As a seasoned researcher with a background in blockchain technology, I find the recent exploits on the Solana (SOL) network quite intriguing. It seems scammers have discovered a way to burn SOL tokens from user wallets, even after successful transactions, which has left many users bewildered and frustrated.
Fraudsters, utilizing the Solana blockchain, have discovered a method to deplete account balances by incinerating SOL tokens from individual wallets. It appears that these fraudulent activities can occur almost instantly following a successful transaction.
A representative from the Jupiter Core Working Group, operating within the Solana system, drew attention to a particular matter. In a discussion thread labeled ‘X’, Slorg stated:
“Picture this scenario: you trade something and the record shows you’ve received the corresponding token. However, when you check, it appears empty.”
Slorg clarified that one member of the Jupiter community encountered this issue and requested assistance. A probe through the Solscan explorer uncovered a burnt transaction happening merely 7 seconds following the exchange. This suggests the trade was properly executed, however, tokens were immediately incinerated afterwards.
Solana’s Permanent Delegate Feature
In the conversation, there’s an attached image demonstrating that the user’s holdings were exchanged for a “RED” token featuring a “Permanent Delegate” extension. As explained on Solana’s website, this extension grants a permanent delegate to all tokens of the mint, meaning one specific address can transfer or destroy any token of that mint from any account. This feature is quite potent but also carries significant risk as it empowers a single address with complete authority over the token supply.
Solana points out that this particular function facilitates refunds, auto maticative for refunds users might seeman’s perception may be misused or exploited, as it supports both refunds, automatic payments, and restoring depleted wallets, but it also carries the risk of being taken advantage of or stolen.
Opting to destroy tokens rather than take them might seem puzzling, given that most fraudulent activities aim for enrichment. Yet, it’s worth considering why scammers might opt for token burning instead of transferring them. One explanation put forth by Slorg is “uncontrolled havoc” or chaos for its own sake. Some individuals may find joy in causing destruction and confusion to be the primary objective.
Another plausible idea could be that it’s about market manipulation – adjusting the token supply to sway price fluctuations.
In simpler terms, if an item isn’t being sold, its price usually doesn’t drop. This is because many fraudsters often buy up the initial stock quickly (known as “snipe”). They only require a small profit of around $50 or less to make the deal profitable for them.
Burned Solana Meme Coins
In March, the main developer of the meme coin Slerf (SLERF), built on Solana, unintentionally destroyed 50,000 SOL tokens valued at more than $10 million. As reported in a Reddit post, these tokens were intended for a future airdrop event. Unfortunately, due to the mint authority being previously revoked, it was impossible to create or re-mint these tokens.
Meanwhile, the developer found a moment of relief. As per records from blockchain analytics service LookOnChain, a large crypto investor bought SLERF tokens using approximately 9,894 SOL and later sold the SLERF for 25,000 SOL. This trade resulted in the investor earning an impressive 15,107 SOL, equivalent to over $3 million, within a mere 12 minutes. The transaction sparked considerable activity in the SLERF ecosystem once again.
Regarding the recent event, digital platform BingX has decided to give back to the SLERF community by donating trading fees from SLERF spot trades on their system. Furthermore, they have pledged to distribute BingX World tokens as airdopsition of their native tokens to any registered addresses for the private sale who didn’ve received no tokens earlier. drop ofably these tokens were not received.
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2024-09-04 12:18