Spoofed Token alerts emerged quickly as Monad’s mainnet launched — within just two days, users reported suspicious ERC-20 transfers that looked legitimate on-chain but were actually fake.
The reports started pouring in on Nov. 25, only a day after the network officially went live. These forged transfers do not move any funds and don’t require user approval to show up on block explorers or wallet apps, but they can still deceive users into believing something serious has happened in their wallets.
Fake Transfers Mimic Real Activity
James Hunsaker, co-founder and CTO of Monad, was one of the first to sound the alarm. He took to X after noticing bogus transactions seemingly sent from his own wallet. The issue stems from how ERC-20 works — it’s a standard interface, meaning anyone can deploy a token contract capable of broadcasting transfer logs, even if no real movement occurs.
While the spoofed transactions can’t actually steal tokens, they can trick users into interacting with phishing websites or dangerous smart contracts. Scammers often attempt to lure victims into clicking “claim rewards” buttons or granting harmful approvals. With fresh dApps launching and high user excitement, new networks frequently become targets for these tactics.
The topic even trended briefly on X under #MonadScam, with community members urging caution. Monad has since reiterated that this is not a protocol exploit and no funds have been reported lost.
A New Chain in High Demand
The fraudulent alerts arrive amid a massive influx of activity across the network. Monad’s launch has been one of the most talked-about events of the year. The high-performance, EVM-compatible chain — built by former Jump Trading engineers — opened its doors with backing from more than 280 projects.
The hype reached a peak during its major airdrop: over 76,000 wallets claimed a total of 3.33 billion MON tokens, valued around $105 million at the time. Not surprisingly, scammers are using that momentum as cover to target newcomers still navigating the ecosystem.
MON Price Bounces After Launch
Despite the noise, confidence remains strong. MON debuted at $0.02 before briefly dipping — and has since surged more than 50%, now trading near $0.045 at the time of writing. Testnet performance numbers were equally impressive, logging 2.6 billion transactions, 300+ million wallets, and over 41 million blocks before launch. The network has raised over $260 million from major backers including Paradigm, Electric Capital, and OKX Ventures.
As activity continues to heat up, Monad’s team is reminding users to stick with verified explorers, avoid interacting with unknown contracts, and never act on urgent prompts from strangers. The safest move right now: stay alert and keep those tokens secure
Also Read: Monad Set for Mainnet Debut After Raising $269M in Blockbuster ICO
