As an experienced financial analyst with a strong background in the cryptocurrency industry, I find this development deeply concerning. The decision by US app stores to remove Phoenix Wallet from their offerings on May 3rd, 2024, is a significant blow to its user base and raises serious questions about the future of self-custody solutions within the United States.
starting from the 3rd of May, 2024, I, as a crypto investor using the Phoenix wallet, will no longer be able to download or access updates from the US app stores since this wallet is being removed from them due to its utilization of the Bitcoin Lightning Network.
The French firm, Acinq, which develops the Phoenix digital wallet, attributed their recent choices to advancements in US regulatory policies. This comes after the indictment of a different wallet provider, Samourai Wallet, faced similar scrutiny from American authorities.
As a researcher, I’d like to share some important information regarding @PhoenixWallet. On May 3rd, 2024, this wallet will no longer be available for download in US app stores. To avoid losing any funds, users from the United States should take the following steps:
— Phoenix Wallet (@PhoenixWallet) April 26, 2024
As a researcher studying the recent developments in digital wallets, I’ve come across an intriguing trend among American users. They are instructed to withdraw their balances using different phrases depending on the device they use: Android users opt for “closing channels,” while iOS users go with “draining wallets.” The objective is to bypass high transaction fees. However, this approach has raised eyebrows from industry leaders such as Jack Dorsey and Jack Mallers, who question its necessity and express concerns about potential complications.
Acinq serves as the largest node for the Lightning Network, carrying significant reputation as this role is crucial for addressing Bitcoin’s scalability challenges. However, this responsibility comes with risks, as any issues could impact the entire network’s solution. Lightning Labs and Zeus, a wallet provider, express their disagreement towards Acinq’s Phoenix model and advocate for adherence to established rules and upholding self-custody principles.
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2024-04-27 02:28