Solana

Burn

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    <h4><strong>Users report buying tokens that disappear from their wallet balances shortly after.</strong></h4> 
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       <p>This new rug-pull method is raising major concerns among <a href="https://www.altcoinbuzz.io/?s=solana" target="_blank" rel="noopener">Solana</a> users and the crypto community.</p> 
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<h5><strong>New Rug-Pull Tactic Targets Solana Users</strong></h5> 
<p>The scam was highlighted by <a href="https://x.com/SlorgoftheSlugs" target="_blank" rel="noopener">Slorg</a>, a member of the Solana-based Jupiter Core Working Group. He detailed how scammers are leveraging a feature known as the “Permanent Delegate” extension within the Solana blockchain.</p> 
<p>This extension, when misused, allows the scammers to burn or transfer tokens without the owner’s consent. In one reported case, a user swapped for a token named “RED,” which had this extension embedded. Just seven seconds after the transaction was completed, the scammers burned all the tokens, leaving the user with nothing.</p> 
<p><img decoding="async" class="wp-image-149867 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcvfdbdffdb-300x244.png" alt="" width="562" height="457" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcvfdbdffdb-300x244.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcvfdbdffdb.png 391w" sizes="(max-width: 562px) 100vw, 562px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/SlorgoftheSlugs/status/1830769369049375204" target="_blank" rel="noopener">X</a></strong></h6> 
<p>The “Permanent Delegate” extension is <a href="https://solana.com/developers/courses/token-extensions/permanent-delegate" target="_blank" rel="noopener">described</a> on Solana’s official website as a function that grants unrestricted delegate privileges over all token accounts for a specific mint. This feature was originally designed for legitimate purposes, such as retrieving tokens mistakenly sent to the wrong address, managing revocable access tokens, or ensuring compliance with sanctions.</p> 
<p>Additionally, it can be used for automatic payments and refunds, offering flexibility and functionality within the Solana network.</p> 
<p><img decoding="async" class="wp-image-149868 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vxcvcxvcbb-300x258.png" alt="" width="570" height="490" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vxcvcxvcbb-300x258.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vxcvcxvcbb.png 394w" sizes="(max-width: 570px) 100vw, 570px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/SlorgoftheSlugs/status/1830769378356588969" target="_blank" rel="noopener">X</a></strong></h6> 
<p>However, in the hands of malicious actors, this extension has become a powerful tool for conducting sophisticated scams. The scammers’ ability to instantly burn tokens has left victims with no recourse, as the tokens are permanently destroyed moments after they are acquired. This has raised alarms about the need for increased security measures and user awareness within the Solana ecosystem.</p> 
<p><img decoding="async" class="wp-image-149870 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxvbcnbvbnvhghj-233x300.png" alt="" width="497" height="640" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxvbcnbvbnvhghj-233x300.png 233w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxvbcnbvbnvhghj-326x420.png 326w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxvbcnbvbnvhghj.png 391w" sizes="(max-width: 497px) 100vw, 497px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/SlorgoftheSlugs/status/1830769381061824567" target="_blank" rel="noopener">X</a></strong></h6> 
<p>The situation underscores the risks associated with the rapid development and innovation in the cryptocurrency space. While features like the Permanent Delegate extension are intended to add utility and functionality, they also create potential vulnerabilities that can be exploited if not properly managed or understood by users.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/scammers-exploit-solana-wallet-vulnerability-to-burn-tokens/">Scammers Exploit Solana Wallet Vulnerability to Burn Tokens</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Scammers Exploit Solana Wallet Vulnerability to Burn Tokens

Altcoin Buzz

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