This happened to my best friend last night and pointed me to this link when he did some research. Just passing it along.
Originally posted by ArticleUnfortunately, gamers eager to sample the cel-shaded beat-'em-up were in for a very nasty surprise. That's because the demo contained a glitch that will erase all saved games on the memory card or cards currently inserted in the console.
Store Update US PlayStation Plus - Critter Crunch (Free) - Syphon Filter (Free) - Kahoots (Free) - Crash Bandicoot 3: Warped (PlayStation Plus price $3.00, original price $5.99) - Super Street Fighter IV PSN Avatar Bundle ($4.99)