of their accounts. Access to their wallets could only be restored using a SEED phrase, but many users had not saved it, leading to the risk of losing their assets.
According to the Phantom developers, the issue affected only a small number of users on the iOS platform. Those affected could recover their wallets by entering their saved SEED phrase. In their official statement, the development team released another iOS update that fixed the access issue. However, some users reported that they lost access to their funds. One crypto investor posted on social media about losing $1 million in POPCAT cryptocurrency after being unable to enter their SEED phrase. This caused a great deal of outrage in the community.
Phantom Wallet Users Left Stranded After iOS App Update Glitch
Coinmooner has gathered more information about the company and the incident. Phantom, the company behind the wallet, developed the eponymous non-custodial cryptocurrency wallet designed to work with the Solanablockchain and other Web3 blockchains. The wallet was created by a team of developers in 2021 to simplify user interaction with decentralized applications (dApps) and improve the security of cryptocurrency transactions. Phantom provides users with an easy-to-use interface for storing, sending, and receiving cryptocurrency and integration with DeFi and NFT apps, offering access to assets through a browser extension and mobile app.
"After the Phantom update, I was logged out and completely lost access to my wallets. I lost $1 million in POPCAT. @phantom, are you kidding?" — wrote a user named 0xFiyopi in their post.
This situation is just one of many issues users have faced with Phantom. At the end of October, the platform service was down for over two hours, causing server overloads and incorrect balance displays for users. Similar issues occurred in September and early October, though they were much shorter in duration.
It is important to remember that every update or change in the rapidly evolving Web3 industry can bring unforeseen risks. Therefore, to protect your assets, always follow the best security practices, such as regularly saving and securely storing your SEED phrase, using two-factor authentication, and keeping software up to date. These measures will help avoid losses and minimize risks from potential technical failures.
