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HomeNFTSolana-based Phantom Wallet introduces "Burn NFTs" to combat widespread NFT theft

Solana-based Phantom Wallet introduces “Burn NFTs” to combat widespread NFT theft

Solana blockchain-based Phantom wallet is enhancing its security features by introducing a new feature on its platform called “Burn NFTs” on August 18. Consumers will be able to delete spam NFTs provided by attackers thanks to the new feature, which will also help  users reduce widespread NFT theft. Each time they use the burn NFT mechanism, users will also be eligible to collect a set amount of SOL as “storage rent.”

The blog post goes on to explain how the company will utilise the malicious links and NFTs that customers have burned as a flag to block their contract addresses and domains and kick them from the network for good. This adds to the open-source blocklist of spam and phishing NFTs that we have been maintaining. The contract address and website are added to a block list when a scam NFT is discovered by our full-time, geographically dispersed crew. This hides the NFT from the wallet and generates a notice that the site is harmful.

Phantom claimed that the platform’s low transaction fee policy is mostly to blame for the rise in spam and criminal activity on it. Phantom’s endeavour to reduce spam and criminal activity on its platform is a part of a larger campaign that also entails the company’s partnership with Blowfish to combat phishing and scams in the web3 industry. As part of this new initiative, the platform is getting ready to introduce a brand-new feature that will alert users anytime they click on a bad link.

Recently, hackers gained access to Solana’s Phantom wallet, causing the wallet to lose approximately $8 million in user cash. The new endeavour has been started to improve wallet security and stop any criminal activity that could endanger user assets and money that have been held inside.

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