Token

Security

Grass

Phantom

<ul class="wp-block-list">
 <li>Phantom's iOS update locked out users, leaving some unable to access funds, sparking security concerns.</li>  
 <li>Non-custodial wallets like Phantom offer control, but users must secure recovery phrases to prevent loss.</li>  
 <li>Phantom responds to lockout issues, urging iOS users to back up recovery phrases and contact support.</li> 
</ul>  
<p>Phantom crypto wallet iOS users reported sudden issues following an app update yesterday. This update triggered unexpected “app resets,” automatically logging users out and requiring them to re-enter their recovery phrases.&nbsp;</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/iwinn_trades/status/1856557478382633122
 </div>
</figure>  
<p>Many users, unprepared for this prompt, lost access to their accounts and funds. Social media posts have revealed losses ranging from $10,000 to $600,000. This has sparked widespread concern and demands for reimbursement.</p>  
<h2 class="wp-block-heading" id="h-non-custodial-wallet-responsibility"><strong>Non-Custodial Wallet Responsibility</strong></h2>  
<p>Phantom operates as a non-custodial wallet. This means that it does not store user recovery phrases or hold access to funds. This setup gives users control but requires them to secure their own recovery phrases.&nbsp;</p>  
<p>Phantom initially indicated that the problem affected all users but later clarified that only a small number of iOS users were impacted. They urged users to back up their recovery phrases and contact support for additional help if needed.</p>  
<h2 class="wp-block-heading" id="h-phantom-s-response-to-incident"><strong>Phantom’s Response to Incident</strong></h2>  
<p>In response, Phantom quickly pushed out a new update aimed at preventing similar lockouts. They assured users that the update would stop the bug from impacting any additional accounts.&nbsp;</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/phantom/status/1856796137665245455
 </div>
</figure>  
<p>Despite user requests, Phantom declined to disclose the exact number of affected users, instead reaffirming their commitment to making sure this type of issue does not occur again. They issued an apology for the disruption and encouraged users to reach out for support if necessary.</p>  
<h2 class="wp-block-heading" id="h-previous-outage-during-grass-token-airdrop"><strong>Previous Outage During Grass Token Airdrop</strong></h2>  
<p>This incident comes after another recent issue during the Grass token airdrop event in late October. During this airdrop, Phantom <a href="https://x.com/phantom/status/1850938547328745794" rel="noopener noreferrer nofollow">experienced</a> nearly three hours of downtime as a surge in user activity caused backend strain. Many users reported inaccurate balances and transaction issues. Phantom attributed the downtime to heightened demand on its servers.</p>  
<h2 class="wp-block-heading" id="h-growing-concerns-over-seed-phrase-security"><strong>Growing Concerns Over Seed Phrase Security</strong></h2>  
<p>This incident highlights increasing concerns in the crypto community over the security of seed phrases. Some wallet providers, such as <a href="https://cryptonewsland.com/ledger-users-face-malicious-email-scam-promoting-fake-security-feature/" rel="noopener noreferrer nofollow">Ledger</a>, have introduced paid recovery services to help users manage these phrases. However, privacy concerns remain, as some users worry about the risks of sharing sensitive information. In contrast, the <a href="https://derecalliance.org/" rel="noopener noreferrer nofollow">DeRec Alliance</a> is developing a decentralized recovery approach that divides secret data among trusted entities, aiming to protect user privacy.</p> 
<p>The post <a href="https://cryptonewsland.com/crypto-wallet-glitch-phantom-ios-update-leaves-users/" rel="noopener noreferrer nofollow">Crypto Wallet Glitch: Phantom iOS Update Leaves Users Locked Out of Funds</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Crypto Wallet Glitch: Phantom iOS Update Leaves Users Locked Out of Funds

Table of Contents

Crypto News Land

Other articles published on Nov 14, 2024

XRP Price Spikes 20% After SEC Chair Gensler Hints At Resignation

Delhi police arrest key suspect in $235m WazirX hack case: report

European stocks underperform the S&P 500 by the largest margin in 29 years

18 US states file lawsuit against SEC and Gary Gensler

WazirX heist breakthrough: Police arrests accused, key details revealed

Cardano (ADA) Foundation Announces Investment Portfolio! Do They Have Bitcoin (BTC)?

Join our free newsletter for daily crypto updates!