{"investigation":{"slug":"mona","entity_name":"MONA (Monavale / DIGITALAX)","trust_score":38,"severity_base":null,"score_modifier":0,"confidence":0.62,"status":"published","content_type":"investigation","summary":"MONA is the native ERC-20 governance and utility token of DIGITALAX, a Web3 digital fashion NFT platform founded by Emma-Jane MacKinnon-Lee and launched in November 2020. The token reached an all-time high of approximately $5,980 in November 2021 before collapsing more than 99% to trade below $50, with a total market capitalisation under $500,000 as of mid-2026. Third-party security assessors flag critically low liquidity, extreme holder concentration, a below-average security score, and a near-total absence of trading activity, collectively indicating a project in terminal decline.","sections":[{"content":"MONA is the native ERC-20 token of the DIGITALAX platform, which describes itself as a Digital Fashion Operating System (DFOS) for Web3. The platform was conceived to allow designers to create 3D digital fashion NFTs deployable into gaming, VR, and metaverse environments. MONA operates on both Ethereum (contract: 0x275f5Ad03be0Fa221B4C6649B8AeE09a42D9412A) and Polygon (contract: 0x6968105460f67c3BF751bE7C15f92F5286Fd0CE5). The token was designed to function as both a utility instrument and a governance token within the Player-Creator economy, with the DIGITALAX treasury taking a 15% cut of all primary marketplace sales and distributing a portion back to MONA holders and liquidity providers. With a deliberately scarce maximum supply of 11,300 tokens, DIGITALAX distributed 90% of the total supply via staking rewards and retained 10% in a protocol reserve. The ICO completed its main sale in November 2020 at approximately $0.05 per token. The project was recognised in the NFT fashion space during the 2021 bull cycle, receiving coverage from industry media and listing on prominent tracking platforms. The founder, Emma-Jane MacKinnon-Lee, is a publicly identified individual who has given media interviews and appeared in video content, which provides some level of team transparency. However, granular information about the wider team composition remains limited in public disclosures.","heading":"Project Overview","sources":[{"url":"https://www.bitget.com/price/monavale/what-is","name":"bitget.com","type":"other","credibility":3},{"url":"https://icodrops.com/digitalax/","name":"icodrops.com","type":"other","credibility":3},{"url":"https://digitalax.gitbook.io/digitalax/tokens","name":"digitalax.gitbook.io","type":"other","credibility":3},{"url":"https://cointelegraph.com/magazine/emma-jane-mackinnon-lee-digitalax/","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://etherscan.io/token/0x275f5Ad03be0Fa221B4C6649B8AeE09a42D9412A","name":"etherscan.io","type":"other","credibility":3}],"severity":"medium"},{"content":"MONA reached an all-time high of approximately $5,980.87 on November 16, 2021, driven by broader NFT and metaverse euphoria during that market cycle. A second notable peak of $2,840.70 was recorded in March 2021. As of mid-2026, MONA trades between $40 and $80 depending on the exchange, representing a decline of approximately 98.6 to 99.3% from peak valuations. The total market capitalisation has contracted to approximately $428,000 to $437,000 USD, placing it near rank #2298 to #3887 across market cap ranking sites. Twenty-four-hour trading volume has been recorded as low as $3.02 to $107.02 USD across different days, indicating near-zero liquidity for practical purposes. Circulating supply stands at 10,456 MONA tokens, representing 92.53% of the maximum supply of 11,300. The token's total value locked and marketplace fee revenue figures are not publicly disclosed in accessible databases, making independent verification of ongoing protocol utility difficult. The dramatic price collapse is consistent with the broader NFT market contraction that began in late 2021 and continued through 2022-2023; however, the depth of decline and the near-zero trading volume suggest MONA has not recovered any meaningful user activity. The initial ICO offered tokens at $0.05 each and the project's ICO data shows a nominal funding amount of $100 raised in a documented February 2022 grant round, suggesting limited institutional backing.","heading":"Token Economics and Price Collapse","sources":[{"url":"https://coinmarketcap.com/currencies/monavale/","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://www.coingecko.com/en/coins/monavale","name":"coingecko.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/currencies/monavale/historical-data/","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://cryptorank.io/ico/monavale","name":"cryptorank.io","type":"other","credibility":3},{"url":"https://www.coinbase.com/price/monavale","name":"coinbase.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Third-party security platforms report significant concerns about the MONA token. The isthiscoinascam.com platform assigned MONA a safety score of 47% (CCC rating), citing poor liquidity (score: 7/100), team credibility concerns (score: 25/100, 33% confidence), and extreme holder concentration. The platform noted that the top 10 holders control 73.9% of all MONA tokens, with the single largest holder possessing 22.69% of supply. This degree of concentration creates substantial risk of price manipulation and exit pressure. CoinGecko's third-party security assessment reports a security score of 27%, placing it in the high-risk category. CertiK's Skynet platform assigned a partial rating of 61.66 (grade B), with a full audit conducted in October 2022. On the positive side, the MONA smart contract is open source and verified on Etherscan, is not classified as a honeypot, contract ownership is locked, and no blacklist or pause mechanisms are present in the contract code. The staking contracts are publicly available on GitHub under the DIGITALAX organisation (github.com/DIGITALAX/staking), though the repository shows 0 stars, 0 forks, and 0 watchers, indicating minimal external developer engagement. No publicly disclosed critical exploits or verified protocol hacks have been identified in available sources, though allegations of a protocol logic incident have circulated and prompted this investigation. The absence of a confirmed postmortem or official disclosure from the DIGITALAX team regarding any incident limits independent verification.","heading":"Security Assessment and Smart Contract Risk","sources":[{"url":"https://isthiscoinascam.com/check/monavale","name":"isthiscoinascam.com","type":"other","credibility":3},{"url":"https://www.coingecko.com/en/coins/monavale","name":"coingecko.com","type":"other","credibility":3},{"url":"https://www.certik.com/products/skynet","name":"certik.com","type":"other","credibility":3},{"url":"https://etherscan.io/token/0x275f5Ad03be0Fa221B4C6649B8AeE09a42D9412A","name":"etherscan.io","type":"other","credibility":3},{"url":"https://github.com/DIGITALAX/staking","name":"github.com","type":"other","credibility":3}],"severity":"medium"},{"content":"MONA's on-chain liquidity profile is critically poor. With 24-hour trading volume recorded as low as $3.02 and rarely exceeding $200, the token effectively has no liquid market. The primary trading venue is QuickSwap on Polygon, a decentralised exchange, with no significant centralised exchange listings providing reliable depth. A total of approximately 2,000 unique holders are identified in available tracking data, which given the maximum supply of 11,300 tokens suggests a very small and tightly held community. The top-10 holder concentration of 73.9% means that a small number of wallets could theoretically move the market significantly with minimal capital. The liquidity-to-market-cap ratio has been noted at 17.22% by some trackers, which is misleadingly high relative to the absolute dollar values given the tiny market cap. Polygon-native MONA (PolygonScan contract: 0x6968105460f67c3BF751bE7C15f92F5286Fd0CE5) last traded at approximately $33 in some assessments, further demonstrating cross-chain price fragmentation and poor arbitrage maintenance. No significant new liquidity injections from the team or treasury have been identified in available sources since 2022. The DIGITALAX OpenSea NFT collection (digitalaxnft) exists but activity levels there are similarly low. For practical purposes, any investor attempting to acquire or exit a meaningful MONA position would face severe slippage, making the stated market cap figure largely theoretical.","heading":"Liquidity, Market Activity, and Holder Concentration","sources":[{"url":"https://coinmarketcap.com/currencies/monavale/","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://polygonscan.com/token/0x6968105460f67c3bf751be7c15f92f5286fd0ce5","name":"polygonscan.com","type":"other","credibility":3},{"url":"https://isthiscoinascam.com/check/monavale","name":"isthiscoinascam.com","type":"other","credibility":3},{"url":"https://www.coingecko.com/en/coins/monavale","name":"coingecko.com","type":"other","credibility":3},{"url":"https://opensea.io/collection/digitalaxnft","name":"opensea.io","type":"other","credibility":3}],"severity":"medium"},{"content":"MONA (Monavale / DIGITALAX) has been flagged by ZachXBT, the pseudonymous on-chain investigator widely recognised for exposing crypto fraud and misrepresentation. The specific nature and full text of ZachXBT's flag have not been independently verified through a publicly accessible post at the time of this investigation, as the original source may reside on the investigator's Telegram channel or an X post that is not indexed by standard web search. ZachXBT's methodology typically involves on-chain tracing, wallet cluster analysis, and cross-referencing team disclosures against verifiable records. A flag from this investigator historically has preceded or accompanied significant price declines and community exodus in affected projects. The community risk profile for MONA is further elevated by the near-total absence of social engagement: the DIGITALAX/staking GitHub repository shows zero stars, zero forks, and zero watchers, and available market trackers note minimal or no recent news. The alleged protocol logic incident, referenced in the flag context, has not produced a publicly accessible postmortem, security advisory, or official acknowledgment from the DIGITALAX team in sources found during this investigation. Users and community members should treat claims of active protocol development with caution absent verifiable on-chain evidence of updated contract deployments or audited code changes. The combination of a credible investigator flag, critically low liquidity, extreme token concentration, and absent postmortem disclosure constitutes a pattern seen in projects exhibiting high risk of permanent value loss.","heading":"ZachXBT Flag and Community Risk Signals","sources":[{"url":"https://isthiscoinascam.com/check/monavale","name":"isthiscoinascam.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/currencies/monavale/","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://github.com/DIGITALAX/staking","name":"github.com","type":"other","credibility":3},{"url":"https://www.coingecko.com/en/coins/monavale","name":"coingecko.com","type":"other","credibility":3}],"severity":"medium"},{"content":"DIGITALAX was founded by Emma-Jane MacKinnon-Lee, who serves as founder and CEO. MacKinnon-Lee is a publicly identified individual who has participated in podcast interviews, YouTube videos, and written media coverage through outlets including Cointelegraph Magazine, gaming.net, and various blockchain-focused podcasts. Her public profile on LinkedIn and her personal website are accessible. The existence of a named, non-anonymous founder is a positive transparency signal relative to fully pseudonymous projects. However, third-party security assessors rate team credibility at only 25/100 and 33% confidence, suggesting that broader team composition, advisors, and operational staff lack sufficient public documentation. The DIGITALAX platform documentation (docs.digitalax.xyz) was inaccessible at the time of this investigation with a connection refusal, which may indicate infrastructure issues or active deprecation. The Gitbook-hosted documentation (digitalax.gitbook.io) redirects to the unreachable primary domain. The official DIGITALAX website (digitalax.xyz) remains accessible. No regulatory actions, legal proceedings, or securities enforcement actions against DIGITALAX, MacKinnon-Lee, or associated entities have been identified in available sources. The governance structure described in project documentation relies on MONA token holders, but with approximately 2,000 holders and 73.9% supply concentration in the top 10 wallets, meaningful decentralised governance is structurally compromised.","heading":"Team and Governance Transparency","sources":[{"url":"https://cointelegraph.com/magazine/emma-jane-mackinnon-lee-digitalax/","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://www.gaming.net/emma-jane-mackinnon-lee-founder-ceo-of-digitalax-interview-series/","name":"gaming.net","type":"other","credibility":3},{"url":"https://isthiscoinascam.com/check/monavale","name":"isthiscoinascam.com","type":"other","credibility":3},{"url":"https://digitalax.xyz/","name":"digitalax.xyz","type":"other","credibility":3},{"url":"https://icoholder.com/en/digitalax-1000009","name":"icoholder.com","type":"other","credibility":3}],"severity":"medium"},{"content":"MONA is listed on a limited number of exchanges and market aggregators. Coinbase lists MONA price data but this appears to be informational rather than a direct spot trading listing. The primary trading venue with any recorded volume is QuickSwap on the Polygon network. MONA was previously accessible through other DEX venues including Uniswap on Ethereum, but Ethereum-side liquidity has largely migrated or dried up. Bitget and Bitdegree list MONA price data. CoinMarketCap and CoinGecko both track the token but note very low trading activity. No major tier-1 centralised exchanges (Binance, Coinbase Pro, Kraken, OKX) appear to have active MONA spot trading pairs. The practical consequence for existing holders is that exiting any meaningful position in MONA would require accepting significant negative slippage on a DEX with minimal liquidity depth. For prospective buyers, the same constraint applies. The Monavale Profile on isthiscoinascam.com and related trackers reflect these liquidity concerns explicitly in their scoring methodologies.","heading":"Exchange Listings and Market Accessibility","sources":[{"url":"https://www.coinbase.com/price/monavale","name":"coinbase.com","type":"other","credibility":3},{"url":"https://www.bitget.com/price/monavale","name":"bitget.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/currencies/monavale/","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://www.coingecko.com/en/coins/monavale","name":"coingecko.com","type":"other","credibility":3},{"url":"https://isthiscoinascam.com/check/monavale","name":"isthiscoinascam.com","type":"other","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2020-11-02","event":"DIGITALAX Genesis Period begins; MONA token generation commences on the Ethereum network.","source":""},{"date":"2020-11-21","event":"DIGITALAX main token sale concludes at approximately $0.05 per MONA token.","source":""},{"date":"2020-12-06","event":"MONA token generation event formally completed.","source":""},{"date":"2021-03-20","event":"MONA reaches an early all-time high of approximately $2,840.70, driven by NFT market enthusiasm.","source":""},{"date":"2021-11-16","event":"MONA reaches its absolute all-time high of approximately $5,980.87, coinciding with the broader crypto and NFT bull market peak.","source":""},{"date":"2021-12-09","event":"MONA token listed on CertiK Skynet security monitoring platform.","source":""},{"date":"2022-02-15","event":"DIGITALAX receives a grant round nominally valued at $100, representing the only identified external funding event post-launch.","source":""},{"date":"2022-10","event":"CertiK completes a security audit of DIGITALAX smart contracts, assigning a partial Skynet score of 61.66 (grade B).","source":"","date_original":"2022-10-01"},{"date":"2023","event":"MONA token price has declined approximately 98% from all-time high; marketplace volume and NFT activity sharply reduced from 2021 peak levels.","source":"","date_original":"2023-01-01"},{"date":"2025-09","event":"MONA reaches an all-time low of approximately $19.58, representing the deepest point of its post-ATH decline.","source":"","date_original":"2025-09-01"},{"date":"2026-05","event":"MONA trading at approximately $40-80 with 24-hour volume as low as $3; total market cap under $500,000. ZachXBT flags MONA. Third-party assessors assign safety scores of 27-47%, citing liquidity failure, holder concentration, and team transparency concerns.","source":"","date_original":"2026-05-01"}],"sources_used":[{"url":"https://www.bitget.com/price/monavale/what-is","name":"bitget.com","type":"other","archive_url":"https://web.archive.org/web/20260829083757/https://www.bitget.com/price/monavale/what-is","credibility":3,"archive_timestamp":"2026-08-29T08:37:57+00:00"},{"url":"https://icodrops.com/digitalax/","name":"icodrops.com","type":"other","archive_url":"http://web.archive.org/web/20260314075629/https://icodrops.com/digitalax/","credibility":3,"archive_timestamp":"2026-03-14T07:56:29+00:00"},{"url":"https://digitalax.gitbook.io/digitalax/tokens","name":"digitalax.gitbook.io","type":"other","archive_url":null,"credibility":3,"archive_error":"error:not-found","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://cointelegraph.com/magazine/emma-jane-mackinnon-lee-digitalax/","name":"cointelegraph.com","type":"other","archive_url":null,"credibility":3,"archive_error":"error:not-found","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://etherscan.io/token/0x275f5Ad03be0Fa221B4C6649B8AeE09a42D9412A","name":"etherscan.io","type":"other","archive_url":"http://web.archive.org/web/20260213104507/https://etherscan.io/token/0x275f5Ad03be0Fa221B4C6649B8AeE09a42D9412A","credibility":3,"archive_timestamp":"2026-02-13T10:45:07+00:00"},{"url":"https://coinmarketcap.com/currencies/monavale/","name":"coinmarketcap.com","type":"other","archive_url":"http://web.archive.org/web/20260221102406/https://coinmarketcap.com/currencies/monavale/","credibility":3,"archive_timestamp":"2026-02-21T10:24:06+00:00"},{"url":"https://www.coingecko.com/en/coins/monavale","name":"coingecko.com","type":"other","archive_url":"http://web.archive.org/web/20260212122858/https://www.coingecko.com/en/coins/monavale","credibility":3,"archive_timestamp":"2026-02-12T12:28:58+00:00"},{"url":"https://coinmarketcap.com/currencies/monavale/historical-data/","name":"coinmarketcap.com","type":"other","archive_url":"http://web.archive.org/web/20251116120121/https://coinmarketcap.com/currencies/monavale/historical-data/","credibility":3,"archive_timestamp":"2025-11-16T12:01:21+00:00"},{"url":"https://cryptorank.io/ico/monavale","name":"cryptorank.io","type":"other","archive_url":"https://web.archive.org/web/20260829030607/https://cryptorank.io/ico/monavale","credibility":3,"archive_timestamp":"2026-08-29T03:06:07+00:00"},{"url":"https://www.coinbase.com/price/monavale","name":"coinbase.com","type":"other","archive_url":null,"credibility":3,"archive_error":"forbiddenaccess","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://isthiscoinascam.com/check/monavale","name":"isthiscoinascam.com","type":"other","archive_url":"https://web.archive.org/web/20260830033334/https://isthiscoinascam.com/check/monavale","credibility":3,"archive_timestamp":"2026-08-30T03:33:34+00:00"},{"url":"https://www.certik.com/products/skynet","name":"certik.com","type":"other","archive_url":"http://web.archive.org/web/20260819220929/https://www.certik.com/products/skynet","credibility":3,"archive_timestamp":"2026-08-19T22:09:29+00:00"},{"url":"https://github.com/DIGITALAX/staking","name":"github.com","type":"other","archive_url":"https://web.archive.org/web/20260829115210/https://github.com/DIGITALAX/staking","credibility":3,"archive_timestamp":"2026-08-29T11:52:10+00:00"},{"url":"https://polygonscan.com/token/0x6968105460f67c3bf751be7c15f92f5286fd0ce5","name":"polygonscan.com","type":"other","archive_url":null,"credibility":3,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://opensea.io/collection/digitalaxnft","name":"opensea.io","type":"other","archive_url":"http://web.archive.org/web/20260207204025/https://opensea.io/collection/digitalaxnft","credibility":3,"archive_timestamp":"2026-02-07T20:40:25+00:00"},{"url":"https://www.gaming.net/emma-jane-mackinnon-lee-founder-ceo-of-digitalax-interview-series/","name":"gaming.net","type":"other","archive_url":"https://web.archive.org/web/20260829122305/https://www.gaming.net/emma-jane-mackinnon-lee-founder-ceo-of-digitalax-interview-series/","credibility":3,"archive_timestamp":"2026-08-29T12:23:05+00:00"},{"url":"https://digitalax.xyz/","name":"digitalax.xyz","type":"other","archive_url":null,"credibility":3,"archive_timestamp":null},{"url":"https://icoholder.com/en/digitalax-1000009","name":"icoholder.com","type":"other","archive_url":"http://web.archive.org/web/20260829034305/https://icoholder.com/en/digitalax-1000009","credibility":3,"archive_timestamp":"2026-08-29T03:43:05+00:00"},{"url":"https://www.bitget.com/price/monavale","name":"bitget.com","type":"other","archive_url":"https://web.archive.org/web/20260829120955/https://www.bitget.com/price/monavale","credibility":3,"archive_timestamp":"2026-08-29T12:09:55+00:00"}],"source_tags":["defillama"],"addresses":[],"reviewed":false,"reviewed_by":null,"model_used":"claude-sonnet-4-6","created_at":"2026-05-04T02:54:12.025201+00:00","updated_at":"2026-08-30T03:54:56.497208+00:00"}}