As a seasoned crypto investor with a fair share of battles against digital dragons, I’ve learned to navigate the ever-evolving landscape of blockchain technology with cautious optimism. However, when I stumbled upon this Solana scam involving the burning of tokens, it felt like stepping into a minefield blindfolded.
Inside the Solana network, a novel type of scam has cropped up. In this scheme, swindlers exploit a useful token function to burn tokens directly from users’ wallets. The transaction appears to be a successful exchange in the user’s wallet history, but it’s at this point that the issue arises.
Upon careful examination, it’s noticed that some items (tokens) are absent from the wallet. At first, users might assume there’s simply a delay in the network, but it quickly becomes clear that a larger problem has surfaced instead.
In a particular case, it took only seven seconds for a burn transaction to happen after tokens were received. These tokens were intentionally ‘burnt’ in the following transaction, not due to network congestion or technical issues, but by design.
The permanent delegate token feature is the center of the scam. Tokens may be burned at any time by an authorized address thanks to this extension. Although scammers have discovered a way to take advantage of the feature, it is meant for legal uses like enforcing sanctions.
Without the owner’s awareness or consent, the delegate holds the power to eliminate tokens, effectively embezzling funds. To tackle this issue, some platforms have added warnings for tokens that possess a permanent delegate function. Unfortunately, numerous users find themselves in peril as not every exchange or wallet incorporates these protective measures.
Scammers can continue exploiting the feature undetected since it remains active even when the token is turned off. It’s crucial for all Solana network users trading tokens to be vigilant, particularly following this recent instance. Users are recommended to thoroughly examine their transaction information and opt for platforms that are alert to and actively monitor this issue to minimize the risk of falling victim to such scams.
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2024-09-09 15:24