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Fake Solana wallet tries to steal user’s crypto through NFTs airdrop

Unknown hackers have been airdropping nonfungible tokens (NFTs) to Solana cryptocurrency users for the past two weeks while disguising them as a new Phantom wallet security update. However, the NFTs are actually malware that is intended to steal the users’ cryptocurrency.

According to BleepingComputer, the hackers are utilizing NFTS called “PHANTOMUPDATE.COM” or “UPDATEPHANTOM.COM” and are posing as members of the Phantom team.

Users are informed when they open the NFTs that a new security update for the Phantom wallet. Which, has been released and can be downloaded using the included link or the listed website.

The mail emphasizes urgency by warning that skipping the phony security update may result in a loss of cash owing to hackers abusing the Solana network.

The fake NFTs being used to spread malware.Image Source: BleepingComputer

The Solana-based wallet heist, which resulted in the theft of about $8 million from 8,000 wallets in August. Which, includes those belonging to Phantom wallet users, is probably what prompted the urgency element. Later, it was discovered that Slope, a Web3 wallet service built in Solana, had security flaws. NFTs airdrops are currently the easiest way of scamming people or a hack situation.

If a victim follows the bogus Phantom update instructions, malware that attempts to steal the user’s browser data. Also, history, cookies, passwords, SSH keys, and other information is downloaded from GitHub.

It’s encouraged to always be sure on which NFTs are genuine or not before going all in.

Users who may have unintentionally fell victim to this fraud should take security steps; running an antivirus scan on computer. Then, protecting their cryptocurrency holdings, and changing the passwords on sensitive websites like bank accounts and cryptocurrency trading platforms.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.