I have the same problem. Cant even edit my daughters graduation. Simple iphone .mov clip. How about it just works? How about Adobe takes whoever is in charge of what the PAYING customers experience, and fire this person. And then replace him or her with someone who actually cares about the customers experience?? NOT, lets publish a technical explanation of why it doesnt work. JUST MAKE IT WORK!!!! Attn: Adobe!!!! Try having your non-techie family member try ANYTHING. You will see in real life just how far away you have moved from user-friendly.

Try open it on Windows Photos and then try to trim it just by at the end so you can save it in same file and you can finally import it in the adobe premiere. It works at my pc

The Yi camera files should now import correctly in Premiere Pro 13.0 that was released today. Make sure to delete your Media Cache Files folder first, then launch Premiere Pro 13.0 and import your Yi files.

More info on what is new in Premiere Pro 13.0:
Premiere Pro CC new features | New virtual reality capability

I can verify this problem exists with my Xiaomi YI 4K+ making adobe premire unusable with my main action camera, also including file recording data here:
Video resolution: 1920x1080
Frame rate: 29.970030
Codec: MPEG AAC Audio (mp4a)
Bitrate: 60667 kb/s

Same problem with Xiaomi Yi 4K - FHD 120fps. Premiere not see thouse files and not import it. (Importer 39 and Importer 57) Fix it please!

I'm having a similar problem trying to link media to a program file of transitions that fails to link with all of the 700 pieces of media.

I would agree with Ann if it is something that needs to be used right away, use Handbrake to convert the file to something usable. Is it ideal? No. But usable is better than not at all, and continue to test to see if it is fixed as necessary. Its called adapt and overcome.

Come on guys, really!? IT has been over a month since I reported this issue, and everyone else that has the newest version of Adobe Premiere Pro 12.1.2 cannot use the footage?! How long do we have to wait for something to be fixed, that worked well in the previous 12.1.1 versions?!?! Any updates? AT ALL? Mine projects are also stuck now!!!

1 month later nothing happens - thank you for nothing. Just updated because of this stupid bug when changing workspace (freeze & crash). Now my project is useless because i get this error. What am i paying for???

1 month later nothing happens - thank you for nothing. Just updated because of this stupid bug when changing workspace (freeze & crash). Now my project is useless beauce i get this error. What am i paying for???

I have the exact same problem with the YI 4K action camera. Please, do something about this!

Thank you @Trenthappel for looking into it. I really hope an update will come shortly fixing it, as right now I cannot use footage from that camera :(

Thank you for the sample files. Your issue does appear to be the same as another issue reported with Xiaomi Yi 4K, that is under investigation.

I've never used it, not sure how to change settings while keeping it the same as original? MY resolution is 4k @ 50fps. Its very annoying it worked in the before the 12.1.2 update, and now is broken. **** Adobe!! Fix it.

I used Handbrake: problem solved.

Also bring back the option to roll back to previous versions in such cases as this! How am I supposed to work right now with those files on the main PC?