IMAGE 1656126397 1 Phantom Wallet's Burn NFT Feature Fights Crypto Hacks

Phantom Wallet’s Burn NFT Feature Fights Crypto Hacks

Read Time:1 Minute

-The popular Phantom Wallet has introduced the burn NFT feature that provides users rewards in SOL tokens for reporting spams in a bid to thwart the rampant frauds in the crypto space.

-In a recent tweet, Solanas head of communications, Austin Fedora, said that 60 per cent of the wallets drained in the attack were Phantom wallets. Phantoms new feature encourages users to report scams and earn SOL tokens by burning NFTs.

-Revealing the details in a blog post on Thursday morning, Phantom said that users could find the new feature in the Collectible tab of the Phantom wallet app. In addition, it said the users would be rewarded with SOL tokens as rent when the burned token is removed from the wallet.

-The Phantom team will block the contract addresses and domains when a particular scam NFT comes under its radar. This action will help remove the scam or malicious NFT from the wallet.

-Phantom hopes to minimise hacking attacks by creating a list of spam and phishing NFTs and sharing it with the global crypto community.

-The new feature will help secure the broader Solana blockchain.

-Cybercriminals use the NFT airdrop feature that allows users to receive free NFT for the attacks. The scammers typically ask users to click on a link in the description to receive the free NFTs, and when they click on the link, they are directed to a malicious website.

-Criminals steal the funds in two ways: either the user is asked to approve a transaction to mint or claim free NFT or ask the user for the seed phrase to drain the account.

-The new feature will ensure more security for the Phantom Wallet. It gives users the control to report spam that will help block the contract address and domain. The investors can also earn SOL tokens as “rent” by reporting spam NFTs. Given the high risks in cryptos, users should be wary of transactions involving third-party websites.


Leave a Reply

%d bloggers like this: