Users of the Phantom wallet software can now delete spam NFTs that have been delivered by con artists thanks to a new Burn Token feature.
Phantom, a wallet company with headquarters in Solana, has introduced a new burn feature that enables users to delete spam nonfungible tokens (NFTs) supplied by con artists.
The new function, which users can access through the Burn Token button in the Phantom wallet app, allows them to earn a tiny deposit of Solana (SOL) each time they utilize it, according to a blog post from the Phantom team published on Thursday:
“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 rapid growth in popularity of NFTs has led to an increasingly prevalent method of attack for scammers – Spam NFTs.”
Due of Solana’s cheap transaction fees, Phantom stated that the problem has been particularly pervasive there, with bad actors frequently airdropping large numbers of purportedly free NFTs that really include harmful links.
Spam NFT typically asks the recipient to click a link in order to generate a free NFT. However, if they finish the procedure, their wallet is emptied of its contents. Alternatively, the link will request the recipient’s seed phrase, which will have the same effect.
“These frauds are getting more and more complex. Scammers, for instance, may alter an NFT’s information in an effort to avoid being blacklisted once a contract address and domain are found to be malicious. It sometimes seems like a never-ending game of Whack-a-Mole,” the blog article said.
The action is a part of a larger Phantom initiative to combat spam NFTs and undesirable actors in the market. By alerting users to “any fraudulent transactions that could endanger their assets or permissions” after clicking on dodgy links, the team claimed to be fighting scammers as well.
The statement also mentioned that Phantom and Blowfish are working together right now to enhance “how we warn users to phishing attacks.”
“While today marks the introduction of NFT Burning, we’re not done yet. Future users can anticipate greater automated spam detection. We will be able to determine whether an NFT is likely to be spam using services like SimpleHash and our own internal reporting,” the post stated.
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