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Solana’s MangoFarmSOL Faces Rugpull Allegations, Platforms Deactivated

Scam Alert MangoFarmSOL, a prominent farming protocol within the Solana ecosystem, has raised concerns over a potential exit scam as its social media accounts and website have been deactivated.The Telegram channel, boasting over 1,000 subscribers, is no longer accepting new members. This alarming development follows reports of missing funds, estimating losses at nearly $2 million.MangoFarmSOL's
Solana's MangoFarmSOL Faces Rugpull Allegations, Platforms Deactivated
MangoFarmSOL, a prominent farming protocol within the Solana ecosystem, has raised concerns over a potential exit scam as its social media accounts and website have been deactivated.The Telegram channel, boasting over 1,000 subscribers, is no longer accepting new members. This alarming development follows reports of missing funds, estimating losses at nearly $2 million.

MangoFarmSOL’s post promises airdrop points to users depositing SOL tokens. Source: Medium

The protocol, which pledged ‘unparalleled yield in the $SOL space,’ had scheduled its MANGO token airdrop for January 10, as outlined in a Medium post on January 5. To participate, users were required to deposit Solana SOL tokens in the protocol, with the project’s front-end reportedly compromised, as warned by the pseudonymous developer of Delegate ‘Foobar’ on January 6.

MangoFarmSOL’s X account has been deactivated. Source: X

Foobar, recently appointed as MangoFarmSOL’s security auditor, hinted at the possibility of a rug pull in response to user inquiries about the fate of the protocol. The developer behind the alleged scam, in messages circulating on X (formerly Twitter), claimed to be forced into creating Ponzi schemes and mentioned involvement in another Solana-based yield protocol, BananaMiner.

Despite these claims, representatives from BananaMiner vehemently denied any connections with MangoFarmSOL. The Solana ecosystem has been increasingly targeted by scammers employing wallet drainers, with cybercriminals selling Solana drainer kits since December.

Notably, one of the largest online communities dedicated to SOL’s wallet drainer kits has surpassed 6,000 members, according to blockchain security firm Chainalysis.

Wasif Shakir

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