Secure Blockchain, Misleading Agreements: Spoofing Incidents Increase on Monad

Spike in Scam Activity on Monad Mainnet After Launch

Shortly after the Monad mainnet went live on November 24, 2025, reports of fraudulent ERC-20 token transfers have increased sharply. These deceptive transactions are crafted to resemble genuine activity, aiming to mislead users on the newly launched EVM-compatible blockchain. During its initial airdrop, more than 76,000 wallets received a total of 3.33 billion MON tokens, resulting in a surge of network activity that has attracted malicious actors.

James Hunsaker, Monad’s co-founder and CTO, addressed the situation on social media, revealing that scammers are generating fake transfer logs that appear to originate from his own wallet. By leveraging smart contracts, these bad actors can create misleading records without actually transferring any funds. Hunsaker clarified that the ERC-20 standard is simply an interface, which means that it is possible for malicious contracts to simulate real transactions and insert unauthorized addresses into blockchain records.

How the Spoofing Works

The fraudulent activities began within two days of the mainnet’s debut, coinciding with users accessing their airdropped and purchased MON tokens. Hunsaker stressed that Monad’s blockchain itself remains secure, and the problem lies with external contracts designed to deceive users. He explained that these incidents are not due to vulnerabilities in Monad’s core protocol, but rather the result of spoofing tactics within smart contracts. The scammers use fake swap calls and forged signatures to make their actions appear legitimate on blockchain explorers.

Record-Breaking Launch and Market Impact

Monad’s debut has been one of the most notable events in the crypto space for 2025. Additionally, 50.6% of the total MON supply—allocated to the team, investors, and treasury—has been locked, with gradual releases planned from 2026 to 2029. Despite concerns over spoofing, MON’s value has more than doubled in a single day, reaching a market capitalization of $525 million and daily trading volumes of $1.36 billion. Analysts point to the rapid adoption of the network, with over 280 projects already launched, as a key driver of the token’s volatility.

Security Risks and User Precautions

These spoofing incidents highlight the broader risks present in EVM-based blockchains, where the openness of smart contracts can be exploited by those seeking to take advantage of inexperienced users. Security professionals recommend that users carefully verify the source of contracts, avoid responding to urgent requests, and rely on reputable blockchain explorers to confirm transaction details. Hunsaker emphasized that no assets have been lost as a result of these scams, but he urged the community to exercise caution as the network continues to grow. He advised users to stay alert when dealing with unfamiliar contracts and to report any suspicious behavior.

Context: Ongoing Security Challenges in Crypto

This wave of scam alerts comes after a difficult year for cryptocurrency security, marked by major breaches at exchanges such as Upbit and Balancer, as well as attacks targeting Solana users through malicious browser extensions. Monad’s rapid ascent and the immediate appearance of spoofing schemes underscore the persistent balance between innovation and risk in the blockchain industry. While Monad’s developers maintain that the network is functioning as intended, these events serve as a reminder for users to remain vigilant when exploring new and active blockchain ecosystems.