Scammers have found a way to burn tokens directly from Solana users’ wallets without leaving any traces.
On to a new scam drew attention developer of the Solana-based decentralized exchange (DEX) Jupiter under the nickname Slorg in X (formerly Twitter).
How scammers burn tokens
The basic mechanism of the scammers’ scheme is based on the “permanent delegate” function. Permanent Delegate). It allows the owner of a cryptocurrency to transfer the right to manage his coins to another address.
Permanent Delegate was originally created to implement sanctions. For example, to block coins associated with illegal activities. However, now scammers are using it to steal tokens.
This is exactly what happened to one Jupiter user who exchanged coins. The transaction was confirmed in the wallet history. However, a few seconds later, all the tokens disappeared. Analysis of the transfer showed that after receiving all the assets were burned.
How to protect yourself from token burning
Some exchanges and services, such as Jupiter Exchange and Rugcheck, have already implemented indicators that warn about the presence of a permanent delegate for a token. However, not all platforms are equipped with such a function.
What does a warning indicator look like? Source: X/Slorg
It is important to carefully check the data on coins before exchanging them. It is the study of all the parameters of the token and the presence of advanced functions that can help avoid losses.
Previously, experts calculated that in August, cybercriminals pulled more than $300 million out of the crypto industry. Moreover, the overwhelming majority of this amount came from phishing attacks, which led to total losses of $293.4 million.
In terms of security, the last month of summer was the worst in all of 2024, second only to May. In total, criminals have stolen $1.2 billion since January.
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Source: Cryptocurrency
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