Security Alerts During Monad Mainnet Launch
Monad has experienced a surge in alerts regarding fake ERC20 transfers during the initial days of its mainnet. Users reported receiving notifications that simulated real transaction movements without actually altering their token balances. This situation led to considerable confusion among the community until the Monad team issued a clarification, assuring that there was no exploit and no funds were lost.
Mechanism of Simulated Transfers and Scam Attempts
The issue came to light when several blockchain explorers and cryptocurrency wallets began displaying purported transfers that did not involve the movement of any tokens. These events occurred because any smart contract has the capability to emit logs that can mimic ERC20 activity, a common occurrence on new EVM-compatible chains experiencing high network traffic. CTO James Hunsaker confirmed that scammers were exploiting this mechanism to simulate transfers originating from his own address. The objective of these malicious actors was to direct users towards phishing websites, fake token claim pages, and fraudulent approval requests, leading to the temporary trending of the hashtag #MonadScam.
High Activity and User Engagement on Monad
Monad's mainnet launch sustained a significant level of user activity. Over 76,000 wallets participated in claiming approximately 3.33 billion MON tokens, with an estimated value of around $105 million. This strong initial momentum attracted attackers who had already been engaged in replicating airdrop portals for other projects. The Monad team strongly advised users to rely exclusively on verified blockchain explorers and to meticulously double-check every transaction and interaction before proceeding.
Market Performance and Ecosystem Growth
Following its launch, Monad's native token is trading near the $0.045 mark, having shown resilience after an initial weaker performance. The Monad ecosystem is rapidly expanding, currently comprising over 280 projects. The network enters this early phase in a cryptocurrency market that, while still exhibiting weakness, has demonstrated notable resilience.
The information presented in this article is for informational purposes only and should not be interpreted as investment advice. The cryptocurrency market is highly volatile and may involve significant risks. We recommend conducting your own analysis.