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.
https://twitter.com/phantom/status/1856796137665245455
On X, Phantom tried to quickly alert its userstelling them that they could restore their wallet using their recovery phrase. Also called seed phrase, this series of 12 or 24 allows the owner of a wallet to have access to it in all circumstanceseven if a connected device is lost or the application is reset.
???? 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. It is also recommended to test access to your wallets using this seed phrase to ensure that there was no problem with the backup.
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. Despite everything, some users were impacted, those who failed to write down or save their recovery phrase. At present, these people have simply lost their cryptocurrency funds.
On social media, a user named 0xFiyopi complained to have lost 1 billion US dollars in POPCAT » following the Phantom update. Similarly, another user, aut3z, called out Phantom: “ Are you serious? What is this madness? I had 100 wallets and everything disappeared? All my funds stored on the platform? »
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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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