Phantom Wallet was launched by Solana to launch its latest feature by allowing users to withdraw non-fungible tokens (NFT) sent by fraudsters.
According to a blog post from the Phantom team, the latest feature allows access through the Burn Token tab in the Phantom wallet app which allows users to receive Solana (SOL) deposits every time they use it.
Phantom is still in Wild West Web3. As the crypto ecosystem grows, the number of fraudsters who steal user funds will also increase. With this, the rapid growth in the popularity of NFTs has led to increasingly widespread fraudulent attack methods.
Therefore, Phantom stated that the issue has been particularly prevalent on Solana due to its low transaction fees, including that fraudsters are often malicious by posting free NFTs.
This can be seen when NFT spam prompts the recipient to click on a link to generate free NFT. If the recipient completes the process, then the funds will disappear from the wallet.
Now, fraud has become more sophisticated. For example, after identifying the contract address and domain, fraudsters can change NFT metadata to avoid being blacklisted.
With this, the move is part of Phantom's initiative to combat NFT spam.
Accordingly, the team has been fighting fraudsters through a phishing alert system that will issue a warning to the user about any malicious intent in a transaction that may affect his assets or authorization after clicking on a dubious link.
Phantom is also working with Blowfish to improve how it warns users about phishing attempts, and users can look forward to more automated spam verification in the future.
