Solana-based DeFi wallet provider Phantom has released an emergency update for its iOS app after users reported potential security vulnerabilities.
The reports, which surfaced across social media and online forums, were majorly about unexpected app resets that left some unable to access their wallets without their recovery phrases.
The wallet provider, via an X post, apologized for the inconvenience and recommended that all iOS users update to the latest version as soon as possible. Although the exact details of the vulnerabilities was not been disclosed, Phantom noted that only a small number of users were affected and confirmed that the update is designed to address the problem and prevent further incidents.
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
The issue generated significant attention on X, with some Phantom users reporting substantial losses. One user claimed a loss of 983 SOL (around $217.89), while another reported losing $600,000, describing the incident as a loss of life savings. Other users mentioned being automatically logged out or finding their balances cleared after a recent app update.
A crypto trader known as Ace, with over 42,000 followers on X, warned users to save their seed phrases before updating the app, describing the recent update as “horrible” and claiming it could wipe wallets on iOS. Other users also expressed concern, suggesting that the update could result in lost tokens if people failed to back up their keys.
The wallet provider reiterated the importance of securely storing seed phrases and assured users it is committed to preventing similar issues in future updates. It encouraged affected users to contact their support team for additional assistance as they work to resolve the situation fully.
In another development, Stablecoin issuer Tether has introduced a new Wallet Development Kit (WDK) that enables developers and businesses to seamlessly integrate non-custodial Bitcoin and USDT wallets into their applications and websites. The WDK, designed for both individuals and digital entities like AI agents, aims to support the “groundbreaking vision” outlined in the 2008 Bitcoin white paper by emphasizing user sovereignty and decentralized, permissionless finance.
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