Within just 48 hours of the launch of the Monad (MON) cryptocurrency protocol’s mainnet, reports emerged of fraudulent ERC-20 token transfers targeting users during the network’s initial activity surge. Monad is a blockchain protocol striving to establish a strong market presence due to its fast transaction capabilities and user-friendly features. ERC-20 is a standard token protocol based on the Ethereum blockchain, widely used for creating and exchanging digital currencies. Monad’s introduction of its own token was a significant advancement aimed at providing users with faster and more secure transactions. However, the recent fake transfer incidents have raised concerns about the protocol’s reputation. Attackers deceived users into conducting counterfeit token transfers, likely intending to create confusion within the network and jeopardize users’ investments. Such attacks are common in newly launched blockchain networks where security frameworks are not yet fully robust. In response, the Monad team has intensified security measures and advised users to exercise caution when verifying their wallets and transactions. These types of attacks are a known risk in the cryptocurrency market, especially during the launch of new protocols. Users are urged to avoid suspicious transactions and engage only with reputable sources for token trading. If Monad succeeds in enhancing its security, it could solidify its position in the market; otherwise, user confidence may decline.
Source: decrypt
