MangoFarmSOL Under Scandal Spotlight as Missing Funds Triggers Solana Network Alarm
Summary:
MangoFarmSOL, a farming protocol on the Solana network, reportedly shuttered its social media platforms and website amidst allegations of missing funds. The company, which had pledged remarkable yields in the $SOL sector, is alleged to have been involved in a "rug pull," a type of fraudulent investment scheme. The anonymous developer 'Foobar' had issued a security warning prior to the disappearance. Alleged losses amount to nearly $2 million. Links to another Solana-based platform, BananaMiner, were dismissed by their representatives.
The Solana network is reportedly dealing with yet another potential fraudulent exit, with MangoFarmSOL going silent on social media amidst accusations of missing funds. As a farming platform operating on Solana, MangoFarmSOL had been boasting exceptional yields in the $SOL sector. The MANGO token was slated for an airdrop on Jan. 10, as stated in a Medium article dated Jan. 5. To be eligible for the airdrop, users needed to deposit Solana (SOL) tokens into the MangoFarmSOL system.
On Jan. 6, 'Foobar', Delegate's anonymous developer warned via platform X (formerly known as Twitter) that the platform's interface had been breached. Foobar, newly appointed as MangoFarmSOL’s security auditor, suggested in reply to user inquiries that this could possibly be a fraudulent investment scheme ('rug pull'). Currently, MangoFarmSOL's profile on X and its website are inaccessible. Its Telegram group, with a following of over 1,000, is no longer open for membership. The alleged fraudulent losses are pegged at close to $2 million.
On X, user posts show screenshots of messages purportedly from the scammer in question. In the messages, the scammers claim to have been coerced into setting up pyramid schemes, and allege links to another Solana-based yield platform, BananaMiner. Representatives of BananaMiner, however, categorically denied any affiliations with MangoFarmSOL.
The Solana network has been a recent target of scam artists employing wallet-draining techniques. The escalation in such attacks has been traced back to the sale of Solana-draining malware since December. As per blockchain security enterprise Chainalysis, one of the top online communities for SOL wallet-draining kits possesses a membership exceeding 6,000 individuals.
Published At
1/7/2024 8:44:09 PM
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