Solana-based wallet Phantom reveals a new Burn Token feature

Solana-based wallet provider Phantom reveals a new burn feature allowing users to remove spam NFTs sent by scammers.

According to the Phantom team, the new feature is easily accessible via the Burn Token tab in the Phantom wallet app. In addition, this feature allows users to receive a tiny deposit of Solana (SOL) each time they operate it.

solana-phantom-app-new-feature
Phantom new feature to tackle Scams

Phantom remarks (referring to NFT scams) that the issue has been mainly prevalent on Solana because of its low transaction fees. This allows bad actors to airdrop allegedly free NFTs in bulk that contains malicious links.

Spam NFT generally provokes the receiver to click a link to mint a free NFT. However, if they complete the process, their funds end up being depleted from their wallet. Such links will ask the receiver to input their seed phrase, resulting in the same outcome.

The phantom believes that these scams are becoming increasingly more cultivated. For example, after a contract address and domain are identified as hostile, scammers can change the metadata of an NFT to try to dodge being blocklisted. It can feel like an endless game of whack-a-mole.

The latest move is part of a broader initiative by Phantom to counter spam NFTs. The team expressed that it also fights scammers through its phishing warning system, which issues warning to users on any malicious transactions that could compromise their assets or permissions after clicking on suspicious links.

Phantom is presently collaborating with Blowfish to enhance the feature of how to alert users to phishing attempts.

The team also mentions that while they are introducing NFT Burning, they will not stop there. Users can expect more automated spam detection in the future. Using providers like SimpleHash and their own internal reporting, they will be able to evaluate if an NFT is likely to be spam.

Also read: How to avoid being a victim of NFT fraud?  

Recent events surrounding Solana

Phantom is one of the most popular wallet providers for Solana-based NFTs. It is decentralized fiance (DeFi) and has more than 2 million monthly active users.

In the recent events, the competing wallet firm Slope suffered a hack that saw an estimated $8 million worth of funds drained on the Solana blockchain. What’s interesting is that in a post mortem analysis, Solana’s head of communications Austin Fedora found that 60% of the victims of the attack were Phantom users, even with the issue originating from Slope.

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