Solana-based wallet provider Phantom has launched a new write feature that allows users to delete spam non-fungible tokens (NFTs) sent by scammers.
According to the Phantom team’s Aug. 18 blog post, this new feature is available in the Phantom Wallet app.[Burn Token]Accessible via a tab, users receive a small deposit of Solana (SOL) each time they use it.
“We are still in the Wild West era of Web3. As the crypto ecosystem grows, so does the number of bad guys looking for ways to steal user funds. , Spam NFTs are an increasingly popular attack method by scammers.”
Phantom noted that the problem is particularly prevalent on Solana due to its low transaction fees, and that malicious actors often airdrop large numbers of supposedly free NFTs containing malicious links. did.
Spam NFTs typically entice recipients to click a link to create a free NFT, but once the process is completed, the funds flow out of the wallet. Alternatively, the link asks the recipient to enter a seed phrase and the result is the same.
“These scams are becoming more sophisticated. For example, after contract addresses and domains have been identified as malicious, scammers can modify NFT metadata to avoid blocklisting. It can feel like a never-ending game of whack-a-mole,” the blog post read.
The move is part of Phantom’s broader initiative to combat spam NFTs and malicious actors. The team said it also combats scammers through a phishing alert system that warns users of “malicious transactions that could put their assets or privileges at risk” after clicking on suspicious links.
5/ Today we’re introducing NFT writing and improved phishing alerts, but that’s not all. Users can expect even more automated spam detection in the future.
For more information on fighting wallet spam, see our latest blog post: https://t.co/OZYOEvVIFH
— Phantom (@phantom) August 17, 2022
The post adds that Phantom is now working with Blowfish to improve how they “warn users of phishing attempts.”
“Today we are introducing NFT Burning, but that is not all. Users can expect even more automated spam detection in the future. Using providers like SimpleHash and our own internal reports, NFT You can decide if it might be spam,” the post read.
Related: 4,000% Increase in Encrypted Spam in 2 Years — LunarCrush
Phantom is one of the most popular wallet providers for Solana-based NFTs and Decentralized Finance (DeFi), with more than 2 million monthly active users, according to the company.
Earlier in August, rival wallet company Slope was hit with a security exploit that exfiltrated an estimated $8 million worth of funds on the Solana blockchain.
Solana’s head of communications, Austin Fedora, conducted a postmortem and found that 60% of the victims of the attack were Phantom users, despite the problems caused by Slope.
Solana hosted the second largest NFT sales volume of $56.1 million in July, behind Ethereum which recorded $535.6 million, according to CryptoSlam data.
