Crypto Security: Solana Wallet Fires up the Grill to Burn NFTs

Jamal Molla
Written By Jamal Molla
Jamal is an English teacher and freelance writer with a passion for NFTs, metaverse, crypto and technology.

As a part of its ongoing effort to beef up its users’ security, Solana wallet has recently launched a Burn Token feature designed to allow users to remove spam NFTs sent by unscrupulous scammers.

Phantom, the Solana-based wallet provider, launched the new burn feature in response to the overwhelming amount of NFT spams its users receive regularly, costing them their digital assets.

Via a blog post on Thursday, the Phantom team revealed that the new feature is incorporated into the Phantom wallet app’s Burn token tab. Each time users use the new feature, they will receive a small deposit of the Solana (SOL) tokens as rewards.  

The team explained that “We’re still in the Wild West days of Web3. As the crypto ecosystem grows, so have the number of bad actors looking for ways to steal users’ funds. The rapid growth in popularity of NFTs has led to an increasingly prevalent method of attack for scammers – Spam NFTs.”

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Highlighting the motive behind its decision to launch the new feature, the team noted that scammers are drawn to Solana’s low transaction fees and airdrop malicious links disguised as free NFTs to lure unsuspecting users and scam defraud them.

The Spam NFTs prompt receivers to click a link to supposedly mint some free NFTs. Unsuspecting receivers who complete the process expose themselves to hackers who will drain their wallets. Alternatively, the hackers may ask receivers to input their seed phrase in an attempt to scam them.

The post noted further that “These scams are becoming increasingly more sophisticated. For instance, after a contract address and domain are identified as malicious, scammers can change the metadata of an NFT to try to avoid being blacklisted. It can feel like an endless game of whack-a-mole.”

The team explained that it took the step to reduce the activities of bad actors in the crypto space and to reduce spam NFTs to the barest minimum. Other steps it has taken to fight scammers include its phishing warning system where users are warned against “any malicious transactions that could compromise their assets or permissions” once they click on any dubious link.

In conclusion, Phantom added that “While we’re introducing NFT burning today, we’re not stopping there. Users can look forward to more automated spam detection in the future. Using providers like SimpleHash and our own internal reporting, we will be able to gauge if an NFT is likely to be spam.”

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