- MangoFarmSOL users are suspecting a possible rug pull after the platform’s x account was deleted and restrictions put on its Telegram channel
- Some users have reported having their funds drained from the platform
- The MangoFarmSOL developer has implicated another Solana project alleging it’s also a scam
The Solana community is suspecting a possible exit scam by the MangoFarmSOL developers after the platform deactivated its X (formerly Twitter) account, website and prevented new signups on its Telegram channel, days after some users alleged losing funds deposited into the platform. The developer has also implicated another Solana protocol alleging he’s also its developer and that he’s being forced to make Ponzi projects. Although the implicated platform has refuted the claims, it has admitted that the MangoFarmSOL had reached out to explore ways they can work together, blurring the line on who’s telling the truth.
Front-end Compromised
Fears of a rug pull come roughly two days before the platform conducted its promised airdrop of MANGO token planned for January 10. It promised “unparalleled yields” of up to 4X depending on various factors such as the number of referrals and amount deposited.
On January 6, an independent security auditor pseudonymously known as ‘Foobar’ had warned that MangoFarmSOL’s front-end had been compromised, with losses estimated at roughly $2 million.
mangofarm frontend compromised, don’t use
— foobar (@0xfoobar) January 6, 2024
According to a message alleged to be from the platform’s developer, Solana-based BananaMiner is also a scam project under his control. BananaMiner has denied the allegations saying the two have nothing in common. It also revealed that MangoFarmSOL had asked for its help, which they denied due to “a conflict of interest.”
I manage @BananaMiner_ communication, on the whole project, and I can assure you that Mango has nothing to do with us.
They even asked me to help them with their project and I explained to them that there was a conflict of interest, please don’t spread false rumors like that and… https://t.co/5eMjBtQNEd— MomoBigIcy (@MomoBigIcy) January 6, 2024
CoinsPaid Hacked for $7.5 Million
The MangoFarmSOL exit scam coincides with a hack on crypto payment gateway CoinsPaid that has lost close to $7.5 million in a security breach reported by web3 platform Cyvers. It also comes two months after the Mutant Ape Planet NFT founder pleaded guilty of conducting a rug pull on investors.
🚨UPDATE🚨After more investigation, our system has detected more unauthorized transactions on #BNB too involving @coinspaid
Hacker has got another $1M worth of digital assets 924K BSC-USD and 268.5 $BNB.
All together total loss is $7.5MHacker’s address:… https://t.co/877vBm0Uah pic.twitter.com/xD6tg9QznK
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) January 6, 2024
With the MangoFarmSOL developer admitting that the project is a scam, it’s unlikely they’ll consider refunding affected users.
