Solana’s MangoFarmSOL Faces Exit Scam Allegations Amidst Missing Funds
MangoFarmSOL, a farming protocol within the Solana ecosystem, has reportedly executed an exit scam, prompting the deactivation of its social media accounts as concerns about missing funds emerge.
The protocol, renowned for promising “unparalleled yield in the $SOL space”, had scheduled its MANGO token airdrop for January 10, requiring users to deposit Solana coins to participate.
Delegate “Foobar”, the pseudonymous developer and recently appointed security auditor for MangoFarmSOL, issued warnings on X on January 6, indicating a compromised front-end and hinting at a potential rug pull.
mangofarm frontend compromised, don’t use
— foobar (@0xfoobar) January 6, 2024
The project’s profile and website have since gone dark, with estimated losses reaching nearly $2 million.
Circulated images on X reveal messages allegedly from the scam developer, admitting involvement in Ponzi schemes and linking to another Solana-based yield protocol, BananaMiner.
Nevertheless, a representative from BananaMiner firmly denied any affiliations or connections with MangoFarmSOL:
I manage @BananaMiner_ communication, on the whole project, and I can assure you that Mango has nothing to do with us.
— MomoBigIcy (@MomoBigIcy) January 6, 2024
They even asked me to help them with their project and I explained to them that there was a conflict of interest, please don't spread false rumors like that and… https://t.co/5eMjBtQNEd
This incident underscores the growing challenges of scams in the Solana ecosystem, which has recently witnessed an increase in wallet drainer attacks.
Chainalysis reports a surge in cybercriminals selling Solana drainer kits, with one of the largest online communities boasting over 6,000 members.
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