Monad Under Fire: Just Two Days After Mainnet Launch, Fake Token Transfers Rock the Network

Less than 48 hours after the highly anticipated mainnet launch and MON token airdrop, the Monad blockchain is facing a wave of sophisticated spoofing attacks. Co-founder and CTO James Hunsaker has issued a warning to users about fake transfers that closely mimic real token transactions on-chain—even though no actual transfers took place. 🔹 Fake MON Transfers: The Illusion of Activity Without Real Movement Both users and Hunsaker noticed suspicious behavior: on blockchain explorers, the spoofed transactions appeared identical to legitimate transfers. Exploiters abused the ERC-20 standard to create smart contracts that “emit” fake events, simulating token movements from wallets—including Hunsaker’s own. “It’s easy to write a smart contract that looks compliant but isn’t authorized by the wallet owner,” Hunsaker explained. These spoofing attempts are designed to mislead users reviewing wallet history, giving the illusion of high activity.

🔹 Hunsaker Identified a Malicious Wallet Behind the Attacks One specific wallet flooded the network with false transfers that looked fully legitimate. In reality, it was a carefully crafted manipulation. Hunsaker said the pattern mirrors tactics seen in other EVM-based chains, where attackers simulate “live” activity without ever moving a single token. 🔹 Fake Events vs. Real Transfers On-chain data revealed dozens of fraudulently generated signatures and fake swap events intended to simulate legitimate activity on the MON blockchain. Hunsaker urged Monad users to stay alert and not take every transfer at face value.

$100M+ Airdrop Marks the Start of Monad’s Journey Alongside the mainnet launch on Monday, Monad completed its long-awaited MON token airdrop. Around 76,000 wallets claimed their share of the 3.33 billion MON tokens distributed—valued at approximately $105 million. The airdrop represented 3% of total supply and 30% of the circulating tokens. The company reported that about 85,800 people participated in the public sale, which raised a total of $269 million. MON was priced at $0.025 per token, and $187 million worth of tokens were sold on launch day alone.

MON Token Surges Over 66% Since Launch Despite the early technical challenges, the MON token is seeing strong momentum. At the time of writing, MON trades at $0.04810, up nearly 50% in the last 24 hours and more than 66% since Monday’s launch. Trevor Thompson, CEO of the Ethos Network, commented that while the airdrop may have disappointed speculators, it was a smart strategic move for the project. “Monad nailed the ICE pricing model—maximizing capital raised while keeping the public token price fair,” he said.

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