Scammers have discovered a new trick to exploit Solana users, burning their tokens just seconds after purchase. According to Slorg from Solana’s Jupiter Core Working Group, fraudsters are using a Solana token extension to delete users’ crypto holdings without a trace.
In a recent post on X, Slorg detailed how scammers have taken advantage of the “Permanent Delegate” extension in Solana’s Token 2022 standard. This feature, designed for legitimate use cases like token retrieval and automatic payments, can also be misused to burn tokens swiftly.
Slorg recounted an incident where a user swapped for a token called “RED,” only to find their tokens vanished seven seconds later. This extension allows scammers to burn or transfer tokens without restrictions, creating chaos and potential financial loss for unsuspecting users.
Scammers might use this method to disrupt markets or manipulate token supply. By removing tokens from circulation, they can impact the token’s price or trick users into believing the token’s value remains stable.
Blockchain security experts Beosin and PeckShield agree with Slorg’s observations. They suggest that scammers could be trying to influence tokenomics or deceive users to profit from DeFi protocols related to the token.
Slorg urges users to be vigilant and always verify token details before making transactions. Utilizing tools like those from Jupiter and RugCheck can help identify risky tokens and prevent such scams.
As new token features emerge, staying informed and cautious is key to safeguarding your crypto assets.
Also Read: Will Solana’s Price Drop Below $100 in September?
