Monad airdrop farmer spends full $112K MON rewards on gas for failed trades

2 hours ago

A crypto airdrop husbandman mislaid much than $112,000 successful recently issued tokens aft burning the full reward connected failed blockchain transactions.

In crypto, a nonrecreational airdrop husbandman (or squatter) is an entity that interacts with emerging protocols solely for the airdrop rewards, often utilizing aggregate wallets to compound the rewards.

The cryptocurrency wallet “0x7f4” received astir $112,700 worthy of Monad (MON) tokens arsenic a reward for their erstwhile enactment starring up to the launch.

In an unfortunate crook of events, the trader mislaid their full $112,000 crossed hundreds of failed blockchain transactions, which each deducted state fees contempt not being completed, according to blockchain data from Solscan.

“Congratulations to 0x7f4e...fa7d who managed to walk their full Monad airdrop (112.7k) connected failed txn fees,” wrote crypto capitalist Joe, successful a Monday X post.

The incidental serves arsenic a reminder to tally trial transactions earlier large-scale transfers, which impact users sending a tiny magnitude of funds to the destination code to verify that the transportation parameters are correct.

Based connected the transaction patterns, the idiosyncratic down the wallet apt submitted hundreds of transactions successful a abbreviated time, apt done a script, but didn’t announcement that the archetypal transactions had started failing.

SlowMist warns of Monad assertion portal hack

The incidental comes arsenic immoderate Monad airdrop recipients study missing allocations. According to Cos, laminitis of blockchain information steadfast SlowMist, a vulnerability successful the Monad assertion portal allowed hackers to hindrance a user’s allocation to an attacker-controlled wallet.

Multiple users reported not receiving their airdrop share, which was “bound to a hacker’s address” earlier the allocation was disseminated, wrote Cos successful a Tuesday X post.

Cos said the exploit fto attackers “hijack” a user’s league connected the assertion leafage and redirect the airdrop to their ain code without requiring wallet confirmation.

Airdrop farmers person been a long-standing contented for emerging cryptocurrency projects owed to their value-extraction methods, which question to merchantability the tokens instantly aft the airdrop.

In March 2023, it was revealed that airdrop hunters consolidated $3.3 cardinal worthy of tokens from Arbitrum’s ARB airdrop from 1,496 wallets into conscionable 2 wallets they had controlled.

Earlier successful February, non-fungible token (NFT) level OpenSea paused its airdrop reward system, pursuing idiosyncratic backlash that the recently introduced mechanics promoted lavation trading and prioritized earning fees, not genuine builder activity.