Phantom Wallet, Based On Solana, Has Come Out With “Burn NFTs” To Protect Customers From Scams.

Phantom, a wallet provider based on Solana (SOL), just revealed a new function that will destroy any spam non-fungible tokens (NFTs) that have been supplied by con artists.

In a blog post that was published on August 18, 2018, the Phantom team stated that spam NFTs have developed into a practical technique for malicious actors who are attempting to steal the cash of users.

“When it comes to Web3, we’re still in the Wild West days.” As the cryptocurrency ecosystem expands, the amount of malicious actors searching for ways to steal the funds of users has also increased “what the wallet had to say “Due to the meteoric rise in popularity of non-fungible tokens (NFTs), con artists have developed an increasingly common technique of attack known as “spam NFTs.”

Scammers, according to the wallet provider, are taking advantage of the cheap transaction fees associated with Solana in order to distribute spam NFTs to users. Users are prompted to visit a link in order to obtain an unwelcome NFT that asks them to claim a free prize.

Following the user’s action of clicking the link, they are redirected to a website where they are “asked to confirm a transaction to “mint” or “claim” a free NFT,” which would result in the user’s cash being stolen.

Scammers are able to “alter the information of an NFT in order to try to escape being blocklisted,” the wallet explained, pointing out that “these frauds are becoming an ever more complex as time goes on.”

In an effort to find a solution to this problem, Phantom has introduced a new capability called Burn NFT. Users can get rid of undesirable NFTs by using the Burn Token function, which is available to them. Every time a user makes use of this function, a tiny amount of SOL will be deposited into their accounts. In addition to the burn feature, the wallet employs a number of other anti-spam measures to combat spam NFTs. Phantom stated that as soon as they become aware of a fraudulent NFT, they immediately blacklist the associated contract address and domain.

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“Our blocklist has already 800+ mint addresses of fraudulent NFT collections and is connected with how we spot frauds in our siteblocking,” the wallet added. “Our blocklist has already been used to block malicious NFT collections.”

Phantom also protects users from fraudulent NFT transactions with its “phishing warning system,” which alerts users about “any harmful transactions that could endanger their assets or permissions.” Phantom is able to do this because it has a multi-layered security architecture.
This summer has seen a significant rise in the number of DeFi hacks, and concurrently, there has been an increase in the number of spam NFTs directed at members of the NFT community.
An exploit occurred in early June that caused the popular NFT collection Bored Ape Yacht Club (BAYC) to lose digital assets worth a total of ETH 200. This information was reported. Midway through the month of July, the NFT influencer Zeneca and the NFT registration platform PREMINT were both attacked by hackers.

That’s not the end of it. According to what has been published, the Solana team discovered a connection between the broad hack that affected more than 8,000 wallets and the loss of over USD 8 million worth of assets and the closed-source Slope wallet. Additionally, the Phantom team stated in its announcement at the time that “Phantom has reason to assume that the reported vulnerabilities [of Phantom wallets] are attributable to problems associated to importing accounts to and from Slope.”

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