Solana (SOL)-primarily based totally pockets issuer Phantom has introduced a brand new characteristic as a way to burn unsolicited mail non-fungible tokens (NFTs) despatched via way of means of scammers.
In an August 18 weblog post, the Phantom crew stated that unsolicited mail NFTs have advanced to be a sensible manner for terrible actors trying to scouse borrow customers’ funds.
“We’re nevertheless withinside the Wild West days of Web3. As the crypto surroundings grows, so have the variety of terrible actors searching out methods to scouse borrow user’s funds," the pockets stated. "The fast boom in recognition of NFTs has caused an an increasing number of commonplace technique of assault for scammers – Spam NFTs.”
The pockets issuer stated scammers are taking benefit of Solana’s low transaction expenses and airdrop unsolicited mail NFTs to customers. These undesirable NFTs ask customers to click on a hyperlink so that it will acquire a loose gift.
After clicking the hyperlink, customers are taken to a domain in which they are "requested to approve a transaction to “mint” or “claim” a loose NFT," in order to cause the lack of funds.
"These scams are becoming increasingly more sophisticated," the wallet said, noting that scammers can "change the metadata of an NFT to try to avoid being blocklisted."
In a bid to tackle this issue, Phantom has announced the Burn NFT feature. Users can remove the unwanted NFTs by selecting the Burn Token function. Users will also receive a small deposit of SOL each time they use this feature.
Aside from the burn feature, the wallet also uses other methods to fight spam NFTs. Phantom said they blacklist the contract address and domain of a scam NFT as soon as they find out about it.
"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.
Phantom also fights NFT scams through its "phishing warning system," which issues warning to users on “any malicious transactions that could compromise their assets or permissions.”
Along with a large boom in the quantity of DeFi hacks on this summer, there has additionally been an uptick withinside the quantity of junk mail NFTs focused on the NFT network members.
As suggested, the famous NFT series Bored Ape Yacht Club (BAYC) misplaced ETH 2 hundred really well worth of virtual belongings in an make the most in early June. NFT influencer Zeneca and NFT registration platform PREMINT additionally fell sufferer to hacks in mid-July.
That's now no longer all. As suggested, the Solana group tied the considerable hack that had affected over 8,000 wallets and resulted withinside the lack of over USD 8m really well worth of price range to the closed-supply Slope wallet. The Phantom group additionally stated on the time that “Phantom has motive to accept as true with that the suggested exploits [of Phantom wallets] are because of headaches associated with uploading debts to and from Slope.”