Monad Airdrop Farmer Spends Full $112k Mon Reward On Gas For Failed...

A suspected airdrop farmer burned through their entire $112,000 of MON rewards in hundreds of failed transaction attempts.

A crypto airdrop farmer lost more than $112,000 in newly issued tokens by burning the entire reward on failed blockchain transactions.

In crypto, a professional airdrop farmer (or squatter) is a person who interacts with emerging protocols solely for the airdrop rewards, often using multiple wallets to compound the rewards.

Cryptocurrency wallet 0x7f4 received about $112,700 worth of Monad (MON) tokens as a reward for activity leading up to the launch.

In an unfortunate turn of events, the trader lost the entire $112,000 across hundreds of failed blockchain transactions, which all 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.

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The incident serves as a reminder to run test transactions before large-scale transfers, which involve users sending a small amount of funds to the destination address to verify that the transfer parameters are correct.

Based on the transaction patterns, the user behind the wallet probably submitted hundreds of transactions in a short time, likely through a script, but didn’t notice that the first transactions had begun failing.

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Source: CoinTelegraph