New Scam Emerges on Solana, Burning Tokens Seconds After Purchase

Scammers have discovered a new trick to exploit Solana users, burning their tokens just seconds after purchase. According to Slorg from Solana's Jupiter

Scammers have found a new way to quickly burn Solana tokens after they are purchased.

According to Slorg, a member of Solana's Jupiter Core Working Group, fraudsters are using a Solana token extension to remove users' crypto holdings without leaving a trace.

In a recent post on X, Slorg detailed how scammers can exploit the “Permanent Delegate” extension in Solana's Token 2022 standard. This feature, which can be used legitimately for functions like token retrieval and automatic payments, can also be abused to swiftly burn tokens.

Slorg recounted an incident where a user swapped for a token called “RED,” only to have their tokens vanish seven seconds later. This extension allows fraudsters to burn or transfer tokens without any restrictions, which could lead to 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 could impact the token's price or trick users into thinking that a token's value is stable.

According to Slorg's observations, blockchain security firms Beosin and PeckShield both agree that the fraudsters could be attempting to influence tokenomics or to deceive users in order to profit from DeFi protocols that are connected to the token.

Slorg urges users to be vigilant and to 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 are introduced, it is important to stay informed and cautious in order to protect your crypto assets.

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