The Solana ecosystem recently experienced a surge in user interest, but it was hit by fear and uncertainty due to a suspected rug-pull scam involving MangoFarmSOL, which deactivated its social media accounts following reports of missing funds. MangoFarmSOL, a farming protocol promising unique yields on the Solana network, had planned a MANGO token airdrop for January 10, requiring users to deposit Solana into the protocol to participate.
Concerns were raised when “Foobar,” a developer alias for Delegate, alerted the community on January 6 about potential risks to the project’s frontend. Foobar, recently appointed as MangoFarmSOL’s security auditor, suggested the situation might be a rug-pull scam. Subsequently, MangoFarmSOL’s official profiles and website were shut down, and its Telegram channel with over 1,000 subscribers stopped accepting new members, with estimated losses around $2 million.
Users on social media shared screenshots of messages allegedly left by the scam’s developer, indicating they were forced to create a Ponzi scheme and claiming involvement with another Solana-based staking protocol, BananaMiner. However, representatives from BananaMiner denied any association with MangoFarmSOL, urging the community to avoid spreading false rumors and conduct better research.
The Solana ecosystem has become a target for scammers using wallet drainers, with a noticeable increase in attacks since December. Cybercriminals selling Solana drainer kits have emerged, with one of the largest online communities dedicated to SOL wallet drainers boasting over 6,000 members, according to blockchain security firm Chainalysis.
This incident has cast a shadow over the Solana network, highlighting the vulnerabilities within the cryptocurrency space and the need for greater security measures to protect users from such deceptive practices.