Update:
NetherRealm Studios has released a statement about the Injustice 2 gear issue bug that we reported on earlier. They are saying that those impacted should reboot their game and install the new patch that has been released. This should return gear earned before September 25th.
For gear earned after September 25th, that might not be returned. They are investigating it. User reports on Twitter have people claiming that shaders they bought haven't seen them returned.
Original story below
According to a recent NeoGaf post, the latest update for Injustice 2 is wiping out gear, shaders, and more of players hard-earned content. Items acquired via microtransactions also seem to be affected.
Yesterday the game received its 1.09 update which to prepare for the latest DLC character, Mortal Kombat's Raiden. Raiden should not be playable yet, but Xbox players were somehow able to use him.
In an assumed response to this, a patch 1.10 released shortly after. However, players who jumped into the game on either console after this update are finding a majority of their items removed. Multiple Reddit posts have been made analyzing the situation, but no one has come to a definite conclusion.
NetherRealm Studios have stated they are looking into the gear wiping issue and will provide the community with an update when they can.
One Redditor claims that some of their gear is slowly returning after relaunching and that abilities are still intact. Some, not all, users seem to be receiving their equipment back after opening a loot box.
Players are advised to wait until this is resolved or to play offline to avoid the update. Those who have downloaded the update but not launched the game should be safe as well.
PlayStation 4 users may have a temporary fix. If your gear has already been wiped, but you save your data to the cloud, you can go into "application save data management" and redownload your save from the previous day.
This is an unfortunate situation for Injustice 2 players. High-end gear takes dozens of hours to acquire. However, some users getting their gear back means there may be a solution that will work for everyone. The community will have to wait for an official update to be sure.