Solana wallet fires up the grill to burn spam NFTs out of existence


Solana-based wallet provider Phantom has launched a new copy feature that allows users to remove non-fungible tokens (NFTs) sent by scammers.

According to a blog post Thursday from the Phantom team, the new feature can be accessed via the Burn Token tab in the Phantom wallet app, allowing users to receive a tiny deposit from Solana (SOL) every time they use it:

“We are still in the Wild West days of Web3. With the growth of the cryptocurrency ecosystem, so has the number of bad actors looking for ways to steal users’ money. The rapid growth in popularity of NFTs has led to an increasingly prevalent attack method for scammers – Spam NFTs.”
Phantom noted that the problem was particularly prevalent on Solana due to low transaction fees, as bad actors often drop supposedly free air en masse, which contains malicious links.

Generally, the NFT spam system prompts the recipient to click a link to a free NFT spool. However, if they complete the process, they end up withdrawing their money from their wallet. Instead, the link will ask the receiver to enter the initial phrase, which will lead to the same result.

“These scams are becoming increasingly more complex. For example, after the title and domain of the nodes are identified as malicious, the scammers can alter the NFT metadata to try to avoid being blocked. It can seem like an endless game of whack-a -mole,” as stated in the blog post.

The move is part of a broader initiative by Phantom to combat NFT spam and bad actors in the space. The team stated that it also fights fraudsters with its phishing warning system, which issues a warning to users about “any malicious transactions that could put their assets or permissions at risk” after clicking on suspicious links.

The post added that Phantom is currently collaborating with Blowfish to improve how it “alerts users to phishing attempts”.

“As we introduce NFT Burning today, we won’t stop there. Users can look forward to more automatic spam detection in the future. Using providers like SimpleHash and our own internal reports, we will be able to gauge whether NFT is likely to be Spam.”

RELATED: Encrypted Spam Increases 4000% in 2 Years – LunarCrush

Phantom is one of the most popular wallet providers for NFTs and Solana’s Decentralized Orator (DeFi), with more than 2 million monthly active users, according to the company.

At the beginning of August, rival wallet firm Slope suffered a security exploit that drained an estimated $8 million in funds on the Solana blockchain.

In a post-mortem analysis, Solana’s head of communications, Austin Fedora, found that 60% of the attack victims were Phantom users, even though the problem originated from Slope.

Solana hosted the second-largest NFT sales volume in July at $56.1 million, behind only Ethereum, which posted $535.6 million, according to data from CryptoSlam.



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