Monad has seen a rise in alerts about fake ERC20 transfers during the first days of its mainnet. Users reported notifications that mimicked real movements without altering balances, which caused significant confusion until the team clarified that there was no exploit and no funds were lost.
The issue emerged when several explorers and wallets displayed supposed transfers that did not move any tokens. These events appeared because any contract can emit logs that resemble ERC20 activity, a common pattern on new EVM chains with heavy traffic. A notice from CTO James Hunsaker confirmed that scammers were using this mechanism to simulate transfers from his own address. Their goal was to push users toward phishing pages, fake claim buttons, and malicious approvals while the hashtag #MonadScam briefly trended.
Monad’s launch sustained a high level of activity. More than 76,000 wallets claimed roughly 3.33 billion MON valued at about $105 million. That momentum attracted attackers who had already been replicating airdrop portals. The team advised users to rely on verified explorers and double-check every interaction. Monad’s token trades near $0.045 after recovering from a weak start, its ecosystem includes more than 280 projects, and it enters an early phase in a market that remains weakened but resilient.
Source: https://x.com/_jhunsaker/status/1993433511584297327
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