Ethereum

Solana

Source: Adobe/momius 
Solana’s MangoFarmSOL, a farming protocol on the Solana ecosystem, is speculated to be an exit scam after abruptly deactivating its social media accounts and reports of missing funds.&nbsp; 
The protocol, which claimed to offer exceptional yield opportunities in the $SOL space, had scheduled an airdrop of its MANGO token for January 10, as stated in a Medium post published on January 5.&nbsp; 
Participants were required to deposit Solana tokens into the protocol to be eligible for the airdrop. 
The allegations of an exit scam were first raised by Delegate “Foobar,” a pseudonymous developer who had recently been appointed as MangoFarmSOL’s security auditor.&nbsp; 
In a post on X (formerly Twitter) on January 6, Foobar warned that the project’s front-end had been compromised and hinted at the possibility of a rug pull, a situation where developers abandon a project and make off with investors’ funds. 
mangofarm frontend compromised, don’t use 
— foobar (@0xfoobar) <a href="https://twitter.com/0xfoobar/status/1743742916013826157?ref_src=twsrc%5Etfw">January 6, 2024</a> 
Following Foobar’s warning, MangoFarmSOL’s profile on X and its website mysteriously went offline.&nbsp; 
Additionally, the Telegram channel associated with the project, which had over 1,000 subscribers, ceased accepting new members. 
The estimated losses from the alleged scam amount to nearly $2 million. 
<h2 id="users-report-missing-funds">Users Report Missing Funds</h2> 
 On X, users shared screenshots of messages purportedly left by the developer behind the scam.&nbsp; 
These messages claimed that the developer was forced to create Ponzi schemes and suggested involvement in another Solana-based yield protocol called BananaMiner.&nbsp; 
However, representatives from BananaMiner vehemently denied any connections with MangoFarmSOL, stating that they were approached by MangoFarmSOL for collaboration but declined due to a conflict of interest. 
The Solana ecosystem has recently been targeted by scammers employing wallet drainers.&nbsp; 
Cybercriminals have been selling Solana drainer kits since December, leading to an increase in attacks.&nbsp; 
Chainalysis, a blockchain security firm, reported that one of the largest online communities dedicated to SOL’s wallet drainer kits has amassed over 6,000 members. 
<h2 id="solana-continues-to-acheive-new-milestones">Solana Continues to Acheive New Milestones</h2> 
 Layer 1 blockchain&nbsp;<a class="editor-rtfLink" href="https://cryptonews.com/coins/sol-solana/" target="_blank" rel="noopener">Solana (SOL)</a>&nbsp;continues to make waves in the crypto community as it achieves several significant milestones. 
Over the past week, the network surpassed&nbsp;<a class="editor-rtfLink" href="https://cryptonews.com/coins/ethereum/" target="_blank" rel="noopener">Ethereum (ETH)</a>&nbsp;in 7-day stablecoin trading volume for the first time ever.&nbsp; 
As&nbsp;<a class="editor-rtfLink" href="https://cryptonews.com/news/solana-surpasses-ethereum-in-7-day-stablecoin-trading-volume-for-first-time-ever.htm" target="_blank" rel="noopener">reported</a>, the value of stablecoin transfers on Solana reached a staggering $103 billion last week, outperforming all other networks.&nbsp; 
Ethereum secured the second position with $90.9 billion, followed by Tron with $82.3 billion and BNB Chain with $14.6 billion. 
In addition to stablecoin trading volume, Solana also&nbsp;<a class="editor-rtfLink" href="https://cryptonews.com/news/solana-nfts-eclipse-ethereum-in-trading-volume-amid-surge.htm" target="_blank" rel="noopener">surpassed Ethereum in NFT trade volume</a>&nbsp;for the month of December. 
According to Degen News, Solana hosted trades worth $366.6 million, while Ethereum recorded $353.2 million.&nbsp; 
However, data from CryptoSlam reveals that over the past 30 days, Solana’s NFT sales amounted to $329.3 million, which is approximately 5% less than Ethereum’s $345 million during the same period. 
The popularity of Solana is evident not only in trading volumes but also in search trends.&nbsp; 
In mid-December, worldwide searches for “Solana” surpassed those for “Ethereum,” as reported by&nbsp;<a class="editor-rtfLink" href="https://trends.google.com/trends/" target="_blank" rel="noopener">Google Trends</a>. 
These milestones cap off a bullish year for Solana in 2023.&nbsp;

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

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