Security researchers at SkyCure stumbled onto an iOS vulnerability that, at its extreme, may cause all phones (and, presumably iPads) on an attacking network to go into an infinite restart mode. The solution is to either disable WiFi or leave the range of the offending network. As far as I can tell, the harm of this vulnerability is that it disables your phone. There does not appear to be any permanent damage or loss of data.
This is not quite “the sky is falling”, but it is an issue that needs to be addressed. I can only imagine that Apple is busy working on a fix as we speak.
If you are interested in details, the SkyCure researcher who discovered this issue wrote up a pretty interesting blog post that tells the story of his discovery and lays out some (but not all) of the details.