Solana-based wallet provider Phantom has launched a new burn feature allowing users to remove spam nonfungible tokens sent by scammers.
“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.”on Solana due to its low transaction fees, with bad actors often airdropping supposedly free NFTs en masse, which contain malicious links.
Spam NFT generally prompts the receiver to click a link to mint a free NFT. If they complete the process, however, their funds end up being drained from their wallet. Alternatively, the link will ask the receiver to input their seed phrase, resulting in the same outcome. “These scams are becoming increasingly more sophisticated. For instance, after a contract address and domain are identified as malicious, scammers can change the metadata of an NFT to try to avoid being blocklisted. It can feel like an endless game of whack-a-mole,” the blog post read.
The move is part of a broader initiative by Phantom to counter spam NFTs and bad actors in the space. The team stated 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 dubious links.
5/ While we’re introducing NFT burning and improved phishing alerts today, we’re not stopping there. Users can look forward to more automated spam detection in the future.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
All About Utility NFTs, the Unique Tokens With Practical Applications | Binance BlogNFTs aren't just valuable jpegs, their utility can stretch across various industries including fashion, gaming and so on. Let's dive into utility NFTs, and highlight some that are available on TheBinanceNFT Marketplace.
Read more »
Ideas for all the extra money when we defund the FBI | ShenemanAre NFTs still a thing?
Read more »
Celebrities called out for shilling NFTs: Nifty Newsletter, Aug 10–16Blue chip NFTs fail in their performance, OpenSea enhances theft policy and celebrities called out for promoting NFTs. All that and more in our latest Nifty Newsletter.
Read more »
Amid an NFT market rout, a gold Bored Ape sells for $1.5 millionTrading volume for NFTs has fallen significantly across all major marketplaces in recent months.
Read more »
First Actual Primate to Sell NFTs This WeekFans of Bored Ape Yacht Club collection will have to face competition from actual orangutan
Read more »
Web3 Has Conquered the Last Bastion of Adoption With InstagramLarge technology conglomerate, Meta, announced that Instagram would introduce its Digital Collectible feature to allow users to showcase their NFTs that are linked to a digital wallet, legitimising the move towards the new era of the internet.
Read more »