On the 3rd of May, 2024, the popular Cryptocurrency wallet Phoenix, which uses Bitcoin Lightning Network, will be unavailable in US app stores.
Acinq, the French company behind the Phoenix wallet, cited the developments made by the US regulatory authorities as the reason behind these decisions. This is following the indictment of another wallet provider, Samourai Wallet.
On May 3rd, 2024, @PhoenixWallet will be removed from US app stores.
Users from the US should empty their wallet:
– Settings > Close channels (Android)
– Settings > Drain wallet (iOS)
We highly recommend not force-closing channels, as on-chain fees could be significant.
— Phoenix Wallet (@PhoenixWallet) April 26, 2024
American users are asked to withdraw their balances by choosing either to “close channels” on Android or “draining wallets” for iOS to prevent the high fees. The move has had criticism from industry figures like Jack Dorsey and Jack Mallers who query its necessity.
Acinq keeps the largest node for the Lightning Network network so the reputation is at stake as there is a risk to the solution of Bitcoin scalability. Lightning Labs and Zeus, a wallet provider, show dissatisfaction with Phoenix model and ask to comply with rules and defend self-custody rights.
Also Read: Deaton Backs Coinbase in SEC Appeal Amid Senate Bid
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- Source: https://cryptoinfonet.com/regulation/phoenix-crypto-wallet-no-longer-available-for-download-in-us-app-stores/
