As an analyst with years of experience in the cryptocurrency space, I’ve seen my fair share of ups and downs, triumphs and trials. The recent incident involving Phantom, a popular Solana wallet provider, is yet another reminder of the challenges that come with decentralized finance (DeFi).
Due to some users experiencing unexpected app resets that have locked them out of their Solana wallets on iOS devices, Phantom, a well-known crypto wallet provider, has released an urgent software update.
On November 14, the company verified the problem through X (previously known as Twitter) and recommended users who were impacted by the reset to recover their wallets utilizing their backup phrases.
The update has been implemented to minimize any more interruptions. Phantom expressed regret for any inconvenience and urged users to safeguard their recovery phrases to prevent losing control of their assets in the future. “We’re dedicated to ensuring such an incident doesn’t occur again,” Phantom assured.
Some people shared on social networks that they had money missing following an app update, with one individual stating a loss of 983 SOL, and another lamenting the disappearance of a wallet containing $600K worth of assets. Many others voiced their annoyance as well, complaining about their digital wallets getting cleared after upgrading the application.
Since Phantom is a non-custodial wallet and doesn’t store user’s seed phrases, it’s unable to assist those who have lost their seed phrases. Instead, if you encounter any problems with your Phantom wallet, please reach out to the Phantom support team for additional assistance.
On previous occasions, Phantom has encountered difficulties. Back in October, some users found their balances to be inaccurate as a result of a brief interruption in service. However, Phantom managed to rectify the situation swiftly, taking only a few hours to do so.
It’s important for Phantom wallet users to save their recovery phrases safely and be careful when installing updates to ensure they don’t lose control of their digital possessions.
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2024-11-14 08:52