NFT

Solana Allows Users To “Clean Up” Their Wallets With New Security Features

Enabling users to “burn” unwanted NFTs for the first time in refining protection from scams.

NFT

Solana Allows Users To “Clean Up” Their Wallets With New Security Features

Enabling users to “burn” unwanted NFTs for the first time in refining protection from scams.

The Solana-based wallet provider Phantom has unveiled its newest burn feature hoping to  protect customers from NFT scams.

Announced this week, the added wallet capability is in the ‘Burn Token’ tab located inside the Phantom wallet application.

The technology involved in this feature allows users to select the NFT(s) they want to burn in order to permanently remove them from their Phantom wallets.

Additionally, the holder will receive a tiny amount of SOL for the “rent” that was used to pay for storing the specific NFT.

“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 users’ funds. The rapid growth in popularity of NFTs has led to an increasingly prevalent method of attack for scammers – Spam NFTs,” stated Phantom.

Scammers have gained power in luring users to click malicious links, better known as “phishing links” that can cause users to lose crypto funds, reveal private seed phrases, or drain connected wallets of their digital assets.

When the Phantom team discovers harmful NFTs, the asset’s contract address and domain are added to Solana’s blocklist — logging the project or website as spam.

The continued rise of phishing attacks has prompted Solana to create this solution aimed at providing a higher level of safety and more control for its user base.

In further efforts to protect the NFT community, Phantom has partnered with Blowfish, an encryption algorithm to offer a sophisticated spam system for the platform. This will expand Phantom’s ability to alert users of phishing attempts.

Millions of dollars in assets and tokens have been stolen from holders’ Phantom wallets this past summer.

Phantom claims that hackers have significantly targeted their wallets given Solana’s low transaction fees mixed with the exploited process of NFT airdrops.

Committed to decreasing these instances and building Solana’s value, Phantom has promised to continue improving automated spam detections to determine the safety of NFTs prior to entering users’ wallets.

In other NFT news, HNDSM reveals its CryptoPunk Capsule with Punk #1338 merchandise.

You may also like

MetaMask Looks to Reduce NFT Scams With Updated "Set Approval For All" Feature
Blockchain

MetaMask Looks to Reduce NFT Scams With Updated "Set Approval For All" Feature

With clear warning messages when a user is about to grant authorization to “all wallet funds” during user transactions.
Solana Web3 Wallet Phantom Embraces a Multichain Future
NFT

Solana Web3 Wallet Phantom Embraces a Multichain Future

With the integration of Ethereum and Polygon positioning it to compete with MetaMask.
Solana Unveils In-Person Retail and Education Space in New York
Cryptocurrency

Solana Unveils In-Person Retail and Education Space in New York

Designing an interactable retail venue for new entrants into crypto and Web3.
OpenSea User Emails Compromised in Data Leak
NFT

OpenSea User Emails Compromised in Data Leak

An employee of the platform’s email vendor, Customer.io, downloaded and shared the data with a third party.
More ▾