Solana wallet lights the grill to eliminate NFT spam
The Phantom wallet app has launched a new Burn Token feature, allowing users to delete NFT spam sent by scammers.
New
Solana-based wallet provider Phantom has launched a new burning feature allowing users to remove spam non-fungible tokens (NFTs) sent by scammers.
According to an Aug. 18 blog post from the Phantom team, the new feature can be accessed through the Burn Token tab of the Phantom wallet app, allowing users to receive a tiny deposit of Solana (SOL) each time that they use it.
“We are still in the Wild West era of Web3. As the crypto ecosystem grows, so does the number of bad actors looking for ways to steal user funds. The rapid growth in popularity of NFTs has led to an increasingly popular attack method for scammers: spam NFTs."
Phantom noted that the issue was particularly prevalent on Solana due to its low transaction fees, with bad actors often mass-distributing supposedly free NFTs that contain malicious links.
NFT spam typically prompts the recipient to click on a link to create a free NFT, however, if they complete the process, their funds will eventually drain from their wallet. Alternatively, the link will ask the recipient to enter their seed phrase, which will achieve the same result.
"These scams are becoming increasingly sophisticated. For example, after a contract address and domain are identified as malicious, scammers can modify an NFT's metadata to try to avoid being blocked. It can feel like an endless game of whack-a-mole,” reads the blog post.
This move is part of a larger initiative by Phantom to combat NFT spam and bad actors in space. The team said it also combats scammers with its phishing warning system, which alerts users to "any malicious transactions that could compromise their assets or permissions" after clicking on questionable links. p>
5/ As we introduce NFT burning and improved al...
The Phantom wallet app has launched a new Burn Token feature, allowing users to delete NFT spam sent by scammers.
New
Solana-based wallet provider Phantom has launched a new burning feature allowing users to remove spam non-fungible tokens (NFTs) sent by scammers.
According to an Aug. 18 blog post from the Phantom team, the new feature can be accessed through the Burn Token tab of the Phantom wallet app, allowing users to receive a tiny deposit of Solana (SOL) each time that they use it.
“We are still in the Wild West era of Web3. As the crypto ecosystem grows, so does the number of bad actors looking for ways to steal user funds. The rapid growth in popularity of NFTs has led to an increasingly popular attack method for scammers: spam NFTs."
Phantom noted that the issue was particularly prevalent on Solana due to its low transaction fees, with bad actors often mass-distributing supposedly free NFTs that contain malicious links.
NFT spam typically prompts the recipient to click on a link to create a free NFT, however, if they complete the process, their funds will eventually drain from their wallet. Alternatively, the link will ask the recipient to enter their seed phrase, which will achieve the same result.
"These scams are becoming increasingly sophisticated. For example, after a contract address and domain are identified as malicious, scammers can modify an NFT's metadata to try to avoid being blocked. It can feel like an endless game of whack-a-mole,” reads the blog post.
This move is part of a larger initiative by Phantom to combat NFT spam and bad actors in space. The team said it also combats scammers with its phishing warning system, which alerts users to "any malicious transactions that could compromise their assets or permissions" after clicking on questionable links. p>
5/ As we introduce NFT burning and improved al...
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