Solana’s MangoFarmSOL Faces Exit Scam Accusations After Social Media Shutdown
Solana’s MangoFarmSOL, a farming protocol on the Solana ecosystem, is speculated to be an exit scam after abruptly deactivating its social media accounts and reports of missing funds.
The protocol, which claimed to offer exceptional yield opportunities in the $SOL space, had scheduled an airdrop of its MANGO token for January 10, as stated in a Medium post published on January 5.
Participants were required to deposit Solana tokens into the protocol to be eligible for the airdrop.
The allegations of an exit scam were first raised by Delegate “Foobar,” a pseudonymous developer who had recently been appointed as MangoFarmSOL’s security auditor.
In a post on X (formerly Twitter) on January 6, Foobar warned that the project’s front-end had been compromised and hinted at the possibility of a rug pull, a situation where developers abandon a project and make off with investors’ funds.
mangofarm frontend compromised, don’t use
— foobar (@0xfoobar) January 6, 2024
Following Foobar’s warning, MangoFarmSOL’s profile on X and its website mysteriously went offline.
Additionally, the Telegram channel associated with the project, which had over 1,000 subscribers, ceased accepting new members.
The estimated losses from the alleged scam amount to nearly $2 million.
On X, users shared screenshots of messages purportedly left by the developer behind the scam.
These messages claimed that the developer was forced to create Ponzi schemes and suggested involvement in another Solana-based yield protocol called BananaMiner.
However, representatives from BananaMiner vehemently denied any connections with MangoFarmSOL, stating that they were approached by MangoFarmSOL for collaboration but declined due to a conflict of interest.
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