Phantom, a Solana-based wallet provider, has announced its launch of a feature that enables users to remove scammers’ spam non-fungible tokens (NFTs).
The Phantom team made a blog post on August 18 declaring that the new feature is available in the Burn Token tab found in the Phantom wallet app, enabling users to receive a small amount of Solana (SOL) deposits per the usage of the feature.
Due of Solana’s inexpensive transaction fees, Phantom stated that the problem has been particularly pervasive there, with bad actors frequently airdropping large numbers of purportedly free NFTs that include harmful links.
Spam NFT often lures the receiver into clicking a malicious link under a pretence that they would be able to mint a free NFT. Those who fell for it will see their funds being drained from their wallet instead.
Another tactic the spam NFT will utilise is to ask the receiver to input their seed phrase in the link, which will also result in their funds being stolen.
The blog post wrote the scams becoming more complex. The scammers can change the NFT’s metadata in an attempt to avoid being blocklisted when its contract address and domain are found to be malicious.
The move is part of Phantom’s larger initiative to combat spam NFTs and bad actors in the crypto space.
The Phantom team also added that its phishing warning system can combat scammers by issuing warning to users in regards to “any malicious transactions that could compromise their assets or permissions” after clicking on suspicious links.
The same post mentioned that Phantom is currently partnering with Blowfish to improve the ways they can alert users to phishing attempts.
The post also reads that they are not stopping while they implemented the new feature, and users can expect more automated spam detection in the future.
