Phantom Wallet Activates NFT Spam Burning Mechanism, Fraud Alert System

Phantom: “We’re not stopping there. Users can look forward to more automated spam detection in the future.”

Combatting Spam NFTs

Phantom Wallet has rolled out a new burn feature that allows users to delete spam Non-Fungible Tokens (NFTs) sent by scammers. According to the announcement, users can already find the “Burn Token” tab in the wallet app, and they will receive a small amount of $SOL each time they use this feature.

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Phantom notes that a common scam on Solana is when bad actors take advantage of the network’s low transaction fees to airdrop NFTs to users for free – the catch is those
NFTs contain malicious links. When NFT recipients click on the links, the scammer takes control and drains the gullible users’ wallets.

Also, scammers will try to trick the NFT recipient into revealing their wallet’s seed phrase, leading to the same result.

Phantom is also rolling out a phishing alert system to draw users’ attention to potentially malicious transactions. Phantom is working with Blowfish to improve this feature.

Phantom is one of Solana’s most popular wallet providers, with more than 2 million monthly active users. Phantom’s wallet upgrade arrives on the heels of a security breach of competitor Slope which led to nearly 8,000 wallets being compromised and drained of SOL assets.

Even though the problem originated with Slope, an analysis found that 60% of the victims of the attack were Phantom users, according to Solana’s media representative Austin Federa.

What Is Phantom:

Phantom is a cryptocurrency wallet for DeFi and NFT. Users can store, send, receive, and swap tokens on Solana. Phantom can be added to browsers as an extension. Users also use the Phantom wallet to buy NFT on Solana.

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Source : web3wire

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