A cryptocurrency farmer lost more than $112,000 in newly issued tokens after burning the entire reward on failed blockchain transactions.
In the field of cryptography, a professional Airdrop A farmer (or squatter) is an entity that interacts with emerging protocols solely for airdrop rewards, often using multiple wallets to multiply the rewards.
Cryptocurrency wallet “0x7f4” received approximately $112,700 in Monad (MON) tokens as a reward for its previous activity leading up to the launch.
In an unfortunate turn of events, the trader lost a full $112,000 across hundreds of failed blockchain transactions, all of which were deducted from gas fees despite not being completed, according to Blockchain. Data From SolScan.
“Congratulations to 0x7f4e…fa7d who managed to spend their entire Monad funds (112.7k) on failed txn fees,” crypto investor Joe wrote on Monday X. mail.
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This incident serves as a reminder to conduct test transactions before large-scale transfers, which involve users sending a small amount of funds to the destination address to validate the transfer parameters.
Based on transaction patterns, the user behind the wallet likely sent hundreds of transactions in a short time, likely through a script, but did not notice that the first transactions had started to fail.
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SlowMist warns of Monad claims portal hack
The incident comes as some Monad airdrop recipients reported losing allotments. According to To Cos, founder of blockchain security firm SlowMist, a vulnerability in Monad’s claims portal allowed hackers to link a user’s customization to an attacker-controlled wallet.
Many users reported not getting their Airdrop quota, which was “linked to the hacker’s address” before the allocation was published, Cos wrote in a Tuesday X post.
The exploit allows attackers to “hijack” a user’s session on the claim page and redirect the airdrop to their own address without requiring wallet confirmation, Koss said.
Airdrop farms have been a long-standing problem for emerging cryptocurrency projects due to their value extraction methods, which seek to sell tokens immediately after the airdrop.
In March 2023, Airdrop Hunters were revealed The tokens were consolidated worth $3.3 million Arbitrum’s ARB airdropped 1,496 wallets to just two wallets they controlled.
Earlier in February, the non-fungible token (NFT) platform was launched. Pause OpenSea airdrop rewards system, following backlash from users that the newly introduced mechanics promoted wash trading and priority profit fees, not real building activity.
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