OnKey Founder Says iPhone 11 and Earlier Models Should Not Store Recovery Phrases

What happened

OnKey founder Yishi said older iPhones may be unsafe as cold wallets, which means offline crypto storage. Flaws in boot code affect iPhone 4S through iPhone X, iPhone XS, XR, 11 series and second-generation iPhone SE, and cannot be fixed by iOS updates.

Confirmed

Global impact / market context

Anyone holding crypto recovery phrases, which are backup words that restore a wallet, on these phones faces possible theft if someone gets physical access. Moving assets to newly generated phrases limits losses, while phone and wallet makers may face pressure to improve hardware security.

Analyst inference

The warning targets a common low-cost habit of turning an old phone into an offline wallet. It could push some holders toward newer hardware or dedicated wallet devices, shifting demand within crypto storage and adding scrutiny to how boot-level flaws are disclosed.

Analyst inference

What to watch

1. Yishi advised against storing recovery phrases on iPhone 11 and earlier models, and said users should generate new phrases in a trusted environment and move assets rather than only creating a new address. Confirmed
2. Yishi recommended updating device software, using stronger device and wallet passwords, avoiding public USB charging ports, and guarding against physical access when devices are out of their owners' control. Proposed
3. Watch whether wallet providers and phone makers respond with guidance or hardware changes, since physical USB access before iOS starts is the channel attackers could use to reach stored phrases. Analyst inference

Evidence

• binance.com