The post Fake ERC-20 Transfers Target Monad’s Mainnet Just Days After Launch appeared com. TLDR Monad’s mainnet launch was hit by fake ERC-20 token transfer attacks just two days after going live. Attackers used misleading data to simulate wallet activity and fool blockchain explorers into displaying fake transactions. The issue arose from the limitations of the ERC-20 standard, not Monad’s blockchain itself. The attackers targeted high-traffic periods, misleading users during Monad’s token claim and wallet onboarding process. Monad Token (MON) surged 43% in value, reaching a market cap of nearly $500 million Monad’s launch has been affected by a wave of fake token transfer attacks. The network went live just two days ago, but attackers already exploited the ERC-20 standard. These attacks generated misleading activity that appeared on blockchain explorers, fooling users into believing transactions were legitimate. Fake ERC-20 Transfers Surface as Attackers Mimic Wallet Activity on Monad Less than two days after Monad’s mainnet launch, fake ERC-20 transfers surfaced. These fake transfers mimicked real wallet activities, such as token movements, without any actual funds being moved. Attackers used misleading data, creating the illusion of legitimate transfers on blockchain explorers. Through a post on X, James Hunsaker, Monad’s CTO, alerted the community to these suspicious transactions. He confirmed that the problem stemmed from the ERC-20 standard, rather than Monad’s blockchain. The ERC-20 interface allows anyone to deploy a contract that meets basic requirements, but can also emit false events. In one example, fraudulent contracts generated fake swap calls. These simulated trades gave the appearance of legitimate trading around Monad Token (MON). Casual observers could have mistaken this activity for real token transfers. The attacks were likely aimed to mislead users during Monad’s high-traffic onboarding period. Many new users were claiming tokens and opening wallets, which made them more vulnerable to deception. The attackers hoped that the fake transactions would confuse users into interacting with.
