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To combat cryptocurrency hacks, Solana-based Phantom Wallet introduced Burn NFT feature

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News Tech: The well-known Phantom Wallet has launched the “burn NFT feature,” which rewards users with SOL tokens for reporting spam, in an effort to stop the widespread cryptocurrency fraud that plagues the industry.

The announcement was made shortly after a significant hacking attempt in the first week of August on the cryptocurrency wallets headquartered in Solana. After breaking into about 8,000 Solana-based cryptocurrency wallets, predominantly Phantom wallets, thieves took about $5.2 million worth of cryptocurrency.

Phantom revealed the information in a blog post on Thursday morning. Users may access the new function on the Collectible tab of the Phantom wallet software, Phantom stated. Additionally, it stated that when the burned token is taken out of the wallet, the users would receive SOL tokens as “rent.”

“Web 3 is still in its early stages. Phantom said on his blog that as the cryptocurrency ecosystem has expanded, “bad actors have followed suit, looking for new ways to steal users’ funds.” It was reported that incidences of hacking assaults and spam NFTs have surged along with the rapid expansion of cryptos.

Due of the Solana blockchain’s lower transaction price, these spams are widespread there.

The NFT airdrop feature, which enables users to obtain free NFT for the assaults, is used by cybercriminals. In order to acquire the free NFTs, the con artists frequently instruct users to click on a link in the description; however, when they do so, a malicious website is visited. The user may be requested to confirm a transaction in order to “mint” or “claim” free NFT, or the criminal may ask for the seed phrase in order to drain the account.

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“These scams are becoming increasingly more sophisticated. For instance, after a contract address and domain are identified as malicious, scammers can change an NFT’s metadata to avoid being blacklisted. It can feel like an endless game of whack-a-mole, but one we’re committed to winning,” the company added. Phantom is also collaborating with SimpleHash, an NFT API developer, to create an internal reporting system to flag spam NFTs.

The new function will boost the Phantom Wallet’s security. By allowing people to report spam, the contract address and domain can be blocked. By reporting spam NFTs, investors can also receive SOL tokens as “rent”. Users should be aware of transactions via third-party websites due to the significant dangers associated with cryptocurrencies.

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