A crypto airdrop farmer reportedly lost over $112,000 in newly issued Monad (MON) tokens after blowing the entire reward on failed blockchain transactions.
In the crypto world, airdrop farmers—sometimes called squatters—interact with emerging protocols primarily to claim airdrop rewards, often using multiple wallets to maximize gains.
Wallet 0x7f4 received roughly $112,700 worth of MON tokens for activity prior to the token’s launch. However, according to Solscan blockchain data, the trader lost the full amount through hundreds of failed transactions, each incurring gas fees despite never completing.
“Congrats to 0x7f4e…fa7d for spending their entire Monad airdrop ($112.7K) on failed txn fees,” tweeted crypto investor Joe on Monday.
The episode highlights the importance of running test transactions before executing large transfers. Test transactions involve sending a small amount first to ensure that the transfer parameters are correct.
Blockchain data suggests the wallet owner likely submitted hundreds of transactions in quick succession—probably via a script—without realizing that the initial transactions were already failing.
Meanwhile, some Monad airdrop recipients reported missing tokens. Cos, founder of blockchain security firm SlowMist, said a vulnerability in the Monad claim portal allowed hackers to link a user’s allocation to an attacker-controlled wallet.
“Multiple users didn’t receive their airdrop because it was bound to a hacker’s address before distribution,” Cos wrote in a Tuesday X post. The exploit reportedly allowed attackers to “hijack” a user’s session on the claim page and redirect the airdrop to their own wallet—without any wallet confirmation.
