Monad Hit With Spoofed Token Transfers Days After Mainnet Launch
Shortly after Monad’s network and MON token launch, attackers began spoofing token transfers. These spoofed transfers appeared legitimate on blockchain explorers but involved no actual movement of tokens or wallet signatures. Monad CTO James Hunsaker highlighted that this activity exploits the ERC-20 token standard by using malicious smart contracts to emit fake transfer events. These false transactions can mislead users by mimicking real token movements and swaps, creating an illusion of legitimate activity. Hunsaker clarified the issue is not a bug in Monad itself but trickery within malicious contracts. The attack surfaced amid heightened attention, as 76,000 wallets claimed MON tokens after the network’s official launch, driving the token price up 43% in a day and reaching a $500 million market cap. Monad is marketed as a high-performance, EVM-compatible blockchain aiming to rival Ethereum and Solana.
