Phantom Wallet App Now Offers Burn Tokens

August 19

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Phantom, a Solana (SOL) wallet provider, has announced a new feature that burns spam non-fungible tokens (NFTs). As the Phantom team stated in a blog post on August 18, spam NFTs have evolved into a practical technique for stealing users’ money.

“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 wallet said. “The rapid growth in popularity of NFTs has led to an increasingly prevalent method of attack for scammers – Spam NFTs.”

Users of Solana’s wallet are receiving spam NFTs as a result of scammers taking advantage of low transaction fees. After a massive hacking attack on Solana-based crypto wallets in the first week of August, the announcement comes as no surprise. A total of 8,000 Solana-based crypto wallets were hacked by criminals, mostly Phantom wallets, for around $5.2 million – to read more details, click here.

According to the Phantom Wallet team, this is how scams usually happen:

Unwanted NFTs often claim to give users a free gift/NFT if they click a link in the description. Clicking the link leads the users to a site where typically one of two things happen:

  1. Users are asked to approve a transaction to “mint” or “claim” a free NFT, but instead they lose their funds.
  2. They are asked to input their seed phrase, which results in a total loss of funds.

Additionally to the burn feature, the wallet uses other measures to combat spam NFTs. Automated spam detection will soon be available to users. Phantom Wallet will be able to determine whether an NFT is spam based on their own internal reporting and providers such as SimpleHash. Also, once Phantom finds out about a scam NFT, they blacklist its domain and contract address.

“Our blocklist has already 800+ mint addresses of malicious NFT collections and is integrated with how we identify scams in our siteblocking,” the wallet said.

The Phantom Wallet is a software wallet for the Solana blockchain. It is designed to be simple and easy to use. The wallet allows users to send and receive SOL tokens, as well as stake their tokens for rewards. To get started with the Phantom Wallet, click here for a step-by-step guide. The Phantom Wallet is constantly being updated with new features and improvements. Be sure to check back often for the latest news and updates!

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About the author 

lourdes

Lourdes is an International creative strategist & content creator. She has curated content for the fashion, travel & hospitality industry for over 12 years.