A suspected airdrop farmer has lost their entire reward of $112,000 in Monad (MON) tokens due to a series of failed blockchain transactions, which accrued significant gas fees despite not being completed.

In the world of cryptocurrencies, an airdrop farmer is known for participating in new protocols primarily to gather airdrop rewards, often by employing multiple wallets to maximize returns.

According to blockchain data from Solscan, the wallet 0x7f4 received approximately $112,700 in MON tokens as a result of their engagement prior to the project’s launch. Unfortunately, all funds were lost in numerous unsuccessful transaction attempts that each incurred gas fees.

“Congratulations to 0x7f4e…fa7d who managed to spend their entire Monad airdrop (112.7k) on failed txn fees,” crypto investor Joe commented in a post on X.
Translation: Congratulations to the user who managed to use up their entire airdrop for failed transaction fees.

The situation underscores the importance of conducting test transactions prior to large transfers, a method involving the sending of a minimal amount of cryptocurrency to confirm the transaction details are accurate.

Additionally, as highlighted by Cos, founder of blockchain security firm SlowMist, some airdrop recipients have reported issues with missing allocations, indicating a potential vulnerability in the Monad claim portal that allowed attackers to divert a user’s allocation to a fraudulent wallet.
Translation: A portal vulnerability may allow hackers to redirect airdrops without wallet confirmation.

This incident sheds light on the various challenges faced by cryptocurrency projects from airdrop farmers and related exploitation strategies.