Increased Scam Warnings on Monad Mainnet Amid Rise of Fraudulent ERC-20 Transfers

Fake ERC20 Transfers Alert: Monad experienced a surge in alerts regarding fake ERC20 transfers during its mainnet launch, causing confusion among users as notifications mimicked real transactions without affecting balances.

Scam Mechanism: Scammers exploited the ability of contracts to emit logs resembling ERC20 activity to simulate transfers, aiming to direct users to phishing sites and malicious approvals, leading to the trending hashtag #MonadScam.

User Guidance: The Monad team advised users to rely on verified explorers and to double-check interactions to avoid falling victim to scams, especially during the high activity surrounding the launch.

Market Activity: Despite the challenges, Monad's launch saw over 76,000 wallets claiming approximately 3.33 billion MON tokens valued at around $105 million, with the token trading near $0.045 amidst a resilient but weakened market.