Phantom Wallet warns iOS users may lose access to their wallets after a recent update

Crypto wallet service provider Phantom has alerted iOS Phantom wallet account holders of possible app resets following the application’s recent update. Phantom said that the update causes app resets that prompt users to log into their wallets using recovery phrases. Users who did not save their recovery phrases may lose access to their funds.

Phantom, a Solana-based non-custodial wallet service provider, has found itself amid rising controversies following a recent update on its iOS application. The crypto wallet firm alerted Phantom wallet holders using the iOS operating system that the app’s recent update causes app resets that log users out of their accounts. Users must use their wallet recovery phrases to log into their accounts to regain access to their funds.

Phantom Wallet pushes a new iOS app update to resolve the app reset issue

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

Phantom announced it had pushed a new iOS update to prevent the app resets from affecting more users and urged users to back up their recovery phrases in a safe, accessible location. They also urged those affected users to use their recovery phrases to log into their accounts and regain access to their accounts.

Social media posts on Wednesday highlighted reports from a few iOS users who claimed they faced challenges with the Phantom wallet after installing the updated version.

One particular user said in an X post that has since been deleted that they had lost $1 million in POPCAT after being logged out of their wallets and losing access to all their funds.

“After Phantom updated, it logged me out, and I officially lost access to these wallets. Lost $1 million USD in $POPCAT. @phantom, you guys are real? Wtf is this man I had F100 wallets and all gone? All allocations on platforms”

@0xFiyopi

Phantom is a non-custodial wallet and cannot help users access their wallets once they lose their recovery phrase. However, the company urged those affected by the issue to contact the support team for further assistance.

Phantom has seen multiple downtimes on its website and backend this year

Phantom’s status page shows its browser extension, mobile application, Phantom backend, and website are operational. Data from the status page also shows that Phantom’s backend and website have faced downtime several times in the last 90 days. 

Phantom experienced issues with its wallet in late October, and its backend was also down for more than two hours before the technical team resolved the issue. The error occurred as users of the platform claimed GRASS airdrop tokens and the downtime caused inaccurate account balances for users. 

The wallet also experienced another downtime on October 3, which involved the service Phantom backend. The downtime lasted only 8 minutes and was fixed almost instantly. The website also went down for two minutes on September 17th and was fixed promptly.

In February, the wallet faced delays in updating balances. Another downtime occurred in mid-August when the wallet reported issues that hindered users from seeing their correct account balances. A few days later, the Phantom wallet had some temporary issues that were fixed.