A wallet provider called Phantom, based in Solana, has created a new feature that lets users get rid of NFTs sent by scammers- so they don’t have to see them taking up space in their wallets.
The ability to claim Bitcoin through the Burn Token option in Phantom’s wallet software has now been added. The new functionality is accessible via the Burn Token tab in Phantom’s wallet software. According to a blog post published by the team on Aug. 18, users will receive a tiny deposit of Solana (SOL) after each use of thefeature (SOL).
Phantom observed that the prevalence of this issue on Solana is due to its low transaction fees. assailants often airdrop NFTs under the guise of them being free, but these NFTs have links embedded that lead to malicious websites.
Spam NFT frequently ask the receiver to click a link that will mint them a free NFT, but if they follow through, their wallet gets emptied. Alternatively, the link may request the receiver to input their seed phrase, resulting in the same outcome.
The company’s new policy aims to combat spam NFTs and bad actors in the industry. The team also claims to combat fraudsters using its phishing warning system, which sends warnings to users after they follow suspicious links.
Phantom is one of the most popular wallets for Solana-based NFTs and decentralized spouse (DeFi), with over two million monthly active users, according to the company. Slope, a rival wallet provider, suffered a security bug in August that resulted in hackers draining an estimated $8 million worth of money from the Solana blockchain.
After the attack, Solana’s head of communications Austin Fedora discovered that 60% of those impacted were Phantom users; even though the problem started with Slope. In July, Solana hosted the second largest NFT sales volume amounting to $56.1 million behind only Ethereum which posted an astounding $535.6 million according to data from CryptoSlam.
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