An alleged “ Airdrop farmer” burned through his entire $112,000 MON reward in just hundreds of failed transactions.
A crypto Airdrop hunter has lost over $112,000 in newly issued Token after spending the entire reward on unsuccessful blockchain transactions.
In the crypto space, an “Airdrop farmer” (also known as a squatter) is someone who only interacts with newly launched protocols for the purpose of receiving Airdrop, often using multiple wallets to increase the amount of rewards collected.
The crypto wallet with address 0x7f4 received approximately $112,700 worth of Monad (MON) Token as rewards for pre-launch activities.
However, in an unfortunate turn of events, the user lost the entire $112,000 through hundreds of failed blockchain transactions. Although the transaction was not completed, the Gas Price was still deducted, according to on-chain data from Solscan.
“Congratulations to 0x7f4e...fa7d who managed to spend his entire $112.7k Monad Airdrop on failed transaction fees,” crypto investor JOE wrote in a post on X on Monday.
The incident is a reminder that users should perform test transactions before making large transfers. This means sending a small amount of money to the destination address to verify that the transaction parameters are correct.
Based on the transaction pattern, this wallet owner could have sent hundreds of transactions in a short period of time, most likely through an automated Script , but did not realize that the first transactions had started to fail.
SlowMist warns of security vulnerability on Monad claim gateway
The incident comes as some Monad Airdrop recipients reported that they did not receive their Token allocations. According to Cos, founder of blockchain security firm SlowMist, a vulnerability in the Monad claim portal allowed hackers to link users' allocations to an attacker-controlled wallet.
Many users said they did not receive their Airdrop because their portion of the Token was “tied to the hacker’s address” before being distributed, according to Cos’ post on X on Tuesday.
Cos said the vulnerability allows attackers to “hijack” a user’s session on the claim page and transfer Airdrop to their address without confirmation from the victim’s wallet.
The practice of “Airdrop farming” has long been a problem with new cryptocurrency projects, as people seek to extract value and immediately sell Token after receiving an Airdrop.
In March 2023, it was reported that Airdrop hunters collected a total of $3.3 million in Token from Arbitrum 's ARB Airdrop , transferring them from 1,496 wallets to just two wallets under their control.
Previously, in February, Non-Fungible Token platform OpenSea had to suspend its Airdrop reward system, following a wave of reactions from users who said the new mechanism encouraged wash trading and prioritized fee generation instead of promoting activities that build real value.
