The Solana ecosystem is facing its first rugpull of 2024, with MangoFarmSOL deactivating its social media accounts and website following reports of missing funds.
The Solana ecosystem is facing its first rugpull of 2024, with MangoFarmSOL deactivating its social media accounts and website following reports of missing funds. MangoFarmSOL is a farming protocol on Solana that promised "unparalleled yield in the $SOL space." Users were required to deposit Solana (SOL) tokens in the protocol to participate in an airdrop scheduled for January 10.
The farming protocol was promoted by numerous influencers, including former American football player Antonio Brown, who has since deleted his tweet. The protocol turned out to be a drainer that maliciously withdraws all of the wallet’s tokens once approved.
On January 6, prominent pseudonymous developer "0xfoobar," who was recently appointed as MangoFarmSOL's security auditor, cautioned on X that the project's front-end was compromised. He suggested that the incident could be a rug pull, a type of scam where developers abandon a project after raising funds from investors.
MangoFarmSOL's Twitter profile and website have since gone dark, and its Telegram channel no longer accepts members. The losses are estimated to be nearly $2 million. Images circulated on Twitter reportedly show messages from the developer behind the scam, claiming that they were forced to create Ponzi schemes and alleging involvement in another Solana-based yield protocol, BananaMiner. However, representatives from BananaMiner denied any connection to MangoFarmSOL.
The Solana ecosystem has been targeted by scammers using wallet drainers in recent months. 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.
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