Solana's Phantom Wallet Update Glitch Cause Significant Losses For iOS users

On November 13, many Phantom users who were on the iOS system reported that their Phantom account has been totally wiped out after they downloaded the latest Phantom update.

One user claimed losses of $600,000, with others others reporting amounts between $10,000 and $100,000, sparking calls for reimbursement.

But because Phantom operates as a non-custodial wallet, it doesn't store users' recovery phrases or have access to their funds.

In a non-custodial setup, only the users of the account have wallet keys, providing greater control but also placing a heavier responsibility on the users to secure their recovery phrases.

Phantom later tried to clarify that the issue only affected a small portion of iOS users, and promised to push a new update that would prevent the bug from affecting any more additional users.

It also assured users that their funds are safe.

While Phantom did not disclose how many users were affected, it urged users to back up their recovery phrases and issued an apology for the incident.

In its apology statement, the firm wrote

"We're committed to making sure this won't happen again"

Phantom also advised users to reach out to its support team for further assistance.

Not the first mishap

This is not the first time Phantom has experienced downtime this year. On Feb 3, it experienced delays with how token balances are being updated.

On Aug 15, the wallet startup reported it experienced a temporary issue that prevented users from properly seeing account balances. Days later, the Phantom website reported temporary issues.