The scam:
Scammers on the Solana blockchain are exploiting a feature called the "permanent delegate function" to steal tokens from unsuspecting users. This function allows users to permanently delegate their voting rights to another account, essentially giving that account control over their tokens.
How it works:
* Phishing: Scammers often use phishing tactics to lure victims into clicking on malicious links or downloading fake software.
* Token Theft: Once a victim's wallet is compromised, the scammer can use the permanent delegate function to transfer control of the tokens to their own wallet.
* Token Burning: The scammer then burns the stolen tokens, making them irretrievable.
Exchanges' Role:
Some exchanges have implemented warnings to alert users about this scam. However, not all exchanges have this feature. It's crucial for users to be vigilant and exercise caution when interacting with unknown sources or clicking on links.
#SolanaUSTD #scamriskwarning #Burn_Mechanism
