diff --git a/CHANGELOG.md b/CHANGELOG.md
index 4839d188f3c..eb2328dab02 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -3,6 +3,7 @@
 ## Current Develop Branch
 
 ## v1.0.8 - Dec 2 2020
+- [#2040](https://github.com/MetaMask/metamask-mobile/pull/2040): Update vault error message (#2040)
 - [#2034](https://github.com/MetaMask/metamask-mobile/pull/2034): Fix asyncstorage limit (#2034)
 - [#2038](https://github.com/MetaMask/metamask-mobile/pull/2038): metamask wc deeplink (#2038)
 - [#2023](https://github.com/MetaMask/metamask-mobile/pull/2023): @metamask/contract-metadata (#2023)
diff --git a/app/components/Views/Login/index.js b/app/components/Views/Login/index.js
index 2dad116b037..fdc1a24aa73 100644
--- a/app/components/Views/Login/index.js
+++ b/app/components/Views/Login/index.js
@@ -107,7 +107,7 @@ const WRONG_PASSWORD_ERROR = 'Error: Decrypt failed';
 const WRONG_PASSWORD_ERROR_ANDROID = 'Error: error:1e000065:Cipher functions:OPENSSL_internal:BAD_DECRYPT';
 const VAULT_ERROR = 'Error: Cannot unlock without a previous vault.';
 const CLEAN_VAULT_ERROR =
-	'An error has occurred due to storage limit. Your funds are safe. Please re-install the app and import your wallet using your seed phrase.';
+	'MetaMask encountered an error due to reaching a storage limit. The local data has been corrupted. Please reinstall MetaMask and restore with your seed phrase.';
 
 /**
  * View where returning users can authenticate
diff --git a/ios/MetaMask.xcodeproj/project.pbxproj b/ios/MetaMask.xcodeproj/project.pbxproj
index 8ff0223835a..5371bf42bbd 100644
--- a/ios/MetaMask.xcodeproj/project.pbxproj
+++ b/ios/MetaMask.xcodeproj/project.pbxproj
@@ -847,7 +847,7 @@
 				CODE_SIGN_ENTITLEMENTS = MetaMask/MetaMaskDebug.entitlements;
 				CODE_SIGN_IDENTITY = "iPhone Developer";
 				CODE_SIGN_STYLE = Manual;
-				CURRENT_PROJECT_VERSION = 553;
+				CURRENT_PROJECT_VERSION = 554;
 				DEAD_CODE_STRIPPING = NO;
 				DEBUG_INFORMATION_FORMAT = dwarf;
 				DEVELOPMENT_TEAM = 48XVW22RCG;
@@ -910,7 +910,7 @@
 				CODE_SIGN_ENTITLEMENTS = MetaMask/MetaMask.entitlements;
 				CODE_SIGN_IDENTITY = "iPhone Distribution";
 				CODE_SIGN_STYLE = Manual;
-				CURRENT_PROJECT_VERSION = 553;
+				CURRENT_PROJECT_VERSION = 554;
 				DEBUG_INFORMATION_FORMAT = "dwarf-with-dsym";
 				DEVELOPMENT_TEAM = 48XVW22RCG;
 				FRAMEWORK_SEARCH_PATHS = (