Malicious actors began spoofing token transfers on Monad less than two days after the network and its MON token officially went live on Monday, and less than a day after airdrops and publicly sold tokens were made accessible to users during the chain's initial liquidity and onboarding period.
The spoofing was first reported by Monad CTO and co-founder James Hunsaker, who noted that the transaction looked like a standard token transfer in Explorer, even though there were no funds transferred or signatures from the spoofed wallet.
“Warning – There are fake ERC-20 transfers pretending to be from my wallet,” Hunsaker said. disclosed As told by a Monad user who alerted us to the transaction on Tuesday night on X.
Hunsaker added that ERC-20 is “just a token interface standard” and that it's easy to write contracts that meet the required functionality while inserting invalid address entries.
Such a structure allows a malicious contract to create events that make activity appear legitimate, when in fact no wallet authorization has taken place.
women's issues added He said the malicious activity was not a bug in Monad's blockchain, but rather “spoofing within smart contracts to deceive people.”
decryption has contacted Mr. Hunsaker and Mr. Monad for additional comment.
with one sample transaction The series of transfers offered by Mr. Hunsaker followed a common pattern: EVM based In this chain, an attacker deploys their own contract and issues an event that looks like an actual token transfer, even though the wallet has not signed anything and no tokens have moved.
Explorer shows these events as normal activity, which can mislead users checking their wallet history.
In this case, the contract also generated fake swap calls and other artificial signatures to make it look like a real transaction on the MON ecosystem.
Ostensibly, the idea is to give the appearance of legitimate activity on a new network when a user opens a wallet for the first time and moves tokens.
The fake transfers occurred amid increased activity around Monad following the network's launch and release of the MON token.
Approximately 76,000 wallets claimed MON over the past month but did not receive the tokens until Monday, when the network and its tokens were suspended. I went to a live show.
The day after the release, MON rose 19% to $0.042. According to CoinGecko, at the time of writing, the token is up 43% on the day and has a market cap of around $500 million. data.
Monads have been touted as: Competitors of Ethereum and Solanahas established itself as a high-performance, EVM-compatible network designed to parallelize transactions and support throughput-intensive applications.
