Scammers have discovered a new scheme within the Solana ecosystem — they are burning victims' tokens just seconds after they are purchased.
According to Slorg, a member of the Solana Jupiter Core working group, scammers have started using a built-in Solana token extension to discreetly delete victims' crypto assets.
In one case, a user swapped for a token called RED, which had the Permanent Delegate extension. This allowed scammers to burn all the tokens in the transaction just seven seconds after it was completed.
On Solana’s official website, the Permanent Delegate extension is described as a feature that gives "unrestricted delegate privileges over all token accounts for that mint, enabling them to burn or transfer tokens without limitation."
This feature is meant to be used in cases such as retrieving mistakenly transferred tokens, revocable access tokens, or for sanction compliance. It can also be used for automatic payments and refunds.
However, even Solana has noted that this feature can be easily abused.
There are several reasons why scammers are interested in burning victims' tokens:
🟡Sometimes, scammers simply want to cause destruction and chaos. It’s something between a prank and an attempt to mess with people.
🟡The second reason is to reduce the number of tokens in circulation, which can, in turn, increase their price.
Learn Crypto✅️
Follow up on my account I'll be teaching you free crypto knowledge.
