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Funds on MangoFarmSOL drained, community alleges rug pull

MangoFarmSOL’s social media and website have been deactivated. Its Telegram channel with over 1,000 subscribers no longer accepts new members.

The Solana ecosystem is allegedly facing another exit scam as MangoFarmSOL deactivated its social media accounts following reports of funds missing. 

MangoFarmSOL is a farming protocol on Solana promising “unparalleled yield in the $SOL space.”

Its MANGO token airdrop was scheduled for Jan. 10, according to a Medium post published on Jan. 5. To participate in the airdrop, users had to deposit Solana (SOL) tokens in the protocol:

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

The pseudonymous developer of Delegate “Foobar” warned in a Jan. 6 post on X (formerly Twitter) that the project’s front end was compromised. He had recently been appointed as MangoFarmSOL’s security auditor. In response to users’ questions about what would have happened to the protocol, Foobar suggested it could be a rug pull.

MangoFarmSOL’s profile on X and its website has gone dark.

A Telegram channel with over 1,000 subscribers no longer accepts members. The losses are estimated at nearly $2 million.

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

On X, users circulated images of messages reportedly left by the developer behind the scam.

The images show the developer stating that they were forced to create Ponzi schemes and claiming involvement in another Solana-based yield protocol, BananaMiner. Representatives from BananaMiner, however, denied having any connections with MangoFarmSOL:

“I manage @BananaMiner_ communication, on the whole project, and I can assure you that Mango has nothing to do with us. 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 do your research well next time.”

The Solana ecosystem has been targeted by scammers using wallet drainers recently. Increasing attacks have been attributed to cybercriminals selling Solana drainer kits since December. According to blockchain security firm Chainalysis, one of the largest online communities for SOL’s wallet drainer kits has more than 6,000 members.

Screenshot: MangoFarmSOL website displays phishing alert.

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