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Phantom is the most popular software wallet in the Solana ecosystem. It’s a great product and ubiquitous accordingly.
One thorn, though? Hot wallets are so easy to spin up that many people do so without backing up the recovery phrases they’re provided with during the setup process.
This approach works fine… so long as you have access to your wallet. But if you lose that? Your magic internet money gets trapped forever.
The latest cautionary tale here came through a recent Phantom update that accidentally reset the wallets of some iOS users, causing permanent loss of funds—life-changing sums in some cases—for people who hadn't saved their recovery phrases.
The episode reminds us to always backup our keys. But it’s also a demonstration of why hardware wallets are a great choice for crypto holders. These devices typically force recovery backups during setup, the big ones work smoothly with apps like Phantom, and they provide a solid line of defense agains...
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