The Solana network is reportedly experiencing a potential exit scam involving MangoFarmSOL, a farming protocol that offered high yields in the $SOL space. This development follows the disappearance of the protocol's social media presence amid reports of missing funds. MangoFarmSOL had announced an airdrop of its MANGO token scheduled for January 10, as per a Medium post on January 5, requiring users to deposit Solana Tokens. However, concerns were raised by Delegate "Foobar," an anonymous developer and recently appointed safety auditor for MangoFarmSOL, who indicated in a January 6 post on X (previously known as Twitter) that the project's front-end may have been compromised.
As suspicions grew, MangoFarmSOL's X profile and its website were shut down, and its Telegram channels, with over 1,000 subscribers, stopped accepting new members. The estimated damage from this incident is around $2 million. Users on X have been sharing screenshots of messages allegedly from the developers behind the scam, where they claim to have been coerced into creating a Ponzi scheme and mention a connection to another Solana-based yield protocol, BananaMiner. However, a representative from BananaMiner has refuted any links to MangoFarmSOL.
This incident adds to a string of recent scams targeting the Solana ecosystem, particularly through wallet-related frauds. Since December, there has been an increase in attacks attributed to cybercriminals marketing Solana drainage kits. One such community promoting these SOL wallet exhaustion tools has amassed over 6,000 members, according to data from blockchain security firm Chainalysis.
