Phantom Wallet, A Solana-Based Company, Has Released “Burn NFTs” To Protect Users From Scams

Phantom, a wallet service based on Solana (SOL), recently unveiled a new feature that would eliminate any spam non-fungible tokens (NFTs) that have been provided by scammers.

The Phantom team noted that spam NFTs have evolved into a useful tactic for bad actors trying to steal customers’ money in a blog post that was published on August 18, 2018.

“We’re still in the Wild West with Web3,” someone said. What the wallet had to say As the bitcoin ecosystem grows, there are more criminals looking for opportunities to steal users’ money. Non-fungible tokens (NFTs) have skyrocketed in popularity, and this has led to con artists developing an increasingly popular method of attack known as “spam NFTs.”

The wallet provider claims that scammers are distributing spam NFTs to customers by taking advantage of Solana’s low transaction fees. Users are urged to click on a link to access an unwanted NFT that requests they claim a free prize.

After clicking the link, the user is taken to a another page where they are “asked to confirm a transaction to “mint” or “claim” a free NFT,” which will lead to the theft of their money.

The wallet noted that “these frauds are becoming becoming ever more intricate as time goes on,” and that con artists might “change the information of an NFT in order to try to evade being blocklisted.”

Phantom has unveiled a brand-new feature dubbed Burn NFT in an effort to address this issue. The Burn Token feature is a tool that users can use to get rid of unwanted NFTs. A little sum of SOL will be deposited into the user’s account each time they use this feature. The wallet uses a variety of additional anti-spam mechanisms in addition to the burn feature to combat spam NFTs. Phantom said that as soon as they learn about a fake NFT, they instantly block the contract’s linked domain and address.

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The wallet said, “Our blocklist already has 800+ mint addresses of fraudulent NFT collections and is linked to how we identify frauds in our siteblocking. Malicious NFT collections have previously been stopped by using our blocklist.

Phantom’s “phishing warning system,” which warns users about “any damaging transactions that could damage their assets or permissions,” also shields users from fraudulent NFT transactions. Phantom’s multi-layered security design enables it to accomplish this.
DeFi hacks have significantly increased over the course of this summer, and at the same time, there have been more spam NFTs sent to NFT community members.
Early in June, an exploit cost the well-known NFT collection Bored Ape Yacht Club (BAYC) digital assets worth a total of 200 ETH. It was reported that information. Hackers hacked the NFT influencer Zeneca and the NFT registration platform PREMINT in the middle of the month of July.

The story doesn’t end there. The Solana team reportedly found a link between the closed-source Slope wallet and the widespread hack that affected more than 8,000 wallets and resulted in the loss of more than USD 8 million in assets. The Phantom team also said that it “had reason to think that the observed vulnerabilities [of Phantom wallets] are linked to problems associated with importing accounts to and from Slope” in its announcement at the time.