New Scam on Solana Platform: Token Burning from Users' Wallets

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI


  1. What Happened
  2. How the Scam Works
  3. How to Protect Yourself

  4. A new scam has appeared in the Solana ecosystem, where scammers burn tokens straight out of users' wallets by exploiting a functional token feature.

    What Happened

    A user's wallet history shows that the token exchange was successful, but the tokens are missing from the wallet. Users might initially think that the network is delayed, but it soon becomes clear that there is a more significant issue. In one recent instance, a burn transaction occurred merely seven seconds after the tokens were received. The tokens were purposefully burned in the subsequent transaction, not lost due to network congestion or other technical problems.

    How the Scam Works

    The scam centers around the permanent delegate token feature, which allows an authorized address to burn tokens at any time. While this feature is intended for legitimate uses, such as enforcing sanctions, scammers have found a way to exploit it. The delegate can destroy tokens without the owner's knowledge or approval, essentially stealing the funds. Although some platforms have implemented warnings for tokens with the permanent delegate feature enabled, not all exchanges and wallets provide these safeguards.

    How to Protect Yourself

    Scammers can continue to abuse this feature unnoticed, even if the token is switched off. All users trading tokens on the Solana platform should take note of this recent case. Users are advised to carefully check their transaction details and choose platforms that are aware of and actively monitor this issue to avoid falling victim to such scams.

    This recent case highlights the need for increased vigilance by users when checking their transactions and choosing platforms for token exchanges within the Solana ecosystem. As scams become more sophisticated, users must be prepared to face new challenges.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

SpaceX's Historic IPO and Billionaire Backing

chest

SpaceX's IPO in June saw its stock price initially soar but has since faced volatility, with significant investments from billionaires.

user avatarTomas Novak

Strategy Halts Bitcoin Transactions for the Week

chest

Strategy did not engage in any Bitcoin purchases or sales last week, maintaining its holdings at 840,447 BTC.

user avatarKaterina Papadopoulou

Fake Downloads of The Odyssey Spread Lumma Stealer Malware

chest

Security firm Bitdefender warns that pirated copies of The Odyssey are circulating with malware designed to steal cryptocurrency wallets.

user avatarMaya Lundqvist

Shiba Inu SHIB Gains Momentum with New Listings and Adoption

chest

Shiba Inu SHIB has been listed on the Australian exchange FameEX and is now usable at Dubai Duty Free airport stores, marking significant adoption milestones.

user avatarLeo van der Veen

Rise in Wrench Attacks Targeting Cryptocurrency Holders

chest

The report highlights a surge in wrench attacks, particularly in France, where criminals are targeting cryptocurrency holders.

user avatarAisha Farooq

Massive Data Breach Exposes French Tax Records

chest

A hacker is selling a large database of French tax records that could affect over 678,000 individuals and businesses, raising concerns about phishing and identity theft.

user avatarLi Weicheng

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.