Solana's explosive growth has attracted not just legitimate projects, but also sophisticated scammers. In 2024 alone, crypto users lost over $2 billion to various scams according to Chainalysis. Here's how to protect yourself.
1. Wallet Drain Attacks
How it works: You connect your wallet to a malicious dApp, sign what looks like a normal transaction, but it's actually approving unlimited access to your funds.
Protection:
- 🔹 Always verify the URL before connecting (look for HTTPS and correct spelling)
- 🔹 Read transaction details carefully before signing
- 🔹 Use hardware wallets for large holdings
- 🔹 Check Twitter for scam warnings about new sites
2. Fake Token Airdrops
How it works: You receive tokens with names like "SOL Bonus" or "Airdrop Claim" that appear valuable. When you try to swap them, you're prompted to connect to a malicious site.
Protection:
- 🔹 Never click links in unsolicited token descriptions
- 🔹 Verify airdrops through official project channels
- 🔹 Use wallet features to hide suspicious tokens (Phantom has this built-in)
- 🔹 Close empty token accounts with SolPurge to reduce attack surface
3. NFT Phishing Sites
How it works: Fake NFT minting sites that look identical to legitimate projects. You "mint" an NFT but actually sign away access to your wallet.
Protection:
- 🔹 Only use mint links from official Twitter/Discord accounts (verified badges)
- 🔹 Check the URL matches the official website exactly
- 🔹 Look for project verification on Magic Eden or Tensor
- 🔹 Use separate wallets for minting vs holding valuable NFTs
4. Discord/Telegram Impersonators
How it works: Scammers create fake accounts impersonating support staff, offering to "help" with wallet issues while stealing your seed phrase.
Protection:
- 🔹 NEVER share your seed phrase with anyone, ever
- 🔹 Legitimate support never DMs first
- 🔹 Check user roles and account creation dates
- 🔹 Use 2FA on Discord and Telegram
5. Pump and Dump Tokens
How it works: Coordinated groups pump low-cap tokens on DEXs, creating FOMO. Once you buy in, they dump, leaving you with worthless tokens.
Protection:
- 🔹 Check token holder distribution on Solscan
- 🔹 Avoid tokens where top 10 holders control >50% supply
- 🔹 Research project fundamentals, not just price action
- 🔹 Use tools like RugCheck to verify token safety
6. Fake Wallet Extensions
How it works: Malicious browser extensions that look like Phantom or Solflare but steal your credentials.
Protection:
- 🔹 Only download from official websites: phantom.app, solflare.com
- 🔹 Verify publisher name in Chrome/Firefox extension stores
- 🔹 Check download counts and reviews
- 🔹 Never download wallets from third-party sites
7. Rug Pull Projects
How it works: Projects with no real product raise funds through token sales or NFT mints, then abandon the project and disappear with the money.
Protection:
- 🔹 Research team backgrounds and previous projects
- 🔹 Check if smart contracts are audited by reputable firms
- 🔹 Look for locked liquidity (verified on DEX)
- 🔹 Verify token ownership is renounced (check on Solscan)
Emergency Response: If You've Been Scammed
- 🔹 Immediately create a new wallet and transfer remaining assets
- 🔹 Revoke any active approvals (though Solana doesn't have the same approval system as EVM chains)
- 🔹 Report to FBI's IC3 and document all transactions
- 🔹 Warn others in community channels
Stay vigilant, verify everything, and never rush into transactions. Your SOL's security is worth the extra minute of verification.
Learn more security best practices from Ledger Academy and Solana Foundation.