A function to burn tokens has been added to the Phantom wallet, the dominant wallet on the Solana blockchain. a strategy to combat the resurgence of NFT spam delivered by con artists to more effectively take your money.
Scams are getting more and more advanced.
A mysterious NFT that just shows up in your wallet? It can easily turn into a temptation to abuse it. This might have recently happened to you on the Solana blockchain. However, take caution because it is mostly a means of stealing money from you.
Phantom, the head of the Solana wallets, does not want to miss out on this phenomena, which has risen in recent weeks. The application takes action on its own to stop this phenomenon. Phantom now provides you with the option to burn these tokens in exchange for a miniscule sum of SOL and, most importantly, the elimination of these potential scams. According to the wallet team’s blog post:
- We are still in the Wild West era of Web3. As the crypto ecosystem grows, so does the number of bad actors seeking to steal user funds. The rapid growth in popularity of NFTs has led to an increasingly popular attack method for scammers – spam NFTs.
5/ We are also collaborating with @blowfishxyz to introduce a more advanced phishing warning system today.— Phantom (@phantom) August 17, 2022
When spam NFTs trick users into using a misleading site, we issue a warning on any malicious transactions that could compromise their assets or permissions.
The Phantom teams claim that because the Solana blockchain is less expensive than other blockchains like Ethereum, for example, this practice appears to be more common there. The method is straightforward: fraudsters send you a free NFT that has a malicious link in it so they can more easily take your money.
Users are frequently duped into clicking in order to collect this supposedly free NFT. The money is then taken from the wallet when this is done. With the same outcome, some con artists are less subtle at times and explicitly ask the user for the seed word.
According to the Phantom teams’ blog post:
- These scams are becoming more and more sophisticated. For example, after a contract address and domain have been identified as malicious, scammers can modify an NFT’s metadata in an attempt to avoid being blacklisted. It may seem like an endless game of cat and mouse.
Phantom has previously taken other measures to purge the crypto space on Solana. The teams have already started putting phishing detection systems in place to thwart scammers. The latter alerts users when there is a question about a link’s reliability. working continuously to combat con artists who always appear to be one step ahead.
Attacks on Solana wallets are becoming more frequent.
For Solana, who previously underwent a significant hack at the beginning of August, this summer is among the most dangerous. Hackers had taken no less than 8 million dollars. Fortunately, white hats’ actions had allowed for a slower pace of action and damage control.
Phantom has established itself as the top option on Solana and boasts at least 2 million active users each month. The wallet has all the ingredients for seduction—simple it’s to use, effective, and has a user-friendly layout. Additionally, the surge in activity on the Solana blockchain in 2021 was advantageous for this wallet. In fact, it has surpassed Ethereum to become the second-largest NFT blockchain.
NFT sales volume in July totaled $56.1 million, which is still less than the $535.6 million in Ethereum sales, per CryptoSlam data. The crypto market and the NFT industry are experiencing a decline in volume as a result of the bear market.
Phantom’s initiatives should be commended and are essential to promoting the use of crypto wallets. According to the project teams, Web 3 still unfavorably resembles the Wild West. It will be difficult for the cryptocurrency sector to grow more ambitiously as long as con artists and other con artists are able to take advantage of these loopholes.
NFTs therefore appear to be the next hangout for scammers and hackers after DeFi. Who will prevail in this conflict between the industry’s actors and the con artists using increasingly cunninger schemes will be revealed in the future.