- MangoFarmSOL, a Solana yield farming protocol, had its funds apparently drained by its team in a rug pull, with social media and site going offline.
- The team promoted an airdrop to lure deposits ahead of the supposed event, attracting significant funds.
- Estimated losses are around $2 million worth of crypto deposits, with a security auditor warning of a compromised front-end prior to the incident.
MangoFarmSOL, a Solana-based yield farming protocol, has had its funds drained in an apparent “rug pull” according to community members. The project’s social media accounts and website have gone dark following the incident.
Airdrop Used to Lure Deposits
The MangoFarmSOL team had promoted an airdrop of their native MANGO token set for January 10. To participate, users had to deposit Solana (SOL) tokens into the protocol. This likely attracted significant funds to the platform ahead of the supposed airdrop.
Security Auditor Warns of Compromised Front-End
On January 6, pseudonymous developer Delegate Foobar, who had been appointed as MangoFarmSOL’s security auditor, warned that the project’s front-end had been compromised. He suggested that funds may have been misappropriated by the team behind MangoFarmSOL.
Estimated Losses Around $2 Million
With the project’s Telegram channel and website now inactive, losses from the apparent scam are estimated to be around $2 million worth of crypto deposits. Images circulated on social media purporting to show messages from a developer claiming involvement.
Recent Spike in Solana Scams
The incident comes as Solana has seen a spike in scams and hacks recently. Cybercriminals have been selling “drainer kits” targeting Solana wallets. The ecosystem’s growth in adoption has made it a prime target.
The MangoFarmSOL situation serves as a reminder to exercise caution before depositing funds into new DeFi protocols. As always, investors should do their own due diligence before investing.
