Monad Fake Token Rug Pull - Revision history

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/monadfaketokenrugpull.php}} {{Unattributed Sources}} Monad Logo/HomepageMonad is a blockchain which specializes in offering high throughput through parallel execution. In early April a fake Monad token was launched and had the liquidity (74 ETH) pulled out. This is a global/international case not involving a specific country.
2024-12-03T21:23:02Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/monadfaketokenrugpull.php}} {{Unattributed Sources}} thumb|Monad Logo/HomepageMonad is a blockchain which specializes in offering high throughput through parallel execution. In early April a fake Monad token was launched and had the liquidity (74 ETH) pulled out. This is a global/international case not involving a specific country.<ref name="slowmisthackedarchive-13505" /><r..."

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{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/monadfaketokenrugpull.php}}
{{Unattributed Sources}}

[[File:Monadxyz.jpg|thumb|Monad Logo/Homepage]]Monad is a blockchain which specializes in offering high throughput through parallel execution. In early April a fake Monad token was launched and had the liquidity (74 ETH) pulled out.

This is a global/international case not involving a specific country.<ref name="slowmisthackedarchive-13505" /><ref name="dextools-13633" /><ref name="monad-13634" /><ref name="monadxyztwitter-13635" /><ref name="coindesk-13636" /><ref name="fortune-13637" /><ref name="monadxyztwitter-13638" /><ref name="youtube-13639" /><ref name="etherscan-13640" />

== About Monad ==
"Extreme Parallelized Performance
Superscalar Pipelining for the EVM

Monad is a decentralized, developer-forward Layer 1 smart contract platform that ushers in a new paradigm of possibility through pipelined execution of Ethereum transactions.

Crafted for productivity, fundamentally optimized."

"Monad supports 10,000 transactions per second, significantly increasing throughput capabilities and opening doors for distributed applications--even those with greater complexity and higher usage--to run in a decentralized manner."

"Fake Monad on ETH is suspected of a rug pull, with the deployer removing substantial liquidity, causing a 100% price decline."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Monad Fake Token Rug Pull
!Date
!Event
!Description
|-
|April 9th, 2024 6:00:00 AM MDT
|Fortune Article
|Monad is featured in Fortune Magazine for their $225m funding round from Paradigm.
|-
|April 9th, 2024 7:17:00 AM MDT
|Monad Announces Fundraiser
|Monad anounces the fundraiser by Paradigm on their Twitter.
|-
|April 9th, 2024 9:32:00 AM MDT
|CoinDesk Article
|Monad is featured in CoinDesk for their $225m funding round from Paradigm.
|-
|April 10th, 2024 9:28:59 AM MDT
|First Transaction
|The first transaction on tehe faek Monad token.
|-
|April 10th, 2024 9:36:35 PM MDT
|Liquidity Drained
|The liquidity is drained from the fake monad token.
|}

== Technical Details ==
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

== Total Amount Lost ==
The total amount lost has been estimated at $266,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references><ref name="slowmisthackedarchive-13505">[https://web.archive.org/web/20240501212440/https://hacked.slowmist.io/?c=&page=2 SlowMist Hacked - SlowMist Zone] (Accessed May 1, 2024)</ref>

<ref name="dextools-13633">[https://www.dextools.io/app/cn/ether/pair-explorer/0x6c2cf17a556053f9e315e5aba8af57686b6af68f https://www.dextools.io/app/cn/ether/pair-explorer/0x6c2cf17a556053f9e315e5aba8af57686b6af68f] (Accessed May 7, 2024)</ref>

<ref name="monad-13634">[https://monad.xyz/ Monad | Extreme Parallelized Performance for EVM] (Accessed May 7, 2024)</ref>

<ref name="monadxyztwitter-13635">[https://twitter.com/monad_xyz/status/1520301720668094464 @monad_xyz Twitter] (Accessed May 7, 2024)</ref>

<ref name="coindesk-13636">[https://www.coindesk.com/business/2024/04/09/blockchain-developer-monad-labs-raises-225m-led-by-paradigm/ Blockchain Developer Monad Labs Raises $225M Led by Paradigm] (Accessed May 7, 2024)</ref>

<ref name="fortune-13637">[https://fortune.com/crypto/2024/04/09/monad-paradigm-greenoaks-jump-crypto-funding-225-million/ Paradigm leads $225 million round for Monad Labs, which is building a layer 1 blockchain to take on Ethereum and Solana | Fortune Crypto] (Accessed May 7, 2024)</ref>

<ref name="monadxyztwitter-13638">[https://twitter.com/monad_xyz/status/1777687376136982767 @monad_xyz Twitter] (Accessed May 7, 2024)</ref>

<ref name="youtube-13639">[https://www.youtube.com/watch?v=zaH8ed8ZaJk Does Monad Crypto Have Potential to Replace Solana? - YouTube] (Accessed May 7, 2024)</ref>

<ref name="etherscan-13640">[https://etherscan.io/tx/0x5b4f36aa53c925a5c4ddde60de60295f61f02ec79977074a05eb883439838808 Ethereum Transaction Hash (Txhash) Details | Etherscan] (Accessed May 7, 2024)</ref></references>