DailyCoin
Published Aug 19, 2022 02:20AM ET
Updated Aug 19, 2022 03:02AM ET
Solana-Based Wallet Will Burn NFTs To Protect Customers From Scammers
Phantom, the Solana (SOL)-based crypto wallet for tokens, NFTs, and DeFi, announced a new feature whose primary goal is to burn non-fungible tokens from spam sent by scammers.
The most popular non-custodial web3 wallet on the Solana network said on its blog that it has been working on the development of Burn NFT, a tool specially designed to prevent its users from falling victim to scams.
“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 user’s funds,” the Phantom team stated. The wallet provider said that “Spam is a hard problem to solve.” It explained that scammers take advantage of Solana’s low transaction fees and trick users by sending them airborne spam NFTs.
When users click on the spammy link that promises to deliver a free gift, they are taken to a site where they are asked to approve a transaction to “mint” or “claim” a free NFT or enter the seed phrase, that’s when customers lose their funds.
"These scams are becoming increasingly more sophisticated," Phantom said, adding that "scammers can change the metadata of an NFT to try to avoid being blocklisted." To try to remedy these types of scams, the provider released the Burn NFT feature. These spam NFTs can be permanently deleted by users themselves by selecting the Burn Token feature, listed in the wallet menu.
As an incentive for using this feature, users will receive a small deposit of SOL each time. To combat unwanted NFTs, the wallet uses other methods, including blacklisting the contract address and domain of the scammer.
"Our blocklist has already 800+ mint addresses of malicious NFT collections and is integrated with how we identify scams in our siteblocking," the Phantom team said. Likewise, the wallet is combating NFT scammers through a “phishing warning system,” which alerts customers to “any malicious transactions that could compromise their assets or permissions.”
1/ Today, NFT burning is launching on Phantom across all devices! Safely remove spam and clean up your Collectibles tab, all from right inside the wallet.As an added bonus, when you burn those unwanted NFTs, you even make some SOL in the process. pic.twitter.com/aHHAyUqldPOn the Flipside— Phantom (@phantom) August 17, 2022
Why You Should Care
You can read other articles related to this topic at:
Massive Solana Hack Drains $8M Across 8,000 Wallets
Influencers and Celebrities Promoting NFT Scams: The Bored Bunny Case
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.