Exit Scam Allegations Surrounding MangoFarmSOL
Solana’s MangoFarmSOL, a farming protocol on the Solana ecosystem, has come under speculation for being an exit scam. This speculation arose after the sudden deactivation of their social media accounts and reports of missing funds.
The protocol, which promised lucrative yield opportunities in the $SOL space, had announced an airdrop of its MANGO token scheduled for January 10. However, concerns were raised when Delegate “Foobar,” a pseudonymous developer who was recently appointed as MangoFarmSOL’s security auditor, hinted at the possibility of a rug pull. Foobar revealed that the project’s front-end had been compromised on X (formerly Twitter) on January 6.
Following this warning, MangoFarmSOL’s profile on X and its website went offline abruptly. The project’s Telegram channel also stopped accepting new members. The estimated losses from the alleged scam are around $2 million.
“The developer was forced to create Ponzi schemes and suggested involvement in another Solana-based yield protocol called BananaMiner.” – Alleged scam developer
Representatives from BananaMiner, however, denied any connections with MangoFarmSOL, clarifying that while they were approached for collaboration, they declined due to a conflict of interest.
Scammers Targeting Solana Ecosystem
The Solana ecosystem has recently become a target for scammers using wallet drainers. Cybercriminals have been selling Solana drainer kits since December, resulting in an increase in attacks. Chainalysis, a blockchain security firm, reported a large online community dedicated to SOL’s wallet drainer kits, which has amassed over 6,000 members.
The ecosystem’s vulnerability to scams has raised concerns among investors and users. It is crucial for participants to exercise caution and due diligence when engaging with protocols or projects on the Solana network.
