Tuesday Nov 25 2025 11:40
2 min
In an unfortunate turn of events, a crypto airdrop farmer lost more than $112,000 worth of newly issued Monad (MON) tokens after burning the entire reward on failed blockchain transactions.
In the cryptocurrency world, a professional airdrop farmer (or squatter) is an entity that interacts with emerging protocols solely for the airdrop rewards, often using multiple wallets to compound those rewards.
The cryptocurrency wallet “0x7f4” received approximately $112,700 worth of Monad (MON) tokens as a reward for their previous activity leading up to the launch.
Unfortunately, the trader lost their entire $112,000 across hundreds of failed blockchain transactions, all of which deducted gas fees despite not being completed, according to blockchain data from Solscan.
“Congratulations to 0x7f4e...fa7d who managed to spend their entire Monad airdrop (112.7k) on failed txn fees,” wrote crypto investor Joe in a Monday X post.
This incident serves as a stark reminder to execute test transactions before initiating large-scale transfers. This involves sending a small amount of funds to the destination address to verify the accuracy of transfer parameters.
Based on transaction patterns, the user behind the wallet likely submitted hundreds of transactions in a short amount of time, potentially through a script. Critically, they failed to notice the initial transactions were failing.
The incident coincides with reports from some Monad airdrop recipients of missing allocations. According to Cos, founder of blockchain security firm SlowMist, a vulnerability in the Monad claim portal allowed hackers to bind 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” before the allocation was disseminated, Cos wrote in a Tuesday X post.
Cos stated that the exploit permitted attackers to "hijack" a user's session on the claim page and redirect the airdrop to their own address without requiring wallet confirmation.
Airdrop farmers have been a long-standing challenge for emerging cryptocurrency projects due to their value-extraction methods, which typically involve selling the tokens immediately after the airdrop.
In March 2023, it was revealed that airdrop hunters consolidated $3.3 million worth of tokens from Arbitrum’s ARB airdrop from 1,496 wallets into just two wallets under their control.
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