Solana’s MangoFarmSOL Faces Exit Scam Accusations After Social Media Shutdown

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Solana’s MangoFarmSOL, a farming protocol on the Solana ecosystem, is alleged to be an exit rip-off after abruptly deactivating its social media accounts and studies of lacking funds. 

The protocol, which claimed to supply distinctive yield alternatives within the $SOL house, had scheduled an airdrop of its MANGO token for January 10, as acknowledged in a Medium publish revealed on January 5. 

Contributors have been required to deposit Solana tokens into the protocol to be eligible for the airdrop.

The allegations of an exit rip-off have been first raised by Delegate “Foobar,” a pseudonymous developer who had lately been appointed as MangoFarmSOL’s safety auditor. 

In a publish on X (previously Twitter) on January 6, Foobar warned that the venture’s front-end had been compromised and hinted at the potential of a rug pull, a scenario the place builders abandon a venture and make off with traders’ funds.

Following Foobar’s warning, MangoFarmSOL’s profile on X and its web site mysteriously went offline. 

Moreover, the Telegram channel related to the venture, which had over 1,000 subscribers, ceased accepting new members.

The estimated losses from the alleged rip-off quantity to almost $2 million.

Customers Report Lacking Funds

On X, customers shared screenshots of messages purportedly left by the developer behind the rip-off. 

These messages claimed that the developer was compelled to create Ponzi schemes and instructed involvement in one other Solana-based yield protocol referred to as BananaMiner. 

Nonetheless, representatives from BananaMiner vehemently denied any connections with MangoFarmSOL, stating that they have been approached by MangoFarmSOL for collaboration however declined as a result of a battle of curiosity.

The Solana ecosystem has lately been focused by scammers using pockets drainers. 

Cybercriminals have been promoting Solana drainer kits since December, resulting in a rise in assaults. 

Chainalysis, a blockchain safety agency, reported that one of many largest on-line communities devoted to SOL’s pockets drainer kits has amassed over 6,000 members.

Solana Continues to Acheive New Milestones

Layer 1 blockchain Solana (SOL) continues to make waves within the crypto group because it achieves a number of important milestones.

Over the previous week, the community surpassed Ethereum (ETH) in 7-day stablecoin buying and selling quantity for the primary time ever. 

As reported, the worth of stablecoin transfers on Solana reached a staggering $103 billion final week, outperforming all different networks. 

Ethereum secured the second place with $90.9 billion, adopted by Tron with $82.3 billion and BNB Chain with $14.6 billion.

Along with stablecoin buying and selling quantity, Solana additionally surpassed Ethereum in NFT trade volume for the month of December.

In keeping with Degen Information, Solana hosted trades price $366.6 million, whereas Ethereum recorded $353.2 million. 

Nonetheless, knowledge from CryptoSlam reveals that over the previous 30 days, Solana’s NFT gross sales amounted to $329.3 million, which is roughly 5% lower than Ethereum’s $345 million throughout the identical interval.

The recognition of Solana is clear not solely in buying and selling volumes but in addition in search tendencies. 

In mid-December, worldwide searches for “Solana” surpassed these for “Ethereum,” as reported by Google Trends.

These milestones cap off a bullish 12 months for Solana in 2023. 

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